Kent Conrad: “The reason our side resisted that lockbox approach is because we received a letter from the Secretary of the Treasury…”

“The reason our side resisted that lockbox approach is because we received a letter from the Secretary of the Treasury from which I quote: Our analysis indicates that the provisions Senators Domenici and Abraham and Ashcroft were previously offering could preclude the United States from meeting its financial obligations to repay maturing debt and to make Social Security benefit payments, and could also worsen a future economic downturn. That is the reason we resisted those plans, because they were flawed.”