[Congressional Record Volume 147, Number 104 (Tuesday, July 24, 2001)]
[House]
[Page H4434]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                    SOCIAL SECURITY SYSTEM IS SECURE

  (Mr. DeFAZIO asked and was given permission to address the House for 
1 minute and to revise and extend his remarks.)
  Mr. DeFAZIO. Mr. Speaker, this is a $5 billion Treasury Note. More 
than $1 trillion of these are on deposit. Let me read from it: ``This 
bond is incontestable in the hands of the Federal Old Age and Survivors 
Insurance Trust Fund,'' Social Security. This bond is supported by the 
full faith and credit of the United States of America. The United 
States of America is pledged to the payment of the bond with respect to 
both principal and interest. More than $1 trillion is on deposit.
  Americans will pay $93 billion this year more in FICA taxes than is 
necessary to support the system, with the idea they are being deposited 
to pay for their retirement. In 2016, there will be $6 trillion on 
deposit, and Secretary O'Neill of the Treasury and the Bush 
Privatization of Social Security Commission is downtown right now like 
a hive of termites trying to undermine the system and say we might not 
honor that $6 trillion of debt.
  Well, if the bonds on deposit backed by the full faith and credit of 
the United States of America will not be paid for Social Security, what 
other debts will this government default on?

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