On the recordSeptember 23, 1997
Let us make this very clear, though, that we have changed from a nonnegotiable bond; that is, a bond that cannot be liquidated, sold, in the marketplace, when the money is needed to make good on the Social Security checks, we have changed from that entity, an IOU, nothing but an IOU, we have changed from that entity to a marketable instrument. Let me go one step further. As this plan is put into place, I think it is very significant that we recognize that we will stop using the Social Security trust fund money to mask the true size of the deficit. When we say the budget is balanced, we are still dipping into the Social Security trust fund, taking out $100 billion, putting it in our checkbook and calling our checkbook balanced. Under this plan, that practice would stop as well. I think it is very important we have also introduced the Social Security Preservation Act, which would stop that practice immediately.
Source
govinfo.gov
