[Congressional Record Volume 144, Number 133 (Tuesday, September 29, 1998)]
[Extensions of Remarks]
[Pages E1846-E1847]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                      TAXPAYER RELIEF ACT OF 1998

                                 ______
                                 

                               speech of

                           HON. PATSY T. MINK

                               of hawaii

                    in the house of representatives

                      Saturday, September 26, 1998

  Mrs. MINK of Hawaii. Mr. Speaker, I rise in opposition to H.R. 4578 
(the ``Protect Social Security'' bill) and, by extension, its companion 
bill, H.R. 4579 (The Taxpayer Relief Act).
  Current projections indicate there will be a substantial federal 
budget surplus over the next decade. According to the majority party, 
H.R. 4578 saves 90% of this projected surplus for Social Security, 
leaving the remaining 10% to finance the tax cuts in H.R. 4579--tax 
cuts worth $80 billion over five years and $177 billion over ten years. 
However, if one looks past the appealing rhetoric in support of H.R. 
4578, it becomes evident that the bill is very irresponsible.
  For example, even if the optimistic projections about the federal 
budget come true, the vastly greater portion--98%, to be more precise--
of that surplus will be made up of the large yet temporary surplus in 
the Social Security Trust Fund. Indeed, if the Social Security surplus 
were excluded, there would be a $137 billion deficit in the 1999-2003 
budget period and only a $31 billion surplus in the 1999-2008 budget 
period.
  Given that the federal surplus in the 1999-2003 budget period will be 
entirely Social Security-based while the federal surplus in the 1999-
2008 budget period will be almost entirely Social Security-based, it is 
evident that the 10% of the federal surplus that H.R. 4578 sets aside 
to finance the majority party's tax cuts represents a raid on Social 
Security.

[[Page E1847]]

  H.R. 4578 is ill-advised and short-sighted, and I urge my colleagues 
to defeat it.

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