[Congressional Record Volume 144, Number 124 (Thursday, September 17, 1998)]
[House]
[Pages H7927-H7928]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                            SOCIAL SECURITY

  (Mr. ADAM SMITH of Washington asked and was given permission to 
address the House for 1 minute.)
  Mr. ADAM SMITH of Washington. Mr. Speaker, this September as always 
we face some very difficult budget decisions, but we will not even be 
able to get to those budget decisions if we do not first address the 
numbers honestly.
  Right now we have all heard about the supposed surplus that we have 
over the next 10 years, $1.6 trillion, and we have heard dozens of 
different ideas for how to spend that money. The trouble is that money 
does not exist, because all but $31 billion of that $1.6 trillion is 
really in the Social Security trust fund. It is money that we borrow 
and for some crazy reason consider as income. It is not income, it is 
money we have to pay back, plus interest.
  We need to honestly assess those numbers. As we stand here today, 
there are a lot of different programs, a lot of different tax cuts 
being proposed, but if you ever hear someone say in answer to the 
question of how they are going to pay for it, ``We're going to pay for 
it out of the surplus,'' do not let them do it.
  There is no surplus. If we can address the numbers honestly, we can 
make wise budget decisions and we can do two very important things in 
this final

[[Page H7928]]

month of the session: One, we can get to a true and honest balanced 
budget; and, two, we can protect Social Security for future 
generations.

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