On the recordFebruary 11, 2003
When we consider that we are spending the entire surplus, to continue spending at that rate, we will not have that surplus in 2017. So we are going to have to figure out, have some plan to figure out how to pay that. Are we going to raise taxes? Are we going to cut spending? The gentleman has already indicated that we could eliminate the entire Federal budget that is nondefense, discretionary spending, we can eliminate the entire budget, that is, no roads, no education, NASA, everything, State Department, foreign aid. Get rid of all of it. Not cut it, eliminate it, and not be able to cover the on-budget deficit that we are running up now. So where are we going to get it? Are they going to raise taxes in 2017? And then not only do they not have the cushion, since we do not have the reserve, we are spending it; how will we come up with this money? Frankly, I do not think they will come up with the money. They will just repeal Social Security. And if that is not the plan, they ought to have some way of explaining how they will pay Social Security in the future.
Source
govinfo.gov




