Pete Domenici: “Although the amendment which the Senator offered does not address the reserve funds set up with the tobacco settlement…”

“Although the amendment which the Senator offered does not address the reserve funds set up with the tobacco settlement money, he has clearly stated his case. He would like to be able to spend some of the tobacco settlement on his ideas on child care. Even if his amendment passed, he could not do that. But let me just tell you what this means. This means that the Senator from Connecticut wants to spend tobacco settlement money on child care where the Budget Committee wants to spend it on Medicare. Medicare spends $25 billion a year and thus it is in default and will be bankrupt in 10 years because of cigarette smoking which causes illness and cancer in the seniors covered. The Budget Committee said the best place to use the money is to put it in the Medicare fund so we do not let the program go bankrupt. I continue to say that is the best place and the highest priority. Today is another good example. No matter what the Government of America is doing, we must do more. Whatever we are doing in child care, we must do more. Whatever we are doing in some other area, it is not enough. Now we have heard that for a long time, but I believe we are passed that stage. I think we are in an era of balanced budgets and surpluses.”