Mike Johnson

Experience in Europe, including in the last days and weeks, tells you that countries that previously thought that they had an impeccable credit rating can come under market pressure much more quickly.

As long as we are putting this in the context of medium-term fiscal consolidation--so, over a 5 to 10-year horizon, until the financial markets believe you have credible plans for bringing down the deficit, controlling the deficit, and…

But if I could just add, the tax on excessive leverage is where European Union is heading, including the UK.

Whether you like it or not, Senator, the Code impacts the leverage choice these firms make.

If you want a fair, simple, and pro-growth system, you should tax excessive leverage in the financial system and use the revenue that generates to reduce corporate taxation for the non-financial sector.

It makes no sense to have a tax code that encourages that leverage, at the same time as we try and pull it back rather ineffectively with regulation.

So you don't think they violated the law when they didn't send one in the mail.

The Social Security statement is one of the few government publications that reaches nearly every working-aged American.

We can't tell people to stop getting older.

$3 trillion is a lot of money. You can't pay benefits in bonds. Social Security needs cash.

The Republican Study Committee has proposed raising the retirement age to age 70, with benefit cuts starting in just 3 years.

Social Security's ability to pay benefits to current beneficiaries would be 'severely compromised.'

The benefit cuts Republicans have put on the table this year would have devastating consequences for today's seniors.

What is wrong is cutting Social Security benefits for people who worked hard all their lives.

Social Security is not broke, and it will not go bankrupt.

The reality is there is simply not enough young workers to support the Baby Boomers who are retiring at the rate of 10,000 a day for the next 19 years.

With chronic unemployment, falling incomes, and so many young people unable to find work, nothing we do should make it harder for Americans to find good-paying jobs.

But young people deserve peace of mind, too.

Republicans and Democrats agree on this much: current benefits should not change for those in or near retirement.

Congress needs to act, and the sooner we do the sooner we can protect those who are vulnerable.

Good morning to all of you. We are going to try to crank this hearing up on time, so I am going to bring the hearing to order.

We need to make sure Social Security is safe, secure and sustainable. Congress must act and the sooner we do so, the sooner we can protect those who are most vulnerable, including current retirees and those nearing retirement. And for…

The Subcommittee will hold a hearing on Social Security's current benefit expenditures, proposed changes to future benefits and the impact those changes would have on the program, future beneficiaries, workers, and the economy.

I thank you all for being here today. This subcommittee will continue to monitor progress to make sure that Social Security is done right, within its means.

Thank you. You know, you guys didn't talk about raising the age limit at all. I am surprised.