[Congressional Record Volume 153, Number 12 (Monday, January 22, 2007)]
[Senate]
[Pages S838-S842]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

      By Mr. DOMENICI (for himself and Mrs. Feinstein):
  S. 355. A bill to establish a National Commission on Entitlement 
Solvency; to the Committee on Finance.
  Mr. DOMENICI. Mr. President, I rise today with my colleague, Senator 
Feinstein to introduce the Social Security and Medicare Solvency 
Commission Act.
  Our country is facing a looming financial crisis. The Medicare and 
Social Security programs face major financial problems. Current trends 
show that these programs are not sustainable, and that if we do not 
take action soon to reform both these programs, they will drive Federal 
spending to unprecedented levels.
  Without reform, spending on these programs will consume nearly all 
projected federal revenues, and threaten our country's future 
prosperity. Social Security costs are projected to rise from about 4.2 
percent of gross domestic product today to 6.3 percent of gross 
domestic product by 2080. Similarly, Medicare expenditures are 
projected to rise from 2.7 percent of gross domestic product today to 
more than 11 percent of gross domestic product by 2080. At this rate, 
no money will be left for any other federal activity. There will be no 
money for education, defense, federal law enforcement, or any of our 
other valued social programs.
  Federal Reserve Board Chairman Bernacke and GAO Comptroller Walker 
have testified in front of the Senate Budget Committee in recent weeks 
that entitlement spending is already a threat to the U.S. economy. 
However, despite the universal recognition of out of control 
entitlement spending growth and the problems this will cause, Congress 
has repeatedly failed to come together to work on a solution.
  The legislation we are introducing today will create a bipartisan 
commission tasked with making recommendations and creating legislation 
that will ensure the solvency of both Social Security and Medicare. 
However, unlike past commissions, these recommendations will not sit on 
a shelf and collect dust. This legislation will force action by 
Congress.
  This legislation mandates that the commission seek public input 
through a series of public hearings, and then requires the commission 
to put together a report and submit accompanying legislative language. 
However, then this bill goes further. It sets a mandatory timelines for 
Congress to introduce the legislation, take committee action and for 
action on the floor. In short, it forces Congress to do its job.
  When this legislation passes, Congress will be forced to take action 
that will generate a sustainable Social Security and Medicare system. 
And, most importantly, this will be a bipartisan effort. I am very 
pleased that my distinguished colleague, Senator Feinstein has joined 
me in taking up this cause.
  Though highly challenging, the financial difficulties facing Social 
Security and Medicare are not insurmountable. But the time has come to 
take action. The sooner these challenges are addressed, the more 
solutions will be available to us and the less pain they will cause. We 
need serious and thoughtful engagement from everyone to make sure that 
Medicare and Social Security are strengthened and sustainable for 
future generations.
  I ask unanimous consent that the text of the bill be printed in the 
Record.
  There being no objection, the text of the bill was ordered to be 
printed in the Record, as follows:

                                 S. 355

       Be it enacted by the Senate and House of Representatives of 
     the United States of America in Congress assembled,

     SECTION 1. SHORT TITLE.

       This Act may be cited as the ``The Social Security and 
     Medicare Solvency Commission Act''.

     SEC. 2. DEFINITIONS.

       In this subtitle:
       (1) Administrator.--The term ``Administrator'' means the 
     Administrator of the Centers for Medicare & Medicaid 
     Services.
       (2) Calendar day.--The term ``calendar day'' means a 
     calendar day other than one in which either House is not in 
     session because of an adjournment of more than 3 days to a 
     date certain.
       (3) Commission.--The term ``Commission'' means the National 
     Commission on Entitlement Solvency established under section 
     3(a).
       (4) Commission bill.--The term ``Commission bill'' means a 
     bill consisting of the proposed legislative language 
     submitted by the Commission under section 3(c)(2)(A) that is 
     introduced under section 7(a).
       (5) Commissioner.--The term ``Commissioner'' means the 
     Commissioner of Social Security.
       (6) Long-term.--The term ``long-term'' means a period of 
     not less than 75 years beginning on the date of enactment of 
     this Act.
       (7) Medicaid.--The term ``Medicaid'' means the program 
     established under title XIX of the Social Security Act (42 
     U.S.C. 1396 et seq.)
       (8) Medicare.--The term ``Medicare'' means the program 
     established under title XVIII of the Social Security Act (42 
     U.S.C. 1395 et seq.).
       (9) Social security.--The term ``Social Security'' means 
     the program of old-age, survivors, and disability insurance 
     benefits established under title II of the Social Security 
     Act (42 U.S.C. 401 et seq.).
       (10) Solvency of medicare program.--
       (A) In general.--Subject to subparagraph (B), the term 
     ``solvency'', in relation to the Medicare program, means any 
     year in which there is not excess general revenue Medicare 
     funding (as defined in section 801(c)(1) of the Medicare 
     Prescription Drug, Improvement, and Modernization Act of 2003 
     (Public Law 108-173; 117 Stat. 2358)).
       (B) Treatment of new revenue.--
       (i) In general.--For purposes of the requirement that the 
     Commission evaluate the solvency of the Medicare program and 
     recommend legislation to restore such solvency as needed, the 
     Commission shall treat any new revenue that is a result of 
     any action

[[Page S839]]

     taken or any legislation enacted by Congress pursuant to the 
     recommendations of the Commission, as being a dedicated 
     medicare financing source (as defined in section 801(c)(3) of 
     the Medicare Prescription Drug, Improvement, and 
     Modernization Act of 2003 (Public Law 108-173; 117 Stat. 
     2358)).
       (ii) Definition of new revenue.--For purposes of this 
     subparagraph, the term ``new revenue'' means only those 
     revenues collected as a result of legislation enacted by 
     Congress pursuant to section 7 of this Act. The term ``new 
     revenue'' shall not include any revenue otherwise collected 
     under law, including any such revenue that is dedicated to 
     the Federal Hospital Insurance Trust Fund under section 1817 
     of the Social Security Act (42 U.S.C. 1395i) or the Federal 
     Supplementary Medical Insurance Trust Fund under section 1841 
     of such Act (42 U.S.C. 1395t).
       (11) Solvency of social security program.--The term 
     ``solvency'', in relation to Social Security, means any year 
     in which the balance ratio (as defined under section 709(b) 
     of the Social Security Act (42 U.S.C. 910(b)) of the Federal 
     Old-Age and Survivors Insurance Trust Fund and the Federal 
     Disability Insurance Trust Fund established under section 201 
     of the Social Security Act (42 U.S.C. 401) is greater than 
     zero; and

     SEC. 3. ESTABLISHMENT OF COMMISSION.

       (a) Establishment.--There is permanently established an 
     independent and bipartisan commission to be known as the 
     ``National Commission on Entitlement Solvency''.
       (b) Purpose.--The Commission shall conduct a comprehensive 
     review of the Social Security and Medicare programs for the 
     following purposes:
       (1) Review.--Reviewing relevant analyses of the current and 
     long-term actuarial financial condition of the Social 
     Security and Medicare programs.
       (2) Identifying problems.--Identifying problems that may 
     threaten the long-term solvency of the Social Security and 
     Medicare programs.
       (3) Analyzing potential solutions.--Analyzing potential 
     solutions to problems that threaten the long-term solvency of 
     the Social Security and Medicare programs.
       (4) Providing recommendations and proposed legislative 
     language.--Providing recommendations and proposed legislative 
     language that will ensure the long-term solvency of the 
     Social Security and Medicare programs and the provision of 
     appropriate benefits.
       (c) Duties.--
       (1) In general.--The Commission shall conduct a 
     comprehensive review of the Social Security and Medicare 
     programs consistent with the purposes described in subsection 
     (b) and shall submit the report required under paragraph (2).
       (2) Report, recommendations, and proposed legislative 
     language.--
       (A) Report.--
       (i) In general.--Not later than 1 year after the date of 
     enactment of this Act, and every 5 years thereafter, the 
     Commission shall submit a report on the long-term solvency of 
     the Social Security and Medicare programs that contains a 
     detailed statement of the findings, conclusions, 
     recommendations, and the proposed legislative language (as 
     required under subparagraph (C)) of the Commission to the 
     President, Congress, the Commissioner, and the Administrator.
       (ii) Proposed legislative language.--The Commission shall 
     submit the proposed legislative language (as required under 
     clause (i)) in the form of a proposed bill for introduction 
     in Congress.
       (B) Findings, conclusions, and recommendations.--A finding, 
     conclusion, or recommendation of the Commission shall be 
     included in the report under subparagraph (A) only if not 
     less than 10 members of the Commission voted for such 
     finding, conclusion, or recommendation.
       (C) Legislative language.--
       (i) In general.--If a recommendation submitted with respect 
     to the Social Security or Medicare programs under 
     subparagraph (A) involves legislative action, the report 
     shall include proposed legislative language to carry out such 
     action. Such legislative language shall only be included in 
     the report under subparagraph (A) if the Commission has 
     considered the impact the recommendation would have on the 
     Medicaid program.
       (ii) Exclusion of recommendations with respect to 
     medicaid.--Proposed legislative language to carry out any 
     recommendation submitted by the Commission with respect to 
     the Medicaid program shall not be included in the legislative 
     language submitted under clause (i).

     SEC. 4. STRUCTURE AND MEMBERSHIP OF THE COMMISSION.

       (a) Appointment.--
       (1) In general.--The Commission shall be composed of 15 
     members, of whom--
       (A) 7 members shall be appointed by the President--
       (i) 3 of whom shall be Democrats, appointed in consultation 
     with the Majority Leader of the Senate and the Speaker of the 
     House of Representatives;
       (ii) 3 of whom shall be Republicans; and
       (iii) 1 of whom shall not be affiliated with any political 
     party;
       (B) 2 members shall be appointed by the Majority Leader of 
     the Senate, 1 of whom is from the Committee on Finance of the 
     Senate;
       (C) 2 members shall be appointed by the Minority Leader of 
     the Senate, 1 of whom is from the Committee on Finance of the 
     Senate;
       (D) 2 members shall be appointed by the Speaker of the 
     House of Representatives, 1 of whom is from the Committee on 
     Ways and Means of the House of Representatives; and
       (E) 2 members shall be appointed by the Minority Leader of 
     the House of Representatives, 1 of whom is from the Committee 
     on Ways and Means of the House of Representatives.
       (2) Qualifications.--The members shall be individuals who 
     are, by reason of their education, experience, and 
     attainments, exceptionally qualified to perform the duties of 
     members of the Commission.
       (3) Date.--Members of the Commission shall be appointed by 
     not later than January 1, 2008.
       (4) Terms.--A member of the Commission shall be appointed 
     for a single term of 5 years, except the members initially 
     appointed shall be appointed for terms of 6 years.
       (b) Vacancies.--A vacancy on the Commission shall be filled 
     not later than 30 calendar days after the date on which the 
     Commission is given notice of the vacancy, in the same manner 
     as the original appointment. The individual appointed to fill 
     the vacancy shall serve only for the unexpired portion of the 
     term for which the individual's predecessor was appointed.
       (c) Committee Members of Commission.--In the case of an 
     individual appointed to the Commission under subsection 
     (a)(1) who is required to be a member of the Committee on 
     Finance of the Senate or the Committee on Ways and Means of 
     the House of Representatives, if such individual is no longer 
     a member of the required Committee they shall no longer be 
     eligible to serve on the Commission. Such individual shall be 
     removed from the Commission and replaced in accordance with 
     subsection (b).
       (d) Co-Chairperson.--The Commission shall designate 2 Co-
     Chairpersons from among the members of the Commission, 
     neither of whom may be affiliated with the same political 
     party.

     SEC. 5. POWERS OF THE COMMISSION.

       (a) Meetings and Hearings.--
       (1) Meetings.--The Commission shall meet at the call of the 
     Co-Chairpersons. The Co-Chairpersons of the Commission or 
     their designee shall convene and preside at the meetings of 
     the Commission
       (2) Hearings.--
       (A) Initial town-hall style public hearings.--
       (i) In general.--The Commission shall hold at least 1 town-
     hall style public hearing within each Federal reserve 
     district not later than the date on which the Commission 
     submits the report required under section 3(c)(2)(A), and 
     shall, to the extent feasible, ensure that there is broad 
     public participation in the hearings.
       (ii) Hearing format.--During each hearing, the Commission 
     shall present to the public, and generate comments and 
     suggestions regarding, the issues reviewed under section 
     3(b), policies designed to address those issues, and 
     tradeoffs between such policies.
       (B) Additional hearings.--In addition to the hearings 
     required under subparagraph (A), the Commission shall hold 
     such other hearings as the Commission determines appropriate 
     to carry out the purposes of this Act.
       (3) Quorum.--Ten members of the Commission shall constitute 
     a quorum for purposes of voting, but a quorum is not required 
     for members to meet and hold hearings.
       (b) Administration.--
       (1) Compensation.--Each member, other than the Co-
     Chairpersons, shall be paid at a rate equal to the daily 
     equivalent of the minimum annual rate of basic pay prescribed 
     for level IV of the Executive Schedule under section 5315 of 
     title 5, United States Code, for each day (including travel 
     time) during which such member is engaged in the performance 
     of the duties of the Commission. The Co-Chairpersons shall be 
     paid at a rate equal to the daily equivalent of the minimum 
     annual rate of basic pay prescribed for level III of the 
     Executive Schedule under section 5314 of title 5, United 
     States Code, for each day (including travel time) during 
     which such member is engaged in the performance of the duties 
     of the Commission.
       (2) Travel expenses.--Members shall receive travel 
     expenses, including per diem in lieu of subsistence, in 
     accordance with sections 5702 and 5703 of title 5, United 
     States Code, while away from their homes or regular places of 
     business in performance of services for the Commission.
       (c) Federal Advisory Committee Act.--The Commission shall 
     be exempt from the provisions of the Federal Advisory 
     Committee Act (5 U.S.C. App.).
       (d) Personnel.--
       (1) Director.--The Commission shall have a staff headed by 
     an Executive Director. The Executive Director shall be paid 
     at a rate equivalent to a rate established for the Senior 
     Executive Service under section 5382 of title 5, United 
     States Code.
       (2) Staff appointment.--With the approval of the Co-
     Chairpersons, the Executive Director may appoint such 
     personnel as the Executive Director and the Commission 
     determines to be appropriate.
       (3) Actuarial experts and consultants.--With the approval 
     of the Co-Chairpersons, the Executive Director may procure 
     temporary and intermittent services under section 3109(b) of 
     title 5, United States Code.
       (4) Detail of government employees.--Upon the request of 
     the Co-Chairpersons, the

[[Page S840]]

     head of any Federal agency may detail, without reimbursement, 
     any of the personnel of such agency to the Commission to 
     assist in carrying out the duties of the Commission. Any such 
     detail shall not interrupt or otherwise affect the civil 
     service status or privileges of the Federal employee.
       (5) Other resources.--The Commission shall have reasonable 
     access to materials, resources, statistical data, and other 
     information from the Library of Congress, the Chief Actuary 
     of Social Security, the Secretary of Health and Human 
     Services, the Centers for Medicare & Medicaid Services, the 
     Congressional Budget Office, and other agencies and elected 
     representatives of the executive and legislative branches of 
     the Federal Government. The Co-Chairpersons of the Commission 
     shall make requests for such access in writing when 
     necessary.

     SEC. 6. AUTHORIZATION OF APPROPRIATIONS.

       There are authorized to be appropriated such sums as are 
     necessary to carry out the purposes of this Act.

     SEC. 7. EXPEDITED CONSIDERATION OF COMMISSION 
                   RECOMMENDATIONS.

       (a) Introduction and Committee Consideration.--
       (1) Introduction.--A Commission bill shall be introduced in 
     the Senate by the majority leader, or the majority leader's 
     designee, and in the House of Representatives, by the 
     majority leader, or the majority leader's designee. Upon such 
     introduction, the Commission bill shall be referred to the 
     appropriate committees of Congress under paragraph (2). If 
     the Commission bill is not introduced in accordance with the 
     preceding sentence, then any member of Congress may introduce 
     the Commission bill in their respective House of Congress 
     beginning on the date that is the 5th calendar day that such 
     House is in session following the date of the submission of 
     the Commission report under section 3(c)(2)(A).
       (2) Committee consideration.--
       (A) Referral.--A Commission bill introduced in the Senate 
     shall be referred to the Committee on Finance of the Senate. 
     A Commission bill introduced in the House of Representatives 
     shall be referred jointly to the Committee on Ways and Means 
     and the Committee on Energy and Commerce of the House of 
     Representatives.
       (B) Reporting.--Not later than 60 calendar days after the 
     introduction of the Commission bill, each Committee of 
     Congress to which the Commission bill was referred shall 
     report the bill. Each such reported bill shall meet the 
     requirement of ensuring the long-term solvency of the Social 
     Security and Medicare programs, and the provision of 
     appropriate benefits, that the proposed legislative language 
     provided by the Commission is subject to under section 
     3(b)(4).
       (C) Discharge of committee.--If a committee to which is 
     referred a Commission bill has not reported such Commission 
     bill at the end of 60 calendar days after its introduction, 
     such committee shall be automatically discharged from further 
     consideration of the Commission bill and it shall be placed 
     on the appropriate calendar.
       (b) Expedited Procedure.--
       (1) Amendments.--No amendment that is not relevant to the 
     provisions of the Commission bill shall be in order in either 
     the Senate or the House of Representatives. In either House, 
     an amendment, any amendment to an amendment, or any debatable 
     motion or appeal is debatable for not to exceed 5 hours to be 
     divided equally between those favoring and those opposing the 
     amendment, motion, or appeal.
       (2) Floor consideration in the senate.--
       (A) In general.--Not later than 30 calendar days after the 
     date on which a committee has reported or has been discharged 
     from consideration of a Commission bill, the majority leader 
     of the Senate, or the majority leader's designee shall move 
     to proceed to the consideration of the Commission bill. It 
     shall also be in order for any member of the Senate to move 
     to proceed to the consideration of the bill at any time after 
     the conclusion of such 30-day period.
       (B) Motion to proceed.--A motion to proceed to the 
     consideration of a Commission bill is privileged in the 
     Senate. The motion is not debatable and is not subject to a 
     motion to postpone consideration of the Commission bill or to 
     proceed to the consideration of other business. A motion to 
     reconsider the vote by which the motion to proceed is agreed 
     to or not agreed to shall not be in order. If the motion to 
     proceed is agreed to, the Senate shall immediately proceed to 
     consideration of the Commission bill without intervening 
     motion, order, action, or other business, and the Commission 
     bill shall remain the unfinished business of the Senate until 
     disposed of.
       (C) Limited debate.--
       (i) In general.--Consideration in the Senate of the 
     Commission bill and all amendments to such bill, and on all 
     debatable motions and appeals in connection therewith, shall 
     be limited to not more than 40 hours, which shall be equally 
     divided between, and controlled by, the majority leader and 
     the minority leader of the Senate or their designees. A 
     motion further to limit debate on the Commission bill is in 
     order and is not debatable. All time used for consideration 
     of the Commission bill, including time used for quorum calls 
     (except quorum calls immediately preceding a vote), shall 
     come from the 40 hours of consideration.
       (ii) Recommital to committee.--Upon expiration of the 40-
     hour period provided under clause (i), the Commission bill 
     shall be recommitted to committee for further consideration 
     unless \3/5\ of the Members, duly chosen and sworn, of the 
     Senate agree to proceed to passage. Any bill reported by a 
     committee as a result of such further consideration shall--

       (I) meet the requirement of ensuring the long-term solvency 
     of the Social Security and Medicare programs and the 
     provision of appropriate benefits that the proposed 
     legislative language provided by the Commission is subject to 
     under section 3(b)(4); and
       (II) be considered under the expedited procedures under 
     this subsection.

       (D) Vote on passage.--
       (i) In general.--The vote on passage in the Senate of the 
     Commission bill shall occur immediately following the 
     conclusion of the 40-hour period for consideration of the 
     Commission bill under subparagraph (C) and a request to 
     establish the presence of a quorum.
       (ii) Other motions not in order.--A motion in the Senate to 
     postpone consideration of the Commission bill, a motion to 
     proceed to the consideration of other business, or a motion 
     to recommit the Commission bill is not in order. A motion in 
     the Senate to reconsider the vote by which the Commission 
     bill is agreed to or not agreed to is not in order.
       (3) Floor consideration in the house.--
       (A) In general.--Not later than 30 calendar days after the 
     date on which a committee has reported or has been discharged 
     from consideration of a Commission bill, the majority leader 
     of the House of Representatives, or the majority leader's 
     designee shall move to proceed to the consideration of the 
     Commission bill. It shall also be in order for any member of 
     the House of Representatives to move to proceed to the 
     consideration of the bill at any time after the conclusion of 
     such 30-day period.
       (B) Motion to proceed.--A motion to proceed to the 
     consideration of a Commission bill is privileged in the House 
     of Representatives. The motion is not debatable and is not 
     subject to a motion to postpone consideration of the 
     Commission bill or to proceed to the consideration of other 
     business. A motion to reconsider the vote by which the motion 
     to proceed is agreed to or not agreed to shall not be in 
     order. If the motion to proceed is agreed to, the House of 
     Representatives shall immediately proceed to consideration of 
     the Commission bill without intervening motion, order, 
     action, or other business, and the Commission bill shall 
     remain the unfinished business of the House of 
     Representatives until disposed of.
       (C) Limited debate.--
       (i) In general.--Consideration in the House of 
     Representatives of the Commission bill and all amendments to 
     such bill, and on all debatable motions and appeals in 
     connection therewith, shall be limited to not more than 40 
     hours, which shall be equally divided between, and controlled 
     by, the majority leader and the minority leader of the House 
     of Representatives or their designees. A motion further to 
     limit debate on the Commission bill is in order and is not 
     debatable. All time used for consideration of the Commission 
     bill, including time used for quorum calls (except quorum 
     calls immediately preceding a vote), shall come from the 40 
     hours of consideration.
       (ii) Recommital to committee.--Upon expiration of the 40-
     hour period provided under clause (i), the Commission bill 
     shall be recommitted to committee for further consideration 
     unless \3/5\ of the Members, duly chosen and sworn, of the 
     House of Representatives agree to proceed to final passage. 
     Any bill reported by a committee as a result of such further 
     consideration shall--

       (I) meet the requirement of ensuring the long-term solvency 
     of the Social Security and Medicare programs and the 
     provision of appropriate benefits that the proposed 
     legislative language provided by the Commission is subject to 
     under section 3(b)(4); and
       (II) be considered under the expedited procedures under 
     this subsection.

       (D) Vote on passage.--
       (i) In general.--The vote on passage in the House of 
     Representatives of the Commission bill shall occur 
     immediately following the conclusion of the 40-hour period 
     for consideration of the Commission bill under subparagraph 
     (C) and a request to establish the presence of a quorum.
       (ii) Other motions not in order.--A motion in the House of 
     Representatives to postpone consideration of the Commission 
     bill, a motion to proceed to the consideration of other 
     business, or a motion to recommit the Commission bill is not 
     in order. A motion in the House of Representatives to 
     reconsider the vote by which the Commission bill is agreed to 
     or not agreed to is not in order.
       (4) Consideration by other house.--If, before the passage 
     by one House of the Commission bill that was introduced in 
     such House, such House receives from the other House a 
     Commission bill as passed by such other House--
       (A) the Commission bill of the other House shall not be 
     referred to a committee and may only be considered for 
     passage in the House that receives it under subparagraph (C);
       (B) the procedure in the House in receipt of the Commission 
     bill of the other House, with respect to the Commission bill 
     that was introduced in the receiving House, shall be the same 
     as if no Commission bill had been received from the other 
     House; and
       (C) notwithstanding subparagraph (B), the vote on final 
     passage shall be on the Commission bill of the other House.

[[Page S841]]

     Upon disposition of a Commission bill that is received by one 
     House from the other House, it shall no longer be in order to 
     consider the Commission bill that was introduced in the 
     receiving House.
       (5) Consideration in conference.--
       (A) Convening of conference.--In the case of any 
     disagreement between the two Houses of Congress with respect 
     to a Commission bill passed by both Houses, conferees shall 
     be promptly appointed and a conference convened. All motions 
     to proceed to conference are nondebatable. The committee of 
     conference shall make and file a report with respect to such 
     Commission bill within 30 calendar days after the day on 
     which managers on the part of the Senate and the House of 
     Representatives have been appointed. Notwithstanding any rule 
     in either House concerning the printing of conference reports 
     or concerning any delay in the consideration of such reports, 
     such report shall be acted on by both Houses not later than 5 
     calendar days after the conference report is filed in the 
     House in which such report is filed first. In the event the 
     conferees are unable to agree within 30 calendar days after 
     the date on which the conference was convened, they shall 
     report back to their respective Houses in disagreement.
       (B) Conference report defeated.--Should the conference 
     report be defeated, debate on any request for a new 
     conference and the appointment of conferees shall be limited 
     to 1 hour, to be equally divided between, and controlled by, 
     the manager of the conference report and the minority leader 
     or the minority leader's designee, and should any motion be 
     made to instruct the conferees before the conferees are 
     named, debate on such motion shall be limited to \1/2\ hour, 
     to be equally divided between, and controlled by, the mover 
     and the manager of the conference report. Debate on any 
     amendment to any such instructions shall be limited to 20 
     minutes, to be equally divided between, and controlled by, 
     the mover and the manager of the conference report. In all 
     cases when the manager of the conference report is in favor 
     of any motion, appeal, or amendment, the time in opposition 
     shall be under the control of the minority leader or the 
     minority leader's designee.

  Mrs. FEINSTEIN. Mr. President, as the new Congress begins work, I am 
pleased to join with Senator Domenici in addressing one of the most 
serious and intractable problems facing the Nation--restoring the long-
term fiscal health of Social Security and Medicare.
  Today we propose a bipartisan, independent and permanently existing 
commission to return these essential programs to solid financial 
footing for generations to come.
  Our legislation mandates the periodic, comprehensive review of Social 
Security and Medicare to ensure their present and future solvency. By a 
year from the date of enactment, it requires the Commission to devise 
and recommend to Congress and the President a benefit and revenue 
structure that allows Social Security and Medicare to become, once 
again, stable and effective.
  A key aspect of the bill is that its mission is ongoing indefinitely. 
Every five years the Commission returns with new recommendations--small 
tweaks or larger adjustments, whatever is necessary--to keep these 
entitlement programs in actuarial balance.
  Since 2005, the President, Congress and the Nation have stalemated 
over the issue of privatizing Social Security. The issue remains 
contentious. Recent press articles suggest the Administration would be 
prepared to drop carve out accounts as the price of overall reform.
  Meanwhile, the Social Security funding shortfall is projected to 
balloon to roughly $4.6 trillion over the next 75 years to pay all 
scheduled benefits. This unfunded obligation has increased by $600 
billion alone over the last year. Medicare is in far worse shape, 
needing $11.3 trillion over the next seventy-five years to close the 
gap and remain in balance.
  The 2006 report from the Trustees of Medicare and Social Security is 
alarming to say the least. They describe the current path of spending 
for both as ``problematic'', ``unsustainable,'' ``severe'', and in 
``poor fiscal shape.'' In sum the Trustees say that ``the problems of 
both programs are driven by inexorable demographics, and, in the case 
of Medicare, inexorable health care cost inflation, and are not likely 
to be ameliorated by economic growth or mere tinkering with program 
financing.''
  Simple numbers tell the story: growing cash flow deficits will 
exhaust the Medicare trust fund in 2018, and Social Security reserves 
will be overcome in 2040, according to the Trustees report.
  Our legislation takes a new approach and is bipartisan to the core. 
Instead of emphasizing the merits of one proposal over another, we wipe 
the slate clean.
  Fifteen experts, some of whom are Members of Congress from the 
committees of jurisdiction, are appointed. They take a full year to 
conduct town hall meetings nationwide, assess these trillion dollar 
programs from top to bottom, and rationalize their cost structure 
through intensive evaluation.
  We advocate an open process, where all American voices can be heard. 
We have learned in the last two years that these issues effectively 
surpass the Congress' and President's ability to reach a compromise.
  Relying strictly on elected officials to meet privately and out of 
the public view to negotiate a multi-trillion agreement I believe risks 
more failure. We have no demonstrated track record since 2005 of being 
able to achieve bipartisan consensus. And there are no new developments 
of late that suggest a different outcome than more partisan gridlock.
  I know Majority Leader Reid is instructing on certain members of the 
Senate to gather and discuss these issues in the coming months. I hope 
it works. But I basically share his outlook for the prospects of a 
bipartisan deal: ``It's a tremendous long shot. If you were a Las Vegas 
bookmaker, you'd put the odds pretty [long] for being able to do 
that.''
  The Commission we propose would not be offering one-time solutions 
that get tossed aside and collect dust. Far from it: the Commission's 
detailed analysis, nonpartisan recommendations and findings are 
provided in writing and take the form of legislation that Congress 
formally considers.
  The Senate and House, in turn, through expedited legislative 
procedures, will hopefully be poised to amend if need be and then enact 
the changes into law.
  Compromise, in the form of increasing payroll tax revenues or other 
fees and cutting benefits, is the inevitable reality which we face. 
Senator Domenici and I are focused on creating a pathway to reach that 
compromise. We do not hold out, today, certain ideas that we believe 
Commission Members ought to consider.
  We rely on their independent expertise and motivation to derive what 
is best for the Nation. Then we let the chips fall where they may from 
there.
  The former Chairman of the Federal Reserve, Alan Greenspan, said two 
years ago that we had little time to waste in fixing Social Security. 
He endorsed the notion of establishing a Commission, much like the one 
he led in 1983 that led to historic changes in the program. His 
congressional testimony bears repeating:

       This is not a hugely difficult problem to solve . . . And I 
     guess what is missing is the fact that at this stage there 
     has been a rather low interest in actually joining, in 
     finding out where some of the agreements are, and I have a 
     suspicion that when that occurs, that will happen. It may 
     well be that some mechanism such as that which we employed in 
     1983 may be a useful mechanism to get groups together and 
     find out where there are agreements. I tend to think what 
     happens in these debates is nobody talks about what they 
     agree about but only about what they differ about. And 
     something has got to give soon because we do not have the 
     choice of not resolving this issue.

  Chairman Greenspan is absolutely right that it is only a matter of 
time that we implement Social Security reform. That is because 48 
million people, or 1 out of every 6 Americans, depend on it. And by 
2050, an astounding 82 million Americans will receive this guaranteed 
benefit.
  For more than 20 percent of retirees, Social Security is it: their 
only source of income.
  For half of those 48 million, Social Security keeps them out of 
poverty. And for almost two-thirds, Social Security makes up more than 
half of their total income.
  4.8 million widows and widowers rely on Social Security, as do 6.8 
million disabled workers and 4 million children.
  The long-term challenges are significant. It is not a crisis, we have 
time to implement gradual reform over time, but we need to get started.
  While the current projected shortfall for Social Security amounts to 
about $4.6 trillion, the fact of the matter is that 100 percent of 
benefits can be paid until 2040 by some estimates (Social Security 
Administration) or 2046 by

[[Page S842]]

others (CBO). Beyond that time horizon, 73 percent of benefits can be 
paid.
  So the bottom line is, there is time, the know-how, and the resources 
to be able to maintain the current system, with phased adjustments 
occurring over many years to the Social Security Trust Fund.
  The key, of course, is coming to a rational consensus--Democrats and 
Republicans united--in the effort to make Social Security solvent from 
this day forward.
  Most budget experts agree that the Social Security problem pales in 
comparison to the enormous shortfall facing the Medicare Trust Fund 
(Part A)--over the next 75 years a total of $11.3 trillion. The various 
technical estimates are that Medicare is projected to become insolvent 
far sooner than Social Security.
  In fact the most recent Medicare Trustees report confirms that the 
trust fund will be exhausted in 2018, yet the number of beneficiaries 
skyrockets upwards--from 42.7 million now, a number which will double 
by 2030--as the Baby Boom generation ages.
  Compounding the problem, the Congressional Budget Office projects 
that Medicare spending will rise to 11 percent of the gross domestic 
product by 2080, up from 3.21 percent of GDP in 2006.
  And the number of those paying into the system gets smaller and 
smaller: in 2000, 4 workers supported every Medicare beneficiary. That 
number shrinks to 2.4 workers per beneficiary by 2030.
  The plain truth is that surging health care costs need to come under 
control or Medicare faces a dire situation. Because the program is 
financed through payroll taxes on working Americans, and general tax 
revenue, the pressure is building now on working Americans, given the 
huge demographic changes we expect when Baby Boomers retire.
  In closing let me share one pertinent fact from the Social Security 
and Medicare Trustees and their 2006 report: ``to the extent that 
changes are delayed or phased in gradually, greater adjustments in 
scheduled benefits and revenues would be required.'' The time to act is 
now, and Senator Domenici and I believe that our legislation represents 
a reasonable and good faith step for curing what ills these vital 
safety net programs.
                                 ______