FOR IMMEDIATE RELEASE CONTACT: Doug McGinn March 26, 1999 (202) 225-3031 RYAN HAILS PASSAGE OF HOUSE BUDGET RESOLUTION
WASHINGTON - First District Congressman Paul Ryan today hailed passage of the comprehensive House Budget Resolution for FY 2000. Incorporated within the resolution, was Ryan's legislative proposal to create a "lock box" on 100 percent of all Social Security surpluses that would prohibit any funds from being used for non-related spending programs. The budget resolution now heads to the Senate where differences will be negotiated with the other body's version of the bill. Social Security Lock Box Proposal Authored by Ryan Enacted
Earlier in the day, Ryan was tapped by Budget Committee Chairman John Kasich and members of the House leadership to take a lead role in debating the bill on the floor of the House of Representatives.
Other major provisions of the House Budget Resolution include:
The Ryan "lock box" proposal for Social Security:
- 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.
"This budget resolution provides a necessary and positive blueprint for the federal government to follow as we head into the next century," said Ryan. "Our proposal walls-off Social Security, protects 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. Under the President's proposal, fixing the Social Security program would be postponed, and, in lieu of any significant tax relief, surplus funds would be directed towards new and expanded government programs. This was a big win, but we still have a lot of work to do to get this budget paid for and written into law."
- 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 to pass any future budget that would attempt to use Social Security revenues for any other purpose.
"After working with Paul over the last three months and viewing his performance on the floor of the House of Representatives today, it is obvious that he has quickly become one of Congress' rising stars," said Speaker of the House Dennis Hastert. "He has proved to be a uniquely innovative legislator and an articulate voice for the people of Southern Wisconsin. For a freshman to shepherd through a major legislative proposal such as his Social Security lock box provision is an amazing accomplishment."