[Congressional Record Volume 146, Number 58 (Thursday, May 11, 2000)]
[House]
[Pages H2957-H2958]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




     SAVE OUR SURPLUS FOR DEBT REDUCTION AND TAX REBATE RESOLUTION

  The SPEAKER pro tempore. Under a previous order of the House, the 
gentleman from Florida (Mr. Weldon) is recognized for 5 minutes.
  Mr. WELDON of Florida. Mr. Speaker, last week I introduced House 
Resolution 490, the Save Our Surplus for Debt Reduction and Tax Rebate 
Resolution of 2000. I am proud of this bill in that it does something 
that no other bill has ever done, it provides a midyear tax rebate to 
the hard-working American people.
  This resolution says that Congress will direct any additional on-
budget non-Social Security surplus that may be announced as early as 
this week or next by the Office of Management and Budget be used only 
for rebates to taxpayers and paying down the national debt.
  Specifically, when the President introduced his budget in January, he 
projected a non-Social Security surplus of $19 billion for the current 
year. My bill does not address what should be done with that surplus. 
In fact, at this time, it is unclear whether that $19 billion will be 
used in a supplemental appropriations bill or for debt reduction. What 
my resolution deals with is any surplus in excess of that $19 billion.
  Specifically, if the OMB announces that the additional non-Social 
Security surplus is between $19 billion and $35 billion, my resolution 
would dedicate the entire amount over $19 billion to debt reduction. 
However, if OMB projects a budget surplus of more than $35 billion, my 
resolution would direct $16 billion be equally divided and returned to 
the American taxpayers, with the remaining amount being used for debt 
reduction.

[[Page H2958]]

  The latest speculation is that the on-budget, non-Social Security 
surplus will far exceed $35 billion, meaning that this tax rebate can 
happen this year. And I urge my colleagues to join me in this pursuit. 
My plan would result in a rebate of between $150 and $200 to each 
American household. Now, some of my colleagues may not think $150 is 
too much money or worth the effort. When dealing with the Federal 
budget and billions of dollars it might not seem like much money, but I 
can tell my colleagues that when it comes to the family budget, $150 is 
a lot of money.
  This is a prudent time to introduce and pass this common sense tax 
resolution. As the economy continues to grow and expand, and revenues 
into the U.S. Treasury have increased, we are in a time of legitimate 
on-budget surplus. There is a constant temptation by legislators to 
spend the money that comes to Washington. All of our current programs 
now are paid for. The big question is what to do with the left-over 
money.
  As Ronald Reagan said, ``Government does not tax to get the money it 
needs. Government always finds a need for the money it gets.'' Mr. 
Speaker, the money that comes to the U.S. Treasury from the American 
people is not the government's money. It is still the taxpayers' money, 
and their change should be returned.
  Democrat President Grover Cleveland talked about this in his second 
inaugural address to the Congress in 1886. President Cleveland said, 
``When more of the people's substance is exacted through the form of 
taxation than is necessary to meet the just obligations of the 
government and the expense of its economical administration, such 
exaction becomes ruthless extortion and a violation of the fundamental 
principles of a free government.''
  In short, Mr. Speaker, the taxpayers have paid the bills in full this 
year. We have balanced the budget, we have locked up the Social 
Security surplus, we have strengthened Medicare and, yes, we are paying 
down the national debt. Now, let us provide the American taxpayer with 
their needed rebate. Let us give them their change back.
  I urge my colleagues to join me along with the majority leader, the 
gentleman from Texas (Mr. Armey), and the majority whip, the gentleman 
from Texas (Mr. DeLay), and several other colleagues as cosponsors of 
this bill and move it forward this legislative session.

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