I stand united with the President and my colleagues on both sides of the aisle in our commitment to defeating terrorism and doing what is necessary to preserve national security both at home and abroad.  However, despite the many new security and economic challenges confronting us, our homeland protection efforts and fiscal policies should not, and need not, shortchange our domestic priorities.  We can win the war against terrorism without raiding Social Security and Medicare and without increasing the national debt. 

Last year, I joined many of my colleagues in cautioning that the Administration’s budget simply did not add up.  Sadly, our warnings were ignored, and we were instead continually reassured that we could afford an enormous tax cut, ensure the solvency of Social Security and Medicare, pay down the national debt, fund our domestic priorities and still have a large reserve fund for unanticipated emergencies.  As is now clear to us all, that budget was based on unrealistic surplus projections that never materialized, and we now face deficits and an ever-increasing national debt that stretch far beyond the temporary economic downturn or the costs of the war on terrorism.

Recent Congressional Budget Office (CBO) projections confirmed the dramatic deterioration in the budget outlook since the current Administration took office.  Less than two years ago, the Administration and Congress were looking covetously at a staggering $5.6 trillion cumulative surplus through 2010.  Much of it, I hoped, would be used to pay down what was then a $4 trillion national debt. 

Sadly, it has become clear that the fiscally irresponsible policies of the Bush Administration and the Republican led House have squandered these opportunities, as CBO’s current surplus projections now total only $336 billion.  Even worse, CBO’s current projections are optimistic, as they do not reflect the cost of the likely extension of several expiring tax cuts, relief from the expanding alternative minimum tax on individuals, potential new tax breaks for business and investors, an expanded war on global terrorism, or a new Department of Homeland Security.  If these initiatives are all enacted, we could be faced with a $386 billion deficit over the next ten years.  When Social Security funds are not counted, the ten-year deficit could balloon to $2.7 trillion. 

The American public is already paying $1 billion in interest-only payments on the debt every day.  Further, the interest payments on our debt are on a fast track to become our single largest annual expenditure.  By continuing to rack up debt on the national credit card, we are saddling future generations with our poor choices and endangering the fiscal stability of this nation. 

Our rapidly deteriorating fiscal outlook poses a serious challenge for every Member of Congress.  The government is now on track to raid more than $2 trillion of the Social Security surplus over the next ten years to cover deficits in the rest of the federal budget.  When I was elected to Congress, I promised my constituents that I would protect the Social Security and Medicare Trust Funds.  And I was not alone, as many of my colleagues on both sides of the aisle made the same vow.  It is time to honor our commitments by acknowledging our current situation and working together to craft a budget that is fiscally responsible and protects Social Security.  This country will not survive economically if we do not get our fiscal house in order. 

Mr. Speaker, the need to respond to new short-term needs does not provide an excuse for ignoring the long-term problems we already have.  Ultimately, deficits do matter.  It is time that we all take the deteriorating budget outlook seriously.  We need to ensure that the burden of today’s fiscal policies is not placed on the shoulders of our children and grandchildren.  This is a matter of fiscal stewardship and generational responsibility, and we must address it without delay. 

Thank you.