[Congressional Record Volume 143, Number 68 (Wednesday, May 21, 1997)]
[Senate]
[Page S4920]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                  CONCURRENT RESOLUTION ON THE BUDGET

  The Senate continued with the consideration of the concurrent 
resolution.
  Mr. ROBB addressed the Chair.
  The PRESIDING OFFICER. The Senator from Virginia.
  Mr. ROBB. I ask unanimous consent that I be allowed to file an 
amendment at the desk.
  The PRESIDING OFFICER. Without objection, it is so ordered.


                           Amendment No. 356

  (Purpose: To express the Sense of the Senate on Social Security and 
                           retirement saving)

  Mr. ROBB. I send an amendment to the desk.
  The PRESIDING OFFICER. The clerk will report.
  The legislative clerk read as follows:

       The Senator from Virginia [Mr. Robb] proposes an amendment 
     numbered 356.

  Mr. ROBB. Mr. President, I ask unanimous consent that reading of the 
amendment be dispensed with.
  The PRESIDING OFFICER. Without objection, it is so ordered.
  The amendment is as follows:

       At the appropriate place, add the following:

     SEC.   . SENSE OF THE SENATE ON SOCIAL SECURITY AND 
                   RETIREMENT SAVING.

       (a) Findings.--The Senate finds that--
       (1) Payroll taxes provide the basic funding source for 
     Social Security, the most popular and successful government 
     program in reducing the rate of poverty among the elderly;
       (2) For a majority of Americans, the payroll tax burden 
     imposed for Social Security is now greater than the income 
     tax burden, making it difficult for many families to invest 
     for their own retirement;
       (3) Payroll taxes collected for Social Security currently 
     exceed the amount necessary to fund Social Security benefits;
       (4) Excess Social Security revenues finance current 
     consumption rater than being saved and invested for the 
     benefit of today's employees, denying them an opportunity to 
     share in the benefits of the increasing value of capital in a 
     global economy;
       (5) Increased personal savings is necessary to provide 
     secure retirements and enhance future productivity and 
     economic growth;
       (b) Sense of the Senate.--It is the sense of the Senate 
     that the provisions of this Resolution assume that--
       (1) The Senate will consider using the amounts currently 
     reserved for tax cuts for the individuals to use a portion of 
     their Social Security payroll tax contribution for personal 
     retirement accounts.

  Mr. STEVENS. Mr. President, was this cleared with the Budget 
Committee to make it eligible this evening? It is being filed, but it 
qualifies now under the budget resolution. I have no objection if that 
is the case.
  Mr. ROBB. Yes, Mr. President, that is the case.
  I yield the floor.

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