Peggy Flanagan: “we have heard the arguments for and against this resolution and, in my opinion, the proponents have won the day. I see…”

“we have heard the arguments for and against this resolution and, in my opinion, the proponents have won the day. I see no reason why anyone would object to this piece of legislation which states in a loud and clear voice, that the Social Security trust fund is off limits when complying with the balance budget amendment. My resolution, along with House Joint Resolution 1, the Barton-Hyde-Tate balanced budget amendment, are important first steps in guaranteeing that the retirement benefits of the elderly are preserved and protected. Mr. Speaker, never-ending deficit spending compels Congress to keep piling more annual budget deficits on top of the current $4.6 trillion national debt. Consequently, the Government must continue to borrow from the Federal old-age and survivors insurance trust fund and Federal disability insurance trust fund. If that trend continues through 2013-- the year Social Security benefit payments are projected to exceed what the system collects in payroll taxes--Congress then will have to decide what benefits will be reduced or which payroll taxes are raised. Mr. Speaker, we must stem that tide now and affirmatively state that these trust funds will be held harmless in budget balancing considerations. The only way Congress can keep its promises to the American people, including Social Security, Medicare, student financial aid, and a whole host of other Federal programs, is for the Congress to balance the budget.”