Mike Levin: “I very much oppose this resolution and H. Con. Res. 312 that would be brought up under it. Mr. Speaker, H. Cons. Res.…”

“I very much oppose this resolution and H. Con. Res. 312 that would be brought up under it. Mr. Speaker, H. Cons. Res. 312 is nothing but a smoke screen. It is to try to hide the fact that the Social Security and Medicare surplus is going up in smoke, going up in smoke, because of the way this administration and this House have handled the economy and the budget. It is an effort to hide the fact that the lockbox of Social Security and Medicare is not only being unlocked, but it is being thrown into the scrap heap. On five occasions this House voted on lockboxes for Social Security and Medicare: On May 26, 1999; June 20, 2000; September 18, 2000; September 19, 2000; and February 13, 2000. But what has happened? The lockbox is essentially gone. President Bush just a year ago said this: "To make sure the retirement savings of America's seniors are not diverted to any other program, my budget protects all $2.6 trillion of the Social Security surplus for Social Security and for Social Security alone." But look at this chart, what has happened. A surplus of $5.6 trillion will be down this year to less than $1 trillion, and probably less than that; a loss of $5 trillion in 1 year, much of it Social Security and Medicare. The L.A. Times yesterday in the headlines said, "Budget Sells Social Security Down Red Ink River," critics say. How true. How true that is.…”