Domenici Opening Statement at Budget Markup

March 16, 1999

[1] I will be brief, I am sure we will have time to discuss these issues more fully over the course of the next few days. I think it is fair to conclude that the President's budget plan for 2000 and beyond has been somewhat of a disappointment to many.

[2] As more information has become available since the release of the President's Budget in early February it has become clear that the President's proposal to address the issues of Social Security and Medicare -- the two most important programs that confront our otherwise bright fiscal outlook -- has been quite frankly without substance.

[3] Allocating more IOU's to these programs does not in any way address more fundamental reforms that are required to maintain benefits for our aging population in the next century.

[4] Indeed, the National Bipartisan Commission on the Future of Medicare, that we established in the 1997 Budget Agreement, has failed in part today because of a lack of support from the Administration's appointees to address the fundamental problems of the program's design.

[5] I understand that a bipartisan, simple majority of the Commission, supports changes that -- while providing for additional prescription drug benefits -- nevertheless foresees changes that would reduce the cost of the program by nearly $100 billion over the life of the resolution we will be marking up here. I believe we can do better than the President's non-budget.

[6] I have set out four basic principles for the 2000 budget. These are:

1. Preserve the social security trust fund balances. Do not

3. Return to the working Americans -- many who are filling out

[9] Senator Lautenberg I look forward to working with you as we proceed this week.