Don Nickles: “I want to clarify a few points. This $15 billion transfer in the outstanding publicly held debt is not a wash. That is…”

“I want to clarify a few points. This $15 billion transfer in the outstanding publicly held debt is not a wash. That is $15 billion added to the deficit, added to national debt. We are going to have to borrow about $1 billion a year, maybe forever, to pay for this. The Senator from Montana said this legislation makes benefits conform with the norm. It is not the norm in the private sector pension benefits to get a 100-percent pension benefit at age 60. That is not the norm. Nor is it the norm to have survivor benefits equal 100 percent. That is not the norm. They are very generous benefits. I do not begrudge them having generous benefits. I just do not want to have taxpayers pay for them when and if the fund goes broke, and even under their projections it almost goes broke. Why? Because we increase benefits and cut the taxes and also we keep the Federal guarantee, and we have to waive the Budget Act to do it. We did not put this money in the budget. We should have. I urge my colleagues not to waive the budget act provisions. I ask for the yeas and nays on the motion.”