[Congressional Record Volume 151, Number 99 (Wednesday, July 20, 2005)]
[House]
[Pages H6111-H6112]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                      SOCIAL SECURITY SURPLUS BILL

  (Mr. DeFAZIO asked and was given permission to address the House for 
1 minute.)
  Mr. DeFAZIO. Mr. Speaker, we can always use a good laugh around here, 
but not when it is at the expense of the American people or the future 
of the Social Security. This is from Congressional Quarterly. It is so 
bizarre I couldn't make it up. The House version of the Republican 
Social Security surplus bill uses the Social Security surplus twice. 
First the government would borrow the surplus from Social Security's 
trust funds in exchange for special Treasury bonds, as it does now. And 
it would then direct the surplus back into individual accounts, but 
then borrow it back again in exchange for bonds that were put into 
people's private accounts.
  The debt on the individual's accounts would appear in the 
government's budget. The debt to Social Security trust funds would 
remain off budget, as it is now. The surplus itself would be spent as 
part of the regular budget.
  This is progress in the integrity of Social Security? This is some 
totally bizarre joke that is so confusing that they are hoping that 
they can snooker people into voting for it at 3 or 4 or 5 in the 
morning like they did the Medicare bill, which is now $800 million over 
budget and providing precious little

[[Page H6112]]

help to our seniors who need prescription drugs. Do not be fooled 
twice.

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