FOR IMMEDIATE RELEASE CONTACT: Doug McGinn
October 20, 1999 (202) 225-3031

RYAN HAILS VICTORY IN PROTECTING SOCIAL SECURITY TRUST FUND 
Ryan "Lock Box" Moves Forward Following Budget Summit with White House

"This is not a Democrat or Republican issue - it is an issue of exercising our responsibility to protect Social Security for both present and future generations."
WASHINGTON - Following a budget summit with the White House, First District Congressman Paul Ryan today announced that President Clinton has backed off his earlier intentions of raiding the Social Security Trust Fund to pay for new federal programs. In doing so, the President has agreed to work with Congress on financing this year's annual appropriations bills without touching one penny of the Social Security surplus. Further, the administration reportedly has plans to adopt a mechanism similar to the Ryan "Lock Box" to protect Social Security funds for future retirement benefits.

"Today's announcement by the President was welcome news," said Ryan. "While this is a victory, it is a victory in words only at this point. Now that Social Security is off limits, we need to get down to the details, pass our remaining appropriations bills, and then work to make sure that my Social Security 'Lock Box' legislation is signed into law."

"I believe the President saw the writing on the wall and knew that the American people would no longer accept Washington's raid on Social Security. I commend him for moving this debate forward by reversing his earlier position of spending the Social Security Trust Fund. This is not a Democrat or Republican issue - it is an issue of exercising our responsibility to protect Social Security for both present and future generations."

"While the House has passed Social Security 'Lock Box' legislation, the measure has been held hostage in the Senate by those supporting the President's earlier attempt to use part of the Social Security surplus to pay for new federal programs. I would hope that the President's announcement today would give them reason to allow this much needed bill to move forward for a vote."

For additional information, or to schedule an interview with Congressman Ryan, please contact Doug McGinn at (202) 225-3031.