[Congressional Record Volume 144, Number 123 (Wednesday, September 16, 1998)]
[House]
[Page H7813]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




 SO-CALLED FEDERAL BUDGET SURPLUS IS FUTURE SOCIAL SECURITY TRUST FUND

  (Mr. DeFAZIO asked and was given permission to address the House for 
1 minute and to revise and extend his remarks.)
  Mr. DeFAZIO. Mr. Speaker, to follow on the comments of the person 
preceding me in the well, there will be much fanfare this September 
about the looming budget surplus, no end of ideas on how to spend these 
monies. That side of the aisle is going to promote tax cuts, with the 
exception of the gentleman who spoke before me.
  Let us get some facts: 73 percent of the American people pay more in 
Social Security taxes than income taxes. We all pay this tax, knowing 
it goes to support our parents, our grandparents, the disabled, and, 
hopefully, ourselves, when we retire. This year Social Security will 
have a $90 billion surplus.
  Guess what? The so-called Federal budget surplus is the future Social 
Security trust fund. If we spend it today on tax cuts, it will not be 
there tomorrow for America's retirees.
  We better step back and think about that before we jam this bill 
through in an attempt to get reelected and be popular in an election 
year at the cost of the future of Social Security.

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