Russ Feingold: “There is no more important amendment in this whole budget resolution than the Hollings amendment. This goes to the heart…”

“There is no more important amendment in this whole budget resolution than the Hollings amendment. This goes to the heart of the matter. Madam President, I am pleased to join my good friend, the Senator from South Carolina (Mr. Hollings), in offering this amendment to close a loophole in the rules protecting the Social Security Trust Fund balances. Let me note it gives me particular pleasure in cosponsoring this amendment with Senator Hollings; both in this body and in the Budget Committee, he has been a consistent voice for fiscal prudence. There is a fundamental difference between the way many in Congress approach the budget, and the way I approach it. That difference is Social Security. Since the time Lyndon Johnson lived in the White House, Presidents of both parties and Congresses controlled by both parties have included the Social Security Trust Fund balances in their budget calculations. The result is a false picture of our country's fiscal health, and, just like a false medical report that covers up a serious illness, it can lead to major problems in the future.”