Kent Conrad: “The Bunning amendment would repeal the 1993 increases on Social Security benefits--tax increases on Social Security…”

“The Bunning amendment would repeal the 1993 increases on Social Security benefits--tax increases on Social Security benefits. The amendment would offset the $89 billion 5-year cost with reductions to function 920. What does that mean? Mandatory 920 offsets would lead to an across-the-board cut in all mandatory programs, programs such as Social Security and Medicare. I do not think that is the intention of the Senator. If discretionary 920s were offset, it would reduce programs affecting education, veterans health, homeland security, and law enforcement. In addition, the amendment would remove a dedicated source of revenue through the Medicare trust funds, adding to the financial problems of that key program. Our alternative, the alternative I have sent to the desk, would provide for a reserve fund that would allow for the repeal of the 1993 increase on Social Security benefits in a way that would protect Social Security and Medicare, and not increase the deficit over the period of the resolution.”