[Congressional Record (Bound Edition), Volume 151 (2005), Part 12]
[House]
[Page 16650]
[From the U.S. Government Publishing Office, www.gpo.gov]




  GOP SOCIAL SECURITY PLAN CONTINUES THE RAID ON THE SOCIAL SECURITY 
                               TRUST FUND

  (Mr. CARDOZA asked and was given permission to address the House for 
1 minute.)
  Mr. CARDOZA. Mr. Speaker, the authors of the Congressional Republican 
Social Security privatization plan are not being straight with the 
American people. The Republicans claim that the plan that they 
introduced last month includes a lockbox that prevents the use of 
Social Security funds for other programs. This could not be further 
from the truth.
  Under their privatization plan, Social Security's surplus cash would 
continue to go to the government, which would continue to spend it. 
Instead of a Social Security trust fund, account holders get Treasury 
bonds.
  Even the bill's Republican author, the Social Security Subcommittee 
chairman, has acknowledged that under their bill the cash can still be 
used in the way it is now.
  Over the last 4 years, the Republicans have raided $670 billion from 
the Social Security trust fund to help pay for tax breaks. Despite 
their rhetoric now, the new Republican Social Security privatization 
scheme proves that they are up to their old tricks.
  As we prepare for the 70th anniversary of Social Security next month, 
the American people deserve a plan that strengthens Social Security for 
future generations and stops the raid on the Social Security trust 
fund.

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