Max Baucus: “this amendment is, first, totally unnecessary. The actuaries project that the balance of the fund without this bill over…”

“this amendment is, first, totally unnecessary. The actuaries project that the balance of the fund without this bill over 75 years will be at least one and one-thirds above the benefits paid. That is the lowest level; that is, about the year 2002, which is significantly more than the short-term actuarial balance necessary for Social Security. One and two-thirds; one for Social Security. This amendment is totally unnecessary. It is, second, a killer amendment. If this amendment is agreed to, we will go to conference. There are not many days left in the session. There will be no railroad retirement bill passed this year and probably not in this Congress. It is unnecessary and I particularly urge Members to oppose it. The underlying bill requires many audit reports, financial and actuarial reports on a yearly basis on the strength, viability, and the health of this trust fund. We will have plenty of time and many years in advance to see whether or not some of the dire predictions made in this Chamber are accurate. We have a hard time knowing 10-year budgets in the budget process around here. We are talking about 20 years down the road. A, it is not necessary; B, a lot of reports, if the dire predictions do come true; and, C, it is a killer amendment. I urge colleagues to oppose this amendment.”