[Congressional Record Volume 144, Number 135 (Thursday, October 1, 1998)]
[Extensions of Remarks]
[Pages E1856-E1857]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                    PROTECT SOCIAL SECURITY ACCOUNT

                                 ______
                                 

                               speech of

                           HON. NANCY PELOSI

                             of california

                    in the house of representatives

                       Friday, September 25, 1998

  Ms. PELOSI. Mr. Speaker, I rise in strong opposition to H.R. 4578. 
Social Security is a sacred trust between working Americans and the 
Federal government. It is the last program that should be used as a 
political tool in an election year.
  This bill, which claims to save Social Security, would undermine the 
financial strength of the program, siphoning off the Social Security 
surplus into tax cuts. Ninety-eight percent of what we call the budget 
surplus over the next decade comes from the Social Security Trust Fund. 
Those funds must be protected until we have shored up the long term 
strength of the program.
  This bill is a companion to an $80 billion tax cut bill. The 
Republicans temporarily have dropped their longtime commitment to tax 
breaks for the very wealthy and adopted Democratic tax relief 
proposals. Unfortunately, they pay for them by violating the Social 
Security Trust Fund. This Republican tax cut robs our seniors of their 
peace of mind and under-mines the future fiscal stability of Social 
Security.
  The Republicans are not proposing these tax cuts because they believe 
in them. This is

[[Page E1857]]

an attempt to co-opt Democrats into helping the Republicans slowly 
dismantle Social Security. They have made the tax cuts as attractive as 
possible to Democrats in order to provide a mountain of sugar to 
disguise the taste of the poison. But the truth is that undermining 
Social Security will not help America's working families.
  There can no longer be any doubt about the differences between the 
Republicans and the Democrats. Democrats want to protect the Social 
Security surplus. Republicans want a tax cut at the expense of 
America's seniors. Democrats want to ensure that for generations to 
come, Social Security will continue to be a constant in the lives of 
our elderly citizens.
  Democrats have always supported responsible tax cuts paid for out of 
the budget. But to take money from the Social Security surplus is 
fiscally irresponsible and jeopardizes the future of the program. Those 
funds must be protected for today's retirees and for today's workers. 
We must save the surplus, strengthen the system, and secure the future 
for America's seniors. That's the Democratic way.
  I urge my colleagues to oppose H.R. 4578.

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