“We have paid off $351 billion in debt since Republicans have gained control of Congress,” Jones said. “It is important that we ensure that no less than 90 percent of the surplus is put towards paying off the remainder of that debt so that our grandchildren are not burdened with the bills from previous generations.”

 The legislation passed would direct that at least $240 billion of next year’s federal budget surplus be used for debt reduction.  This would leave the remaining 10 percent for other areas such as tax relief and IRA expansion. Included in the Debt Relief and Retirement Security Reconciliation Act of 2000 is a provision that would raise the contribution limits for 401(k)’s and other pension plans.  It would allow those employees who are of the age of 50 or older $5,000 extra in their contribution limit in order for them to catch up on their retirement savings. This bill would make it easier for employers, especially small businesses, to establish and maintain retirement plans for their employees.  In addition, the bill would simplify the process for workers to roll over their retirement savings when they change jobs. 

 “It is not fair that citizens in Eastern North Carolina are worrying about their future because of the contribution restrictions put on their savings plans,” Jones said.  “This bill contains over 50 provisions to modernize pension laws and to improve retirement security for all Americans. Further, by directing 90% of the projected FY01 surplus to debt reduction, we are making a good-faith, common-sense effort to put an end to all publicly held debt by 2012, keeping with the promises made when I was first elected in 1994."