[Congressional Record Volume 144, Number 135 (Thursday, October 1, 1998)]
[House]
[Page H9191]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                          THERE IS NO SURPLUS

  (Mrs. LINDA SMITH of Washington asked and was given permission to 
address the House for 1 minute and to revise and extend her remarks.)
  Mrs. LINDA SMITH of Washington. Mr. Speaker, I rise today to give a 
reality check. The President claims the government has a surplus. All 
Americans need to know that this just is not true. There is no surplus.
  The President was going to borrow $100 billion from Social Security 
to pay for his proposed current level of spending, but our good economy 
means now he will only borrow $35 billion. Now, the $65 billion 
difference that the Republicans said must be left in the Social 
Security Trust Fund is what the President now claims is a surplus. It 
is not a surplus. It is payroll taxes that the government collects to 
pay for Social Security checks each month.
  We need to save Social Security, not spend it. That is why I voted 
against the tax plan, not an easy vote, because it borrows still from 
Social Security. Believe me, I do support tax cuts, but we need to do 
it without compromising Social Security.
  Now, we may have a true surplus by next year. Then we can make sure 
that Social Security will be there when people need it. Then we can 
have tax cuts, too. That is my goal, Mr. Speaker.

                          ____________________