[Congressional Record (Bound Edition), Volume 148 (2002), Part 3]
[House]
[Page 3474]
[From the U.S. Government Publishing Office, www.gpo.gov]




     PRESIDENT'S BUDGET PROPOSES TO USE SOCIAL SECURITY TRUST FUND

  The SPEAKER pro tempore (Mr. Culberson). Pursuant to the order of the 
House of January 23, 2002, the gentleman from New Jersey (Mr. Pallone) 
is recognized during morning hour debates for 5 minutes.
  Mr. PALLONE. Mr. Speaker, tomorrow the House will take up the 
Republican budget resolution. I am extremely disappointed with 
President Bush's budget on a number of fronts, but I am particularly 
outraged with the President's budget on Social Security, which is the 
issue I would like to discuss this afternoon.
  The Congressional Budget Office published a report on March 6 showing 
that the President's budget proposes to spend $1.6 trillion of the 
Social Security trust fund surplus over the next 10 years. Let me make 
it clear. The President is proposing to use Social Security surplus 
money; and let me add that $1.6 trillion is not just a dip into the 
surplus, it's a deep dip that will amount to two-thirds of the entire 
Social Security surplus.
  Not only is this unacceptable to me, this amounts to basically $261 
billion more than the administration previously claimed. I would like 
to call the Bush administration the ``broken promise administration'' 
when it comes to many issues, but especially with regard to the issue 
of Social Security.
  If I remember correctly, Mr. Speaker, the Republicans last year 
promised to protect 100 percent of the Social Security surplus. 
Ironically, the White House Web site today features a quote from 
President Bush saying, ``We are going to keep the promise of Social 
Security and keep the government from raiding the Social Security 
surplus.'' The reality, of course, is that is not the case. If we take 
into account the President's optimistic projections, understatement of 
future costs and the ignorance of other costly elements, it becomes 
clear that the Bush budget spends the Social Security surplus over the 
next decade and beyond.
  What we are seeing today with the Bush administration is the most 
radical fiscal reversal in American history. Last year the Republicans 
inherited trillions of dollars in surplus over the previous Clinton 
administration. The budget that we are debating today indicates that in 
one 1 year there has been a decline in that surplus by $5 trillion. The 
obvious answer to this Republican fiscal irresponsibility is last 
year's $1.7 trillion tax cut and this year's proposed $674.8 billion 
tax cut.
  As a result of these Republican tax cuts primarily for the wealthy, 
the Bush budget rapidly deteriorates the Social Security surplus for 
day-to-day operations of the Federal Government. Democrats believe that 
the Social Security surplus should be rightfully rewarded to America's 
seniors. That is what it is all about. We made a promise to protect 
Social Security, not only because it was one of the most successful 
social programs, but also because we want to ensure that our seniors 
receive the benefits they deserve after years of hard work and years of 
paying into the system.
  Social Security we know provides an unparalleled safety net for the 
vast majority of America's seniors. For two-thirds of the elderly, 
Social Security is their major source of income. For one-third of the 
elderly, Social Security is virtually their only source of income. For 
these reasons and a lot of others, we as Democrats must do everything 
in our power to defeat the Republican budget. We must do this in an 
effort to protect and strengthen the Social Security program for the 
short and long term, and to keep our promise of allowing generations of 
retirees to live with independence and dignity.
  Mr. Speaker, I call upon my colleagues to defeat the Republican 
budget tomorrow for many reasons, but primarily because it spends the 
Social Security trust fund.

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