Pete Domenici: “Although the transfers (and the interest earned on them) would improve the apparent solvency of the trust fund, they…”

“Although the transfers (and the interest earned on them) would improve the apparent solvency of the trust fund, they would increase the liabilities in the rest of the budget at the same time. That is what I have been saying. As a result, the proposed transfers would have no impact on the Government's net indebtedness, nor would they directly enhance Government's ability to meet promises to future retirees. Indeed, the Government's revenues and expenditures would be the same regardless of whether the transfers were made.”