[Congressional Record Volume 145, Number 107 (Tuesday, July 27, 1999)]
[House]
[Page H6433]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




              THREE THINGS WE HAVE TO DO WITH THE SURPLUS

  (Mr. KINGSTON asked and was given permission to address the House for 
1 minute and to revise and extend his remarks.)
  Mr. KINGSTON. Mr. Speaker, we now have a surplus for the first time 
since 1969, and there are two reasons for this: number one, Congress 
has brought in the rein on spending; but number two, and more 
importantly, hard-working Americans have worked their tails off, and 
tax revenues have increased as a result of it.
  I believe there are three things we need to do with that surplus and 
there are three things that the Republican bill did do last week.
  Number one, protected and preserved Social Security and Medicare. 
This bill set aside $1.9 trillion in Social Security and Medicare and 
used a lockbox device. Keep in mind the President not only wanted to 
preserve 62 percent of Social Security, the Republican bill preserves 
100 percent.
  The number two thing this bill does is pays down the debt. For 40 
years, liberal Washington spending programs have given us a $5.4 
trillion debt. This bill pays it down by over $2 trillion.
  And then number three, it gives Americans their refund for overcharge 
on the government. It gives 792 billion in tax relief, and as liberal 
Senator Bob Kerrey says, it is not reckless; it is not irresponsible 
when you are looking at the surpluses that we are.
  I hope that the demagoguery in Washington will stop and we can pass 
this very important bill for the sake of Social Security, Medicare, and 
the debt.

                          ____________________