Orrin Hatch: “I personally understand what the distinguished Senator from California is saying and trying to do. Keep in mind that…”

“I personally understand what the distinguished Senator from California is saying and trying to do. Keep in mind that although that curve goes up and down, in the year 2030, it starts going into a deficit. If the balanced budget amendment is in play, it will not be allowed to go into the deficit. It is one way we can protect Social Security. Under the Senator's approach, it would go into the deficit. The only way to protect it is to increase taxes. Now, under the Senator's approach, there is no limitation on increasing taxes on Social Security. They can just go up every year. There is no way to stop it. With a balanced budget amendment, when that heads into deficit, we have to balance that account. Now, I might also mention that the distinguished Senator knows that every penny of surplus of Social Security is being used to buy Government instruments now. Every nickel of that so-called surplus is being used to buy Government instruments; in other words, pieces of paper that say the U.S. Government owes the Social Security fund so much money. By the year 2030, it goes into deep deficit. The Senator is absolutely right on that. The balanced budget amendment forbids it from doing that because we cannot allow it to go into deficit.”