-Caveat Lector- http://www.drudgereport.com/ Clinton wants to use Social Security to pay debt Updated 11:34 AM ET October 23, 1999 By Steve Holland WASHINGTON (Reuters) - Raising the stakes in the battle over the federal budget, President Clinton said Saturday he will propose legislation to use Social Security surpluses to pay down the national debt. The idea, as described by Clinton in his weekly radio address, is to pay down more than $3.1 trillion in public debt over the next 15 years as part of a plan that would make the United States debt-free for the first time since 1835. The billions saved in interest payments to service the debt would then be diverted to the Social Security Trust Fund to ensure its solvency to 2050. "This is the first big step toward truly saving Social Security," Clinton said. It is a proposal he floated earlier this year, but it has failed to find support in the Republican-led Congress. By sending the legislation to Capitol Hill on Monday, he is trying to revive the proposal in the context of budget negotiations with Republicans. The two sides are accusing each other of making budget proposals that would tap into Social Security surpluses, a practice that has been done for years but which is unpopular now during a time of budget surpluses. Republicans have proposed Social Security "lockboxes" of their own to protect the entitlement program from being raided to pay for current programs. "We believe the government should 'stay the course' and live within its means," said Sen. Pete Domenici of New Mexico in the Republican radio address. "By doing so, we can preserve the Social Security surplus, pay down our national debt, (and) keep the budget balanced, while investing in priorities such as education and health care," he said. Domenici, chairman of the Senate Budget Committee, argued that the existence of a relatively small budget surplus "doesn't mean we should go on a spending spree." He said Clinton has proposed new spending in a wide variety of areas but that "not everything can grow." "Over the next few days the president will have to choose between cooperation or confrontation," he said. "We have pledged to cooperate." On Social Security, Democrats insist Republican plans do not extend the solvency of Social Security by a single day. At this point Social Security is projected to go bankrupt in 2034, unless reforms are made, because of the costs of benefits for baby boomers when they retire. White House economic advisor Gene Sperling said if the Social Security surpluses were entirely spent, interest payments on debt held by the public would be $163 billion in 2011. But devoting a decade of Social Security surpluses to debt reduction would slash the debt by $2.1 trillion, cutting interest payments to $56 billion. That would save $107 billion that would be transferred into the Social Security Trust Fund in 2011, and growing amounts through 2016. Transfers would stay at the 2016 level through 2044. "What it is, it is generating more revenues for the future by saving now, having lower interest rates, high savings," Sperling said. Clinton, with little more than a year left in his presidency, said his plan represents a historic opportunity to protect Social Security for future generations. "It will take the trust fund out beyond the life span of the baby boom generation -- no gimmicks, no budgetary sleight of hand, just the right choices that really add up to protecting the Social Security surplus," he said. http://news.excite.com/news/r/991023/11/clinton-socialsecurity Folks, If I commented my blood pressure would rise and that's a No No; my Dr. has instructed me to exercise great restraint when I come by information such as this. Bard We don't need a 3rd Party; we need a 2nd Party! DECLARATION & DISCLAIMER ========== CTRL is a discussion and informational exchange list. Proselyzting propagandic screeds are not allowed. Substance�not soapboxing! These are sordid matters and 'conspiracy theory', with its many half-truths, misdirections and outright frauds is used politically by different groups with major and minor effects spread throughout the spectrum of time and thought. That being said, CTRL gives no endorsement to the validity of posts, and always suggests to readers; be wary of what you read. CTRL gives no credeence to Holocaust denial and nazi's need not apply. Let us please be civil and as always, Caveat Lector. ======================================================================== Archives Available at: http://home.ease.lsoft.com/archives/CTRL.html http:[EMAIL PROTECTED]/ ======================================================================== To subscribe to Conspiracy Theory Research List[CTRL] send email: SUBSCRIBE CTRL [to:] [EMAIL PROTECTED] To UNsubscribe to Conspiracy Theory Research List[CTRL] send email: SIGNOFF CTRL [to:] [EMAIL PROTECTED] Om
