[Congressional Record Volume 145, Number 79 (Monday, June 7, 1999)]
[Extensions of Remarks]
[Page E1137]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




       SOCIAL SECURITY AND MEDICARE SAFE DEPOSIT BOX ACT OF 1999

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                               speech of

                          HON. DAVID D. PHELPS

                              of illinois

                    in the house of representatives

                        Wednesday, May 26, 1999

  Mr. PHELPS. Mr. Speaker, I rise today to reluctantly support H.R. 
1259, the Social Security and Medicare Lock Box Act of 1999. Although 
this legislation does not improve Social Security or Medicare solvency, 
it serves as a sign of commitment to preserving Social Security and 
Medicare by taking them off budget.
  H.R. 1259 offers largely symbolic protection of our Social Security 
surpluses by blocking the consideration of any Budget Resolution or 
legislation that dips into these funds. This legislation includes a 
loophole which would exempt from these points of order any legislation 
that contains a sentence designating the legislation as ``Social 
Security reform'' or ``Medicare reform.'' Unfortunately, the bill 
provides no standards or definition of the word ``reform.''
  Insuring the stability of the Social Security system for today's 
seniors and future generations of retirees is one of my top priorities. 
I do not believe that this measure will negatively impact that goal, 
and thus I will support it. However, to truly demonstrate our 
commitment to protecting the Social Security Trust Fund, we must 
require all surpluses--the Social Security surplus and the Medicare 
surplus--to be reserved until solvency has been extended by 75 years 
for Social Security and by 30 years for Medicare. The legislation that 
would accomplish this is the Democratic alternative, which would close 
the current loopholes in H.R. 1259, and provide true meaningful 
protection for the Trust Fund.
  In an era of unprecedented growth and prosperity, we have a 
responsibility to implement policy that ensures economic growth for all 
sectors of our society. This requires investing in the future--creating 
a better America for our children, a future in which working families 
can afford to send their children to college, and in which all 
Americans can count on the continued integrity of Social Security. 
While I support this bill as a first step towards protecting Social 
Security and Medicare, I truly hope that our actions today do not 
become an excuse for complacency in the future, but rather a catalyst 
for continued progress on the critical issues of Social Security and 
Medicare.

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