[Congressional Record Volume 144, Number 11 (Thursday, February 12, 1998)]
[Extensions of Remarks]
[Page E176]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                SAVE SOCIAL SECURITY FIRST RESERVE FUND

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                         HON. CHARLES B. RANGEL

                              of new york

                    in the house of representatives

                      Thursday, February 12, 1998

  Mr. RANGEL, Mr. Speaker, I am today introducing legislation to 
establish a ``Save Social Security First Reserve Fund.'' I am joined by 
Representative Barbara Kennelly, Ranking Democrat on the Subcommittee 
on Social Security, and Democratic Members of the Committee on Ways and 
Means. I hope that others, both Democrats and Republicans, will join us 
in this effort.
  The bill would implement the President's call to reserve 100 percent 
of the budget surplus until we have taken all the necessary measures to 
strengthen the Social Security system for the 21st century. It would 
ensure that budget surpluses are set aside pending Social Security 
reform.
  Social Security is a strong reflection of who we are as a nation. 
Through it, we recognize our duties to our parents and grandparents and 
our shared responsibility to one another. Social Security protects all 
of us in good times and in bad.
  Without Social Security, nearly half of all older Americans would 
live in poverty. That is because Social Security provides most of the 
income of two-thirds of the people over the age of 65.
  Social Security protects young and old alike from the unforeseen 
circumstances of death or disability. Over 7 million widows and 
children receive benefits due to the death of a breadwinner.
  This legislation reflects our determination to save Social Security 
first--before we talk about tax cuts or spending priorities. Thus, the 
bill would require the Secretary of the Treasury to deposit any budget 
surplus into the Save Social Security First Reserve Fund which would be 
invested in U.S. government securities. The budget deficit would be 
zero. This would leave no doubt that we intend to save any budget 
surplus which materializes until we have taken action to strengthen the 
Social Security system.

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