On the recordApril 21, 1994
last week the Social Security trustees issued a report showing that our long-term deficit in the Social Security Program will increase from the 1.46 percent previously estimated to over 2.13 percent of taxable payroll over the 75-year period. This is a steep increase in the long-term deficit, and we have got to meet that challenge. Last year I introduced a bill that would attempt to correct the deficit based on the 1.46 amount. The bill I have introduced today is H.R. 4275. It would attempt to gradually correct the new, larger deficit starting in 2000. It would do it with three or four major reforms which I am going to discuss with the House later on this afternoon. Mr. Speaker, I hope that Members will start familiarizing themselves with the bill, H.R. 4275, which is a reform of our Social Security Program intended primarily to help our young people.
Source
govinfo.gov
