[Congressional Record Volume 144, Number 129 (Thursday, September 24, 1998)]
[Senate]
[Page S10929]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




  SENATE RESOLUTION 282--EXPRESSING THE SENSE OF THE SENATE REGARDING 
                   SOCIAL SECURITY AND BUDGET SURPLUS

  Mr. JOHNSON submitted the following resolution; which was referred 
jointly to the Committee on the Budget and to the Committee on 
Governmental Affairs.

                              S. Res. 282

       Whereas the Congressional Budget Office projections 
     released July 15, 1998, indicate that the ``on-budget'' 
     deficit, which does not include Social Security program 
     surpluses, will be $41,000,000,000 for Fiscal Year 1998;
       Whereas the Congressional Budget Office projections also 
     show that the amount of Federal debt held by the Social 
     Security trust funds will grow from $736,000,000,000 in 1998 
     to $2,250,000,000,000 in 2008;
       Whereas the Social Security trust funds will be credited 
     with interest payments on Federal debt each year, rising from 
     $46,000,000,000 in 1998 to $117,000,000,000 in 2008, and 
     these interest payments are an integral part of Social 
     Security's long-term financial viability; and
       Whereas the Congressional Budget Office's current 
     projections indicate that there will not be a consistent 
     surplus in the unified budget until 2005: Now, therefore, be 
     it
       Resolved, That it is the sense of the Senate that Congress 
     and the President should--
       (1) continue to work to balance the budget without counting 
     Social Security trust fund surpluses;
       (2) continue to abide by ``pay as you go'' budget rules 
     requiring that legislation increasing mandatory spending or 
     reducing revenues must contain offsets to maintain budget 
     neutrality; and
       (3) save Social Security first by reserving all surpluses 
     attributable to the Social Security program, including 
     interest payments.

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