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| Wilson Supports Safe Deposit Box For Social Security And Medicare |
May 26, 1999 |
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WASHINGTON — Congresswoman Heather Wilson today voted for passage of H.R. 1259, the Social Security and Medicare Safe Deposit Box Act. She is one of 29 co-sponsors of the bill. The bill amends the 1974 Congressional Budget Act to establish a “lock box” mechanism that will keep Social Security and Medicare payroll taxes from being spent on anything other than Social Security or Medicare. Under the mechanism, the funds could not be used for tax cuts or other government spending.
“Social Security and Medicare should be guaranteed for all Americans,” Wilson said. “We can secure the future for New Mexicans by making sure every penny is locked away for their retirement.” The bill includes four provisions.
- Establishes a parliamentary point of order against any budget resolution that establishes an on-budget deficit in any fiscal year. Under current rules, the House may waive the point of order by a simple majority vote.
- Establishes a point of order against any legislation, including all spending initiatives or tax cuts, that use funds from the Social Security surpluses.
- Prohibits the Office of Management and Budget, the Congressional Budget Office or any other federal government agency from including Social Security surpluses in federal budget totals when publishing official documents.
- Allows funds reserved in the lock box to be used only for legislation to enhance retirement security (i.e. Social Security and Medicare reform legislation).
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