On the recordNovember 17, 2011
I thank the chairman, and I just want to make it very clear that some inaccurate assertions have been made about the protection of Social Security and highway trust funds. The funds can be spent each year, and then any excess funds that need to be retained can be put into a rainy day fund. And so the Social Security trust fund or another type of fund like that is perfectly permissible under this provision. What is not permissible is continuing to run up debt year after year after year, and that is what endangers Social Security and Medicare and important programs for our senior citizens, and that is why this amendment is needed.
