Orrin Hatch: “I do not want to prolong the debate tonight, but I have to say no matter what you do, those funds are going to be…”

“I do not want to prolong the debate tonight, but I have to say no matter what you do, those funds are going to be invested in bonds, U.S. securities. That is what is statutorily required. The fact is, if you set Social Security outside of the budget, if Social Security is defined by statute, it can be redefined by statute. So we have accounting surpluses in Social Security. I am just using bizarre examples, but what about Medicare? People around here are not willing to reform Medicare. They are not willing to pay the price to get it done. They just want to find some other revenue source to pay for it. It would be easy to shove it into Social Security and make the surplus pay for it rather than facing the music which the balanced budget amendment would make us do. And it is not just that. It is all social spending they want to do. They will use that surplus for that rather than using it for what it needs to be used for, and that is to balance the budget. And the only way you are going to get the payment for that Social Security surplus in the future is if the United States can redeem its bonds. And the only way the United States can redeem its bonds in the year 2020 is if we do what is right today and we pass a balanced budget amendment. That is the only way, because every dime of it, if there is a surplus up to the year 2020, every dime will be invested in Federal Government bonds, every dime, just like it is today.”