[Congressional Record Volume 146, Number 111 (Tuesday, September 19, 2000)]
[Extensions of Remarks]
[Pages E1533-E1534]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




      DEBT RELIEF LOCK-BOX RECONCILIATION ACT FOR FISCAL YEAR 2001

                                 ______
                                 

                               speech of

                          HON. WALTER B. JONES

                           of north carolina

                    in the house of representatives

                       Monday, September 18, 2000

  Mr. JONES of North Carolina. Madam Speaker, I rise today to urge my 
colleagues to support the Debt Relief Lockbox Reconciliation Act.
  According to the Department of Treasury, our national debt stands at 
over $5.6 trillion. Every man, woman, and child owes $21,000 for that 
debt. Even in these strong economic times, that debt remains an 
albatross over the prosperity of future generations. This legislation 
takes steps to correct that problem. It would ensure that the vast 
majority of the surplus is reserved for two important purposes:

[[Page E1534]]

(1) to ensure that the Medicare and Social Security are preserved and 
(2) to reduce the public debt. We have a moral obligation to uphold 
these principles. Not only are they critical to Americans today, but 
they will greatly impact American generations of tomorrow.
  The bill introduced by my friend and colleague from Kentucky would 
reduce the publicly held debt by an additional $240 billion in FY01 and 
would protect all of the Social Security and Medicare surpluses. By 
using 90% of the projected FY01 surplus, we are making a good-faith, 
common-sense effort to put an end to all publicly held debt by 2012, 
keeping with the promises made when I was first elected in 1994. 
Instead of spending this money on more unnecessary federal programs in 
Washington, we are putting a real downpayment on a better future for 
America. I urge my colleagues to join me this week in voting that 
future.

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