[Congressional Record Volume 141, Number 107 (Wednesday, June 28, 1995)]
[Senate]
[Page S9232]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                                MEDICARE

  Mr. PRESSLER. Mr. President, I would like to speak on the subject of 
Medicare.
  There has been much unjustified criticism of the Republican budget 
plan by the Democrats. As my colleagues know, we will be voting in this 
Chamber possibly tomorrow night on the budget of the United States for 
the next 7 years, the basic outline. And for the first time in nearly 
three decades, we are moving toward a balanced budget by the year 2002. 
I am proud of this great achievement.
  This is the toughest budget since I have been a Member of Congress. 
It is tough, it is sound and it is right. If we can pass it in the 
House and in the Senate, it will be the first time in a long time that 
we have gone in the other direction--the right direction. Finally we 
will start to pay our bills as they become due.
  Up to this point, we have been going in the wrong direction--of 
runaway spending and the build up of a huge Federal debt.
  Included in the budget plan are reductions in the rate of growth in 
Medicare. I want all senior citizens to understand this budget. I am a 
champion of senior citizens. My mother is a senior citizen living in 
Sioux Falls. In fact, I will be one someday in the not too far future. 
So I am concerned about this subject. My goal is to save Medicare for 
our seniors. This budget saves Medicare. This budget will provide 
senior citizens with stability.
  The present rate of increase of Medicare is about 10 percent a year. 
It is growing too fast, and if left alone, it will go bankrupt by the 
year 2002. This budget slows the rate of increase to about 7.2 percent. 
Thus, Medicare is still going to grow, but it is not going to grow 
quite as fast. We are slowing the growth to save the program from 
overheating and breaking down altogether.
  How do we get the savings? It comes from streamlining some of the 
national administration. It comes from certain cost control reforms, 
and so forth.
  Americans should not be misled about what we are doing here. Both 
Democrats and Republicans agree that Medicare is going to go bankrupt 
unless somebody steps forward with a plan to save it. So I would say to 
my liberal friends, what is your plan? The Republicans have a solvent 
plan. The Domenici-Dole plan in the Senate will save Medicare. We have 
to save Medicare.
  Let me say a word or two about some of the other areas. This budget 
takes an across-the-board approach. I know every group that has a stake 
in the Federal budget will feel it. But I would say to farmers, 
ranchers, small businessmen, students, and others, that lower interest 
rates are one of your main concerns. Students, for example, pay back 
their loans at the going rate of interest after they have graduated 
from college. To the students of America, I say that one of the 
greatest threats to your economic security is, the massive Federal 
debt. That debt keeps interest rates high, forcing students to pay 
their college loans back at high interest rates. We are going to have 
high interest rates if we do not do something about the size of our 
deficit.
  A third area of concern here is inflation and the soundness of our 
monetary system internationally. If we continue to build up the huge 
Federal debt, we also will be building up the specter of high 
inflation, high interest rates, and a currency that is not respected in 
the world, a currency that is weak, and a currency that will eventually 
be overtaken by the German mark or the Japanese yen.
  So, Mr. President, as we engage in this debate on the budget for the 
next 2 days and as we vote on it here in the Senate tomorrow evening, 
let us remember that we are trying to save Medicare. We are trying to 
save our economy for our children--an economy with lower interest 
rates, a solvent dollar, and low taxes.
  We are going to have many eloquent speeches in this Chamber about how 
the Federal Government is taking away money from here and taking away 
money from there. But if the Federal Government does not have any money 
to give, it ultimately has to take that money back either through 
inflation, high interest rates, and higher taxes, which will lead to 
all types of economic suffering.
  So in conclusion, Mr. President, my concern here is to explain why I 
will be voting for the Dole-Domenici approach. I urge my colleagues to 
vote for it. We will have to fight off false charges that we are 
against senior citizens or that we are against farmers or we are 
against workers. That is not true. We are for them. This is an historic 
budget plan for all Americans. Everyone agrees the alternative is 
bankruptcy, the loss of the Medicare Program, and economic chaos. We 
are going to save our budget. We are going to save Medicare. We are 
going to save our economy. We are going to save our children's future.
  I urge my colleagues to join us in voting for the Dole-Domenici 
budget.
  Mr. President, I note the absence of a quorum.
  The PRESIDING OFFICER. The clerk will call the roll.
  The assistant legislative clerk proceeded to call the roll.
  Mr. BIDEN. Mr. President, I ask unanimous consent that the order for 
the quorum call be rescinded.
  The PRESIDING OFFICER (Mr. Ashcroft). Without objection, it is so 
ordered.
  Mr. BIDEN. Parliamentary inquiry, Mr. President.
  Are we in morning business?
  The PRESIDING OFFICER. We are. The Senator can speak for up to 10 
minutes under the previous order.
  Mr. BIDEN. I thank the Chair. I seek recognition for the purpose of 
speaking on the issue of the arms embargo in Bosnia.
  The PRESIDING OFFICER. The Senator is recognized.

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