Robert L. Ehrlich, Jr. press release, September 20, 2000

NEWS FROM Robert L. Ehrlich, Jr. Second Congressional District of Maryland 1407 York Road, Suite 304 Lutherville, Maryland 21093 315 Cannon House Office Building Washington, D.C. 205 1 5 FOR IMMEDIATE RELEASE: CONTACT: Jill Homan September 20, 2000 202/225-3061 Congressman Ehrlich Targets Surplus For Debt Reduction Average American saves $4,000 in lower interest rates over the next ten years WASHINGTON, D.C. - Congressman Robert L. Ehrlich, Jr. voted late yesterday to target 90% of next year’s budget surplus for national debt reduction, to protect the Medicare and Social Security surpluses, and to help Americans save more money for retirement in an IRA or 401(k) plan. The House of Representatives overwhelmingly approved H.R. 5203, Debt Relief and Retirement Security Reconciliation Act of 2000, by a strong bipartisan vote of 401 to 20. "I am pleased my colleagues on both sides of the aisle have come together to ensure our children have a debt-free future and our parents have retirement security and affordable health care," Congressman Ehrlich stated. "I am hopeful the Administration will come to the side of Congress and the American people by supporting this significant legislation." Paying down America’s national debt: "This bill is the latest highlight of a Republican record on debt relief that is unmatched in history. Since Republicans gained control of Congress, we have paid down $351 billion in debt," Congressman Ehrlich said. "Now, we propose to continue this effort by paying down an additional $240 billion of debt in the next fiscal year. Combined, that would mean that by the end of the 2001 fiscal year, we would have paid down more than a half a trillion dollars of the debt." Protecting Social Security and Medicare: In addition, this bill walls off Social Security and Medicare surpluses in a "lockbox." Last year, Congress protected 100% of the Social Security surplus. Now, Congress continues to balance its books without using the Social Security and Medicare surpluses. These surpluses will be reserved exclusively for debt reduction until legislation to reform Social Security and Medicare is passed. Overall, 90% of the total surplus would be used to reduce the debt in FY2001.