Chuck Grassley: “I sympathize with the amendment offered by Senator Reid. But, for several reasons, I am not going to support it. Mr.…”

“I sympathize with the amendment offered by Senator Reid. But, for several reasons, I am not going to support it. Mr. President, I do not believe that the benefits of current Social Security retirees are threatened by this amendment. For several very good reasons, those benefits will be protected as we begin to move toward a balanced budget. It is important to remember that a balanced budget amendment will have to be implemented by enabling legislation which specifies what spending reductions and revenue increases are to be made. In developing such enabling legislation Social Security is certain to fare well. This is true for several reasons. The Social Security Program has always enjoyed strong support in the Congress. The political power of increasing numbers of older people dependent on Social Security will certainly help to protect the program. It is also important to remember that the Social Security system is currently running large surpluses. I believe that the income to the retirement fund from the FICA taxes will exceed the amount needed to pay beneficiaries this year by around $69 billion. So the Social Security Retirement Program is not part of our deficit problem. Several existing statutory provisions also protect the Social Security Program. They establish a firewall around the program.”