John Spratt: “Mr. Speaker, we have come a long way, but we are still a long way apart. Number one, there is a major difference between…”

“Mr. Speaker, we have come a long way, but we are still a long way apart. Number one, there is a major difference between our position and theirs in the two opposing budget resolutions brought to the Floor of the House 2 weeks ago. First of all, we have a lockbox that works. Theirs has a loose lid and a trap door. We have one that works. It sees that the social security surpluses are used solely for social security. Secondly, over 15 years, we pay down debt by $474 billion. That in itself reinforces the solvency of social security. Thirdly, we came to the Floor with a letter from the chief actuary of the Social Security Administration and made it part of the record of that debate, certifying that our proposal would extend the life, the solvency, of social security until 2052. They have no such plan. They have not added one day to the solvency of social security. And, finally, this is our concern in this resolution. This is our concern that in acting, locking in these huge tax cuts that get bigger and bigger such that in the 5-year period from 2009 until 2014, we will have $1.66 trillion in tax reduction at a time when Social Security will be in duress. What happens if these surpluses do not materialize? What happens to Social Security under the Republican budget? What happens if the surpluses do not materialize and the tax cuts do?”