Gilbert Gutknecht: “Today the House is taking up a bill which would ensure that 90 percent of next year's budget surplus goes to paying down…”

“Today the House is taking up a bill which would ensure that 90 percent of next year's budget surplus goes to paying down debt. With this bill, over $600 billion of publicly held debt would be paid down by the end of next year. It would be entirely eliminated by 2013. This means lower interest rates on credit cards and home mortgages for millions of Americans. I can't think of a better gift for our children. Unfortunately, this debt reduction measure has been attached to H.R. 1102, the Retirement Security Act. In my district, constituents have voiced concern over certain pension provisions included in this bill. Some recent pension conversions have been a grave injustice to American workers, especially mid-career and older employees who have planned for retirement based on the benefits built into their original pension plans. While H.R. 1102 provides some much-needed disclosure requirements, we need to be tougher on those companies who have taken advantage of pension conversions to fatten their bottom lines. I will continue to fight for those tougher provisions. When H.R. 1102 was being considered, I fought to ensure that all vested employees have the choice to remain in their current defined benefit plans. I brought an amendment to the Rules Committee which would have done just that. Unfortunately, I wasn't allowed to bring it to the House floor for consideration. In the end, I cast a protest vote against H.R. 1102 because it lacked this important provision.”