Orrin Hatch: “I cannot emphasize enough, that the surest way to harm Social Security, the surest way to deplete the trust fund, the…”

“I cannot emphasize enough, that the surest way to harm Social Security, the surest way to deplete the trust fund, the surest way to open a loophole which will swallow the balanced budget amendment is to pass this exemption. If we open up this loophole it will be big enough to drive a truck through, and it will not be long before the convoy starts rolling. If we keep the balanced budget amendment whole, however, we will protect Social Security. Several of my colleagues appear to misunderstand how the trust fund works. The extra money in the trust fund is borrowed by the Treasury, not stolen but borrowed. And just like any other loan in the country, it must be repaid. The trust fund loses nothing. In fact, it gains the interest which the Treasury has to pay on the loan. That will not change under the balanced budget amendment. The integrity of the trust fund is furthered by the balanced budget amendment. Any money the Treasury may borrow, must be repaid. Just because a balanced budget rule is adopted, there is no reason to think the status of the trust fund will change. It is a complete non sequitur, Mr. President. There is absolutely nothing in the balanced budget amendment which says the funds designated for the Social Security trust fund will not remain so dedicated. They will. So let me say it again, as clearly and concisely as I possibly can--the trust fund is not harmed in any way, shape, or form by the balanced budget amendment.”