[Congressional Record Volume 155, Number 72 (Tuesday, May 12, 2009)]
[Senate]
[Pages S5342-S5343]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                         TRUSTEES ANNUAL REPORT

  Mr. McCONNELL. Mr. President, later today the trustees of the Social 
Security and Medicare trust funds will release their annual report 
which will give us an idea of the current and projected financial 
health of these programs. We do not know exactly what they will say, 
but we know the news will not be good. Everyone knows these programs 
are unsustainable under current conditions, and the problem is only 
getting worse.

  Unfortunately, it is a problem the Democrats' budget does not 
address. Despite repeated calls from our side of the aisle, entitlement 
spending has been overlooked for far too long, and now it is 
completely--completely--out of control.
  This is a fiscal crisis of the first order, and it is a crisis that 
cannot wait any longer to be addressed. Nearly 7 out of $10 the Federal 
Government spends every year goes directly to mandatory spending on 
programs such as Medicare, Medicaid, Social Security, and the interest 
on the national debt. Soon enough, Social Security, Medicare, and other 
entitlements will consume about twice the percentage of the Federal 
budget they did four decades ago. If we do not get control over this 
spending soon, we will only have a fraction left for vital priorities 
such as defense, health care, transportation, and other job creators.
  We must address the issue of entitlement spending now before it is 
too late. As I have said many times before, the best way to address the 
crisis is the Conrad-Gregg proposal, which would provide an expedited 
pathway for fixing these profound long-term challenges. This plan would 
force us to get debt and spending under control. It deserves support 
from both sides of the aisle.
  The administration has expressed a desire to take up entitlement 
reform, and given the debt that its budget would run up, the need for 
reform has never been greater. So I urge the administration, once 
again, to support the Conrad-Gregg proposal. This proposal is our best 
hope for addressing the out-of-control spending and debt levels that 
are threatening our Nation's fiscal future. More than 800,000 
Kentuckians receive Social Security benefits, and we need to make sure 
the program remains solvent not only for them but for their children 
and their grandchildren.
  Today's report will underscore the urgent need for action, and 
Republicans stand ready to work with Democrats and the administration 
to meet that challenge.

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  The ACTING PRESIDENT pro tempore. The majority leader is recognized.

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