[Congressional Record Volume 145, Number 106 (Monday, July 26, 1999)]
[House]
[Pages H6398-H6399]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                          WHITHER THE SURPLUS

  The SPEAKER pro tempore (Mr. Sherwood). Under a previous order of the 
House, the gentleman from Georgia (Mr. Kingston) is recognized for 5 
minutes.
  Mr. KINGSTON. Mr. Speaker, we have a surplus now. It is the first 
time since 1969 that we have had a surplus. We have this for two 
reasons: Number one, Congress has finally slowed down the rate of 
growth in government. Very important concept. We are questioning 
bureaucrats on how they spend our money. But, number two, and most 
importantly, we have a surplus because the American people have worked 
their tails off in the last several years and they have put in 50 and 
60 hours a week and the revenues to our coffers have increased 
tremendously.
  So now we have a big debate, a good debate going on, what to do with 
this surplus. I believe that there are three essential things that we 
should do, and that was what the debate last week was, on tax 
reduction.
  Number one, what we should do with this surplus is pay our Social 
Security debts. Protect and preserve Social Security and Medicare. The 
President of the United States in January stood right where you are, 
Mr. Speaker, and said, ``Let's protect 62 percent of the Social 
Security surplus.'' But the Republican Party said, ``No, Mr. President, 
we want to protect 100 percent of the Social Security surplus and not 
just protect it on paper but put it in a lockbox so that it cannot be 
used for roads and bridges and pay raises and new entitlement programs 
but that money will be there for your mom and your dad's retirement.''
  And so, Mr. Speaker, this bill puts aside 100 percent of the Social 
Security surplus to the tune of $1.9 trillion, protecting and 
preserving Social Security and Medicare.
  Number two, this bill pays down the debt. For 40 years, because of 
irresponsible congressional spending, we have accumulated a $5.4 
trillion debt. This bill takes the first serious step of paying down 
approximately $2 trillion of that debt by having a trigger device. The 
trigger device says that if you want to get a tax reduction, you have 
to pay down the debt. And unless the debt is paid down, then the tax 
reduction portion is not triggered. It is the first time that has ever 
been done by the House.
  The third thing, of course, that the bill does is it provides the 
American people with $792 billion of their money

[[Page H6399]]

back for their overpayment in government. I am so sick and tired of 
people in Washington talking about how much the tax reduction is going 
to cost us. Guess what? It does not cost us anything because it is not 
our money, Mr. Speaker. It belongs to the American people.
  If you go in Wal-Mart and you buy a pair of flip-flops for $2.50 and 
you give the cashier $5, they do not keep your money. It is your money. 
But if you have a Washington bureaucrat cashier, you will never see 
your change. They will give you more shoes, more flip-flops, they will 
even charge you. Before you know it the $2.50 purchase becomes a $6 and 
$7 purchase. That is how ridiculous things are in this town, Mr. 
Speaker. It is the American people's money and we need to give it back 
to them.
  This comes in the form of a 10 percent tax reduction across the 
board, capital gains tax reduction, estate tax relief, relief for small 
businesses and farmers. The President of the United States, stickler 
for truth as he always has been, will come in and say, ``Oh, you're 
taking money away from seniors, from children, from the environment, 
from education.'' Well, if you are a Republican and you cross the 
street, the American President right now is going to accuse you of 
hurting seniors and children and the environment and education. It does 
not matter. He is a broken record. It is a formula that works for him, 
class warfare and scaremongering. But we are sick and tired of it.
  It is interesting that liberal Senator Bob Kerrey said that when you 
are talking about a $3 trillion surplus, an $800 billion tax reduction 
program is not reckless or irresponsible. That is from a well thought 
of, but liberal, Democratic Senator. He is saying, ``What's the big 
deal?''
  What is the big deal, Mr. Speaker? We are talking about the size of a 
tax cut. We are not talking about whether to have one or not. The 
President has already agreed to one. Most of the liberals in Congress 
have agreed to one. We are only talking about the size of it.
  Mr. Speaker, this tax package that was voted on the other day, again 
three-pronged, protects and preserves Social Security to the tune of 
$1.9 trillion through a lockbox, and protects 100 percent of it; number 
two, pays down the debt $2 trillion; and, number three, and finally and 
only after the others have been protected, it gives tax relief. 
Therefore, it is a good, responsible bill. I urge my colleagues to 
support it.

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