Ben Cardin: “let me take us back to 1993 because I had the opportunity, in 1993, to serve with Senator Bunning in the other body, and…”

“let me take us back to 1993 because I had the opportunity, in 1993, to serve with Senator Bunning in the other body, and we were both on the Ways and Means Committee in which this legislation originally was considered. The tax on Social Security was increased for two reasons. It was done because we wanted to be fiscally responsible and have adequate revenues to pay our bills. But it was done for a second reason, and that is to shore up the Social Security and Medicare trust funds so there would be adequate money in the funds to pay for benefits. We wanted to be responsible. But there was another reason as well. There was another rationale as to why the tax was increased to that rate, and that is to make it more comparable to the tax treatment of private pensions, as to the amount of money the individual has already paid taxes on and that which the individual has not paid taxes on. So there was rationale for what was done in 1993. I wish to make sure that is clear in the record. But the reason I oppose my friend's amendment, Senator Bunning's amendment, is for three basic reasons. First, this amendment will add $200 billion more to our national debt if it were passed. It would increase our deficit by that amount of money, and all of us are interested in balancing the Federal budget and moving toward balancing it, not making the gap wider.”