Orrin Hatch: “The Reid amendment will make it harder to balance the budget. And it will harm not only Social Security, but other…”

“The Reid amendment will make it harder to balance the budget. And it will harm not only Social Security, but other social programs. Furthermore, in another paradox, the exclusion of the present-day surpluses in the budget would make it extraordinarily difficult to balance the budget by the year 2002, the date Senate Joint Resolution 1 mandates balancing. Between now and the year 2002, the surplus is estimated to be over $500 billion; over $500 billion. On this chart we have 10 years of the surplus. You will notice at the bottom the surpluses are worth $1.067 trillion, that is 10 years from now. Mr. President, $1.067 trillion is more than our expenditure this year on Medicare, education, veterans' benefits, the environment, national defense, Social Security, transportation, and infrastructure and national resources combined. In fact, between the year 2002 and 2019 when Social Security outlays will exceed receipts, the trust fund is expected to earn more than $1.9 trillion. Where do supporters of the Reid amendment propose to come up with the money necessary to cover this supposed shortfall? This is an annual surplus average of approximately $100 billion each year. According to current budgetary figures, $100 billion per year is more than our current annual expenditure on education, the environment, transportation and infrastructure.”