[Congressional Record Volume 151, Number 6 (Wednesday, January 26, 2005)]
[House]
[Pages H202-H203]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




       TIME TO ABANDON RISKY SOCIAL SECURITY PRIVATIZATION SCHEME

  (Mr. PALLONE asked and was given permission to address the House for 
1 minute and to revise and extend his remarks.)
  Mr. PALLONE. Mr. Speaker, this week we had another reality check on 
how fiscally devastating Republican fiscal policies are on our Nation. 
Yesterday the Bush administration announced that the budget deficit is 
set

[[Page H203]]

to hit another record this year, a whopping $429 billion.
  The President also had to admit that thanks to these new projections, 
he is already behind in his campaign pledge to cut the deficit in half 
over the next 5 years. Yet the President has no plans to alter his 
misguided policies that took us from record surpluses when he arrived 
in Washington to record deficits now.
  But the President is still not finished. He has a plan that would use 
an additional $2 trillion in Federal funds to privatize Social 
Security. Enough is enough. Congressional Republicans need to stop 
blindly following this President before it is too late, and it is time 
that they abandon this risky Social Security privatization scheme.

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