FOR IMMEDIATE RELEASE CONTACT: Doug McGinn April 14, 1999 (202) 225-3031 RYAN HAILS PASSAGE OF THE CONFERENCE REPORT ON THE BUDGET
WASHINGTON - First District Congressman Paul Ryan today hailed passage of the conference report between the House and the Senate FY2000 budgets. Incorporated within the report, is 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. 100 Percent of Payroll Taxes and Social Security Surpluses Locked Away
Following the vote, Ryan joined Speaker of the House Dennis Hastert, Majority Leader Dick Armey, and House Budget Chairman John Kasich at a press conference to outline the joint budget report. In introducing Ryan, the leaders praised him for the proposals he had drafted that were included in the final conference report.
Major provisions of the House Budget Resolution include:
"The final 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 lives up to the commitment we made to our seniors by locking away 100 percent of all Social Security surpluses and payroll taxes for Social Security. Also, this budget institutes protections for Medicare, establishes significant tax relief with non-Social Security surpluses, provides a much-needed boost for our men and women in the military, and significantly pays down the national debt."
- Based on Ryan's earlier legislation, the federal government would be required to lock away 100 percent of all Social Security surpluses as cash reserves.
- 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.
"Under the President's plan, fixing the Social Security program would be postponed, and, in lieu of any significant tax relief, surplus funds would be directed towards new spending. The difference is clear: our proposal protects the paychecks of American workers while the President's plan would spend billions to feed Washington's hunger for new and expanded government programs."
The joint budget resolution approved today is the conference agreement between the House and the Senate. Negotiators reached agreement last night on minor differences between the two chambers. The Senate is also expected to vote on the conference report this week.