Judd Gregg: “I rise to speak about a package of initiatives which were reported out of the Budget Committee, the purpose of which is…”

“I rise to speak about a package of initiatives which were reported out of the Budget Committee, the purpose of which is to put some order into our financial house and to try to make the Government of the United States an affordable event for its citizens, especially for younger people who will be working to support the next generation as it retires. This package has been grossly misrepresented by the other side of the aisle, especially by the leader on the other side of the aisle and by the assistant leader and by other Members who have come to the floor. They have taken out the bloody shirt of Social Security and waved it at this package in a totally irresponsible manner. Therefore, I think it is appropriate to come to the floor and point out what the facts are versus what they believe the politics should be. The facts are rather startling, regrettably, as we head into the retirement of the baby boom generation, which is the largest generation in our history. The cost of supporting that generation, which will have to be paid by our children and our children's children, is astronomical. There is now pending on the books of the Government $65 trillion-- that is with a ``T''--of unfunded liability. What does that mean? That means we have programmatic obligations on the books of the Government-- obligations to retired people, primarily--which will cost $65 trillion more than what we know will come into the Government under the present projections.…”