On the recordMarch 22, 2013
this is a very simple amendment. It recognizes I think what most of us recognize; that is, the entitlement programs, Social Security and Medicare, are the primary drivers of our debt and deficit. So it is a very simple amendment. It establishes a budget point of order that any budget resolution that is brought forward that does not count or does not prepare for a 75-year solvency for both Medicare and Social Security would be considered out of order. We in the next 20 years will be paying out $5.1 trillion in benefits in excess of what we are bringing in in terms of dedicated revenue through the payroll tax. The unfunded liabilities of Social Security alone are $20.5 trillion. For Medicare the unfunded liability is $42.8 trillion. Those programs must be reformed so they are saved for future generations. Again, I would hope everybody would support a budget point of order for any budget that does not have a 75-year solvency for Medicare and Social Security.
