March 10, 1999
Web posted at: 6:28 p.m. EST (2328 GMT)

WASHINGTON (March 10) -- Responding to Democratic charges that GOP tax cuts would squander the Social Security surplus, Republican leaders unveiled a symbolic safety deposit box Wednesday.

"We are committed to locking away every penny of the Social Security trust fund surpluses for our nation's elderly," Senate Majority Leader Trent Lott (Mississippi) pledged.

Republicans say they will dedicate $1.8 trillion in surpluses over the next 10 years for Social Security and still have money left for tax cuts.

"Finally, we're going to have the largest tax increase we've seen -- or tax cut that we've seen," House Budget Committee Chairman John Kasich (R-Ohio) said. He immediately realized his mistake and placed his hand over his mouth.

For his gaffe, tax-cut advocate Kasich added his own dollar to the lock box. But the safe is symbolic. In essence, Republicans are vowing to use the Social Security surplus to pay down the debt. The only money in that safe will be a government "IOU" and Kasich's dollar.

"We do have a real dollar in there, so when we open this safe there'll be something in there," Kasich said.

President Bill Clinton also says he favors using the surplus to pay down the debt. Reducing the debt would make it easier for the government to borrow money when the program starts losing money, 14 years from now. But it doesn't solve the program's long-term problems.

"It's nice to see them racing to embrace the president's notion of reserving our surpluses for Social Security," Gene Sperling, a White House economic advisor, says. "The fact is, though, that they still haven't shown how they would extend the life of Social Security a single day."

Republicans acknowledge their safety deposit box does not reform the program, but they say they are waiting for the White House to present a comprehensive reform proposal.

Publicly, Republican leaders say they are optimistic about getting Social Security reform this year. But privately they say it will be almost impossible to accomplish until after the year 2000 presidential election.

Wednesday, March 10, 1999

• Dole announces presidential exploratory committee
• House to debate sending troops to Kosovo
• GOP leaders pledge to lock away Social Security trust fund
• Republicans hammer Gore over U.S. policy toward China
• Opening statements begin in McDougal trial
• White House names new communications director
• Lamar Alexander kicks off second GOP bid without the plaid
• Justice seeks to overturn recent Miranda ruling
• Gore: Campaign will 'be about the American people'
• Senate hears divergent views on Cuba policy
• Committee sends steel imports quota bill to House
• House panel overwhelmingly approves ATM fee disclosure measure
• Campaigns under way to influence Social Security overhaul debate
• Alabama's Senate standoff moves to state Supreme Court
• Appeals court upholds charges against Cisneros
• Arkansas lawmakers reject money for Clinton museum
• Reno, lawmakers wrangle over anti-crime funds
• Gov. Bush's abortion stance challenged
• House votes to protect nursing home patients

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