FOR IMMEDIATE RELEASE CONTACT: Doug McGinn March 18, 1999 (202) 225-3031 RYAN SOCIAL SECURITY LOCK BOX PROPOSAL ADOPTED IN HOUSE BUDGET RESOLUTION
WASHINGTON - First District Congressman Paul Ryan today announced that his legislative proposal to create a "lock box" on 100 percent of all Social Security surpluses was formally adopted as part of the comprehensive House Budget Resolution passed out of the House Budget Committee late yesterday evening. The Budget resolution now heads towards the floor of the House for a full vote. - Measure Heads to the Full House for Final Passage -
The Ryan "lock box" proposal for Social Security:
Other major provisions of the House Budget Resolution include:
- Based on Ryan's earlier legislation, the Social Security Surplus Accountability Act, the federal government would be required to lock away 100 percent of all Social Security surpluses as cash reserves.
- The legislation would require a supermajority vote from both the House and Senate to pass any future budget that would attempt to use Social Security revenues for any other purpose.
"For too long, Congress and the President have raided the Social Security Trust Fund to pay for other government programs," said Ryan. "This practice has placed the retirement security of millions of Americans in jeopardy. The legislation that I have introduced and that has been incorporated in this budget resolution would end this disastrous practice. This is a necessary firewall to place in the federal budget."
- Provides significant tax relief using only non-Social Security surpluses, est. $800 billion over 10 years.
- Budget agreement stays within the spending caps agreed to in the 1997 Balanced Budget Act passed by Congress and signed into law by the President, while making significant payments on the national debt.
- Provides additional resources to train, equip, and income increases for our men and women in the military.
- Increases educational assistance for special education, college Pell Grants, and grants additional flexibility for states to utilize federal funds for local based programs. Educational provisions in the budget resolution provide $32 billion more than the President's proposal over a 10-year period.
"Our proposal creates a lock box on 100 percent of all Social Security surpluses, strengthens Medicare, establishes significant tax relief, provides a much needed boost for our men and women in the military, and significantly pays down the national debt."
"In his few short months here in Congress, Paul has taken a leadership role in crafting language that is now part of our budget," said Budget Committee Chairman John Kasich. "His proposal locks away every penny of the Social Security Surplus for Social Security."