Pete Domenici: “Senator Kennedy would have us believe that the President's approach to putting 15 percent of the surplus into IOUs in…”

“Senator Kennedy would have us believe that the President's approach to putting 15 percent of the surplus into IOUs in the Medicare trust fund will help Medicare become solvent. He also suggests, Mr. President, that leading economists support the President's IOU; that is, we will pay for it later. They support that. They support it because we are not spending the money. But we already save $400 billion more than the President and we would apply it to the national debt, which is what the economists thought was good. Our budget is better than this in that regard and it does not put IOUs into a fund, which in this case is a postdated check that somebody will pay for later on--our kids and grandkids.”