Dems Back Clinton Plan To Bolster Social Security With Budget Surplus
By Ann Curley/CNN
WASHINGTON (Feb. 12) -- Rep. Charles Rangel (D-N.Y.) and other Democrats from the House Ways and Means Committee have introduced legislation that will require any budget surpluses to be set aside in a fund to be used to reform the ailing Social Security system.
Joined by Reps. Barbara Kennelly (D-Conn.) and Richard Neal (D-Mass.), Rangel said President Bill Clinton had urged Congress to use any budget surplus to bolster Social Security.
Rangel explained that his legislation does not attempt to reform Social Security, but would serve to "dedicate that surplus into a fund that when the Congress and the president do come together to reform the system, that we would know the money is there."
The legislation establishes a "Save Social Security Reserve Fund" that would hold all future budget surpluses, pending reform of Social Security. The surpluses would be invested in United States government securities.
Kennelly said the legislation "would say in no uncertain terms that 'We should keep old promises before we start making new ones,'" such as tax cuts or spending increases.