Political Quotes

“What we are suggesting in this budget is that we set 100 percent of the social security surplus aside, and lockboxes are hard, and we are hoping it does not have any false bottom, but we set it aside. Compare that with what the President is suggesting, to set only 62 percent aside. The President and the gentleman from South Carolina (Mr. Spratt) and his group have suggested that we add another giant IOU to the social security trust fund. I think that is good to give that kind of commitment, but let me suggest what it really does. It says, we are demanding a future tax increase sometime after there is less money coming in from social security than is required to pay out benefits, around 2012, 2013, or if somehow we come up with the money on what we owe the trust fund, the $700 plus billion, it means we have a tax increase in 2032 when no longer is there any surplus or anything else left. So adding this giant IOU in effect mandates that we have a tax increase. On the topic of tax increases, the President says, let us have $100 billion of tax increases. I think we have to be very careful. Both sides have to guard against spending this surplus money. I would quit there, only to suggest to the Democrats that we have come a long way. It is an historic budget.”