[Congressional Record (Bound Edition), Volume 148 (2002), Part 3]
[House]
[Page 3190]
[From the U.S. Government Publishing Office, www.gpo.gov]




          SOCIAL SECURITY IS AN IRREFUTABLE OBLIGATION OF U.S.

  (Mr. DeFAZIO asked and was given permission to address the House for 
1 minute.)
  Mr. DeFAZIO. Well, Mr. Speaker, the Republican majority has a new 
plan. Instead of taking on the extension of the $5.95 trillion debt 
ceiling, they are a little embarrassed to be increasing the debt of the 
United States when last year they predicted surpluses as far as the eye 
could see and paying the debt off within a few years. They are 
especially embarrassed that they are going to break open the Social 
Security lockbox, something they had us vote on seven times. They do 
not talk much about the lockbox anymore.
  But now the most disturbing proposal. They are not going to raise the 
debt ceiling; they are going to disappear the Social Security trust 
fund. Yes, that is right. They decided yesterday that they are going to 
say that these special depository instruments, the debt of the Federal 
Government of the United States, which is held by the Social Security 
trust fund, over $1 trillion, does not exist. Suddenly, they are wiping 
a couple of trillion dollars off the books, all because they do not 
want to take an embarrassing vote, or all because they do not want to 
roll back their obscene tax cuts or rein in their massive increases in 
military spending.
  They cannot do this to the Social Security trust fund. It is an 
irrefutable obligation of the Government of the United States of 
America. They cannot disappear it.

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