[Congressional Record (Bound Edition), Volume 147 (2001), Part 2]
[Senate]
[Page 2669]
[From the U.S. Government Publishing Office, www.gpo.gov]



      SOCIAL SECURITY AND MEDICARE OFF-BUDGET LOCKBOX ACT OF 2001

  Ms. STABENOW. Mr. President, this afternoon I urge my colleagues to 
join with Senator Conrad and myself and others who are sponsoring S. 
21, the Social Security and Medicare Off-Budget Lockbox Act of 2001.
  I know this legislation came before the body last year and passed by 
60 votes, including 14 votes by my colleagues on the other side of the 
aisle.
  I think this legislation is particularly critical at this time given 
the budget that the President has proposed to the Congress, and the 
fact that while he has indicated support for Social Security--although 
not reserving all of it but he has talked about Social Security--he did 
not mention reserving the Medicare trust fund. This is a critical issue 
for me and all the people I represent. To leave the Medicare trust fund 
unprotected as we talk about investments and spending and how we are 
going to address tax cuts for the future is very dangerous.
  This morning we had the opportunity in the Budget Committee to hear 
from our new Secretary of the Treasury. Again, he spoke about Social 
Security but did not indicate a commitment to protecting the Medicare 
trust fund.
  We have about $500 billion that needs to remain within the trust fund 
and be protected for the future. We all know that we are going to see 
within the next 10 or 11 years additional strains on Medicare as those 
of us who are baby boomers come into the system, and beyond. We have 
critical needs in Medicare. We don't need to put $500 billion in the 
column that is open for spending or a tax cut. We need to place it on 
the side with Social Security, in a lockbox--all of Social Security, 
all of Medicare in a lockbox--so we are guaranteeing that we are not 
touching a penny of either Social Security or Medicare.
  When I first came to the Congress and was in the House of 
Representatives for 4 years, we were talking about trying to keep 
ourselves moving to pay off our debt so we could finally say that 
Social Security and Medicare trust funds would not be used in the 
bottom line of the budget.
  We heard people in both parties--in fact, again a vote was taken last 
year to support this bill that has been reintroduced--and yet with all 
of that support, we now find ourselves in the position with a budget 
being proposed that does not add up, unless you add using Medicare 
trust funds to the bottom line. I am gravely concerned about that as we 
look to the future in Medicare.
  We all want to see a tax cut. We may struggle and debate who ought to 
be receiving the majority of that tax cut. My preference is that a lot 
of it go across the board and be targeted to the working class men and 
women and their families.
  We all talk about deficit reduction and protecting Social Security 
and Medicare for the future. Unfortunately, while sitting in the House 
Chamber on Tuesday night, I saw a proposal in broad terms that did not 
add up. My fear is that will move us backwards rather than forwards as 
we have been continuing to strengthen our fiscal position and our 
economy.
  We do not need to go back to the eighties and higher interest rates 
and high unemployment. In my great State of Michigan, those were tough 
times for families, small businesses, and family farmers that I 
represent. I am in no way interested in going back to those times with 
fiscal policies that do not add up.
  I join with the President and with others who want to see tax cuts 
for middle Americans. We can do that without spending Medicare and 
Social Security. We can do it without putting ourselves back into a 
situation where we are going into deficit spending.
  I truly believe the people of the great State of Michigan want me to 
support a balanced approach that continues to pay down the debt and 
protects Social Security and Medicare, and to provide tax relief across 
the board that is focused on middle-income workers, small businesses, 
family farmers; and that we also are committed to a future that 
includes investment in our children, in education, access to college, 
and making sure that health care, particularly prescription drugs, is 
available for the people whom we represent.
  Again, I urge my colleagues to join with us in a proactive way to 
support S. 21. I hope we can get everyone in this Chamber to be a 
cosponsor of this bill which clearly sends a message across the country 
that we want to work together to fashion a plan to keep our economy 
going and provide tax cuts, and that we not spend Medicare trust funds 
to do it.
  I urge my colleagues to join in supporting the lockbox for Social 
Security and for Medicare.
  Thank you, Mr. President. I yield my time. I suggest the absence of a 
quorum.
  The PRESIDING OFFICER. The clerk will call the roll.
  The assistant legislative clerk proceeded to call the roll.
  Mr. BOND. Mr. President, I ask unanimous consent that the order for 
the quorum call be rescinded.
  The PRESIDING OFFICER. Without objection, it is so ordered.

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