Congressional Record: Proceedings and Debates of the 106th Congress, First Session, Volume 145, Part 8 Page: 10,534
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CONGRESSIONAL RECORD-HOUSE
May 24, 1999
SUPPORT THE SOCIAL SECURITY
AND MEDICARE "SAFE DEPOSIT
BOX"
The SPEAKER pro tempore. Under
the Speaker's announced policy of Jan-
uary 19, 1999, the gentleman from Flor-
ida (Mr. STEARNS) is recognized during
morning hour debates for 5 minutes.
Mr. STEARNS. Mr. Speaker, tomor-
row we will consider legislation to en-
sure that we will no longer use the So-
cial Security Trust Fund for any other
purpose than for what it was intended
for.
Now, my colleagues might ask, "Why
is this necessary?" The answer is quite
simple. Despite repeated efforts over
the years, we have not been able to
stop perpetual raids on the Social Se-
curity Trust Fund. We have attempted
to stop this violation of the trust fund
going as far back as 1990.
Now, that year we enacted legisla-
tion, the Budget Enforcement Act,
which removed Social Security taxes
and benefits from the budget and from
calculations of the budget deficit. That
was done to prevent Social Security
from masking the true size of the def-
icit and to protect it from budgetary
cuts.
The rationale was that if this was
done, Congress would not use Social
Security in devising the Nation's over-
all fiscal policies. Historically, the So-
cial Security Trust Fund Board have
invested surplus Social Security reve-
nues in U.S. Government securities.
These investments are honored just
like investments from the private sec-
tor. Interest is earned on the monies
invested, and returned to the trust
fund to help offset long-term obliga-
tions to future beneficiaries. It was felt
that without such an enforcement
mechanism, this practice would con-
tinue unless Congress took action to
prevent this dishonest bookkeeping
from continuing.
Unfortunately, Mr. Speaker, the in-
tent of the 1990 law has not been fully
adhered to, and to guarantee honesty
in budgeting we must end the misuse of
Social Security Trust Fund invest-
ments. This Social Security Trust
Fund surplus should not be used to
fund any other programs, and it should
not be used to mask our Nation's debt.
We have been very zealous in cutting
wasteful spending and reducing the size
of our government's bureaucracy. We
should keep up our efforts to continue
to cut unnecessary and wasteful spend-
ing. That is why I applaud my col-
league, the gentleman from California
(Mr. HERGER) for introducing H.R. 1259
which will, among other things, pro-
vide a mechanism to ensure that all
Social Security surpluses are dedicated
to saving the program and Medicare.
I fully endorse this concept and be-
lieve we will be fulfilling our pledge to
our Nation's seniors if we pass this leg-
islation. We must stop this phoney
bookkeeping and leave Social Securitymoney alone. Right now, the trust fund
is running a $126 billion surplus and it
is used to mask the yearly deficit.
In 1997, Congress passed the historic
Balanced Budget Act of 1997, which of
course reduced wasteful government
spending. We believed it was a re-
straint on Federal spending that has
led to a reduction in our yearly defi-
cits. With our Nation's strong economy
and fiscal responsibility, there has
been a strong revenue growth in this
country and it has helped the national
Treasury. These two factors make it
possible to stop the much-used practice
of commingling the Social Security
Trust Fund money with the general
revenue.
So, my colleagues, this week we can
make history, make history by stand-
ing up for not only what we believe to
be right, but what is absolutely nec-
essary if we are going to make good on
our promise to save Social Security
and Medicare for this and future gen-
erations. We can pass H.R. 1259, stop
this practice which started when Presi-
dent Lyndon Johnson unified the budg-
et in 1969. It was then that Social Secu-
rity and the other Federal trust funds
were officially accounted for in the en-
tire Federal budget.
So this "Safe Deposit Box Act" es-
tablishes the submission of separate
Social Security budget documents by
excluding outlays and receipts of the
old-age, survivors, and disability pro-
gram under the Social Security Act,
thereby, Mr. Speaker, preventing So-
cial Security surpluses from being used
for any other purpose other than for
the Social Security Trust Fund and the
Medicare program.
So I urge my colleagues tomorrow
and this week to support H.R. 1259.
RECESS
The SPEAKER pro tempore. Pursu-
ant to clause 12 of rule I, the Chair de-
clares the House in recess until 2 p.m.
Accordingly (at 12 o'clock and 41
minutes p.m.), the House stood in re-
cess until 2 p.m.
Q 1400
AFTER RECESS
The recess having expired, the House
was called to order by the Speaker pro
tempore (Mr. PEASE) at 2 p.m.
PRAYER
The Chaplain, the Reverend James
David Ford, D.D., offered the following
prayer:
We pray, gracious God, that Your
spirit of comfort and serenity will be
with the neediest of people who turn to
You with their life's concerns. We re-
member the refugees of the world and
all those who suffer pain or hunger or
fear for the days ahead. Remind us all,O God, that when the resources of the
world are not with us, we can rely on
Your grace. And when people must
walk through the roads of danger and
hostility, we earnestly pray that Your
healing power and Your reconciling
spirit will be with them whatever their
need or trouble. 0 loving and eternal
God, bless us and all Your people, now
and evermore. Amen.
THE JOURNAL
The SPEAKER pro tempore. The
Chair has examined the Journal of the
last day's proceedings and announces
to the House his approval thereof.
Pursuant to clause 1, rule I, the Jour-
nal stands approved.
PLEDGE OF ALLEGIANCE
The SPEAKER pro tempore. Will the
gentleman from New York (Mr.
SERRANO) come forward and lead the
House in the Pledge of Allegiance.
Mr. SERRANO led the Pledge of Alle-
giance as follows:
I pledge allegiance to the Flag of the
United States of America, and to the Repub-
lic for which it stands, one nation under God,
indivisible, with liberty and justice for all.
CHINESE ESPIONAGE
(Mr. WICKER asked and was given
permission to address the House for 1
minute and to revise and extend his re-
marks.)
Mr. WICKER. Mr. Speaker, this head-
line from the New York Times says it
all: China Stole Nuclear Secrets for
Bombs. Although the bipartisan Cox
report on Chinese espionage will not be
officially released until tomorrow, we
already know enough that all Ameri-
cans should be outraged.
According to Chairman Cox, the
threat to our security from this major
intelligence catastrophe will not be
years into the future but within the
next few months. Look to the Chinese
Communist government to begin test-
ing nuclear ICBMs within a few
months, using United States nuclear
secrets. While our law enforcement of-
ficials were asleep, our national secu-
rity was compromised. It is not just
Attorney General Janet Reno. The en-
tire Clinton-Gore administration owes
the United States public an expla-
nation for this outrage.
TWO FORMS OF VIOLENCE
(Mr. SERRANO asked and was given
permission to address the House for 1
minute and to revise and extend his re-
marks.)
Mr. SERRANO. Mr. Speaker, the de-
bate goes on in this country as we try
earnestly to find solutions for the prob-
lem of violence in our schools and
throughout our society. At the same10534
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United States. Congress. Congressional Record: Proceedings and Debates of the 106th Congress, First Session, Volume 145, Part 8, book, June 1999; Washington D.C.. (https://digital.library.unt.edu/ark:/67531/metadc30924/m1/3/?q=virtual+music+rare+book: accessed June 5, 2024), University of North Texas Libraries, UNT Digital Library, https://digital.library.unt.edu; crediting UNT Libraries Government Documents Department.