Kendra S. Horn: “I support the Republican plan, because it makes sense, and it pays off the national debt. This 90-10 plan commits 90…”

“I support the Republican plan, because it makes sense, and it pays off the national debt. This 90-10 plan commits 90 percent of next year's surplus to paying down the debt. According to the Congressional Budget Office, the 2001 surplus, 1 year away, will be $268 billion. Under this plan, $240 billion would go toward paying off our debt. At the same time, Social Security and Medicare are fully protected. All $198 billion of the Social Security and Medicare surpluses are locked away from Presidents, regardless of party. Doing this assures that funds are used solely to honor our obligations to seniors. Paying down the debt is more than just an abstract academic exercise. It directly affects the lives of every American by helping reduce interest rates and expanding the pool of saving for investments in new jobs. Lower interest rates are good news for everyone paying off a student loan or buying a house or buying a car. Reducing interest rates also creates new private investment in equipment, plants and factories across the land that produces jobs and sustains our economic growth. Mr. Speaker, paying down the debt while we have a surplus is just plain common sense.”