[Congressional Record (Bound Edition), Volume 147 (2001), Part 12]
[Extensions of Remarks]
[Page 16860]
[From the U.S. Government Publishing Office, www.gpo.gov]



                               THE BUDGET

                                 ______
                                 

                         HON. JAMES R. LANGEVIN

                            of rhode island

                    in the house of representatives

                      Tuesday, September 11, 2001

  Mr. LANGEVIN. Mr. Speaker, I rise today to express my frustration 
with the state of the budget.
  As we all know, during August recess, the Congressional Budget Office 
announced that the federal government will tap $29 billion from the 
Medicare Trust Fund and $9 billion from the Social Security Trust Fund 
to pay for government operations in this year alone, and another $30 
billion from Social Security and $170 billion from Medicare over the 
next five years. This grim scenario will occur without a single dime of 
additional spending, despite the ever-increasing need to fund critical 
priorities like defense and education. Nor will we be able to deliver 
on our promise of a comprehensive prescription drug benefit for 
Medicare without dipping into Social Security and Medicare. And perhaps 
worst of all, the long-awaited opportunity to finally pay down our 
national debt has been squandered.
  The CBO estimates represent the most objective and accurate budget 
projections available. Today, these projections show that the Bush tax 
cut, which disproportionately favors the most affluent citizens, 
combined with the slowing economy have eliminated virtually the entire 
surplus--the surplus that at one point offered us the rare chance to 
tackle major initiatives like improving education, making prescription 
drugs affordable for our nation's elderly and paying down the national 
debt. By enacting an irresponsible $1.7 trillion tax cut we have 
ensured that CEOs get a tax break while their employees get pink slips, 
students are forced to learn in crumbling schools, seniors face 
skyrocketincy drug prices, and the current workforce is left to wonder 
whether Social Security will be there for them when they retire.
  When I was elected to Congress, I promised my constituents that I 
would protect the Social Security and Medicare Trust Funds. And I was 
not alone. Over one hundred of my colleagues have co-sponsored 
legislation that would prevent Congress from spending the Social 
Security and Medicare surpluses, and this chamber has voted seven times 
in the past three years to establish lockboxes for these funds.
  Past and present adi-ninistrations made the very same pledge to not 
touch these vital trust ftinds, We must honor our promises by 
acknowledging that the economy is slowing and working together to find 
a solution to the budget crisis that is fair, and based on an honest, 
realistic budget. It has become clear that relying on tax relief to the 
exclusion of all other priorities is not the answer. Let us find a 
better way before it Is too late.

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