John Spratt: “Everybody promised. Both parties, both the White House and the Congress, promised that never again, now that we were…”

“Everybody promised. Both parties, both the White House and the Congress, promised that never again, now that we were finally in this position, would we borrow from Social Security and spend the proceeds again. But that is the inevitable consequence. When you reduce that $5.6 trillion projected surplus by 55 percent, the result is about $2.6 trillion instead of $5.6 trillion. That $2.6 trillion is roughly equal to what is in the Social Security Trust Fund, so if you wanted to keep your promise now that you have adjusted downward the realistic estimate of the surplus, there was no room for additional tax cuts without violating that solemn promise never again to dip into the Social Security Trust Fund to pay for the operation of the government.”