House GOP Leadership Letter to Clinton on Debt Reduction

[2] "It has been twenty days since Congressional Republicans proposed locking away 100 percent of the Social Security and Medicare surpluses, and dedicating at least 90 percent of next year's surplus to paying off the debt. The new fiscal year has begun and we have heard no real response or commitment to our proposal from your Administration," the letter said.

[3] The letter emphasized that paying off the national debt will lower interest rates, and strengthen the economy, Social Security and Medicare, but may not happen if the Clinton-Gore Administration does not join Republicans in this effort. "We now have a real chance to do just that and you've failed to embrace it. Worse, almost every day your administration introduces a new, last minute spending request, further complicating debt reduction."

(Please find letter to the Clinton-Gore

[1] It has been twenty days since congressional Republicans proposed locking away 100 percent of the Social Security and Medicare surpluses, and dedicating at least 90 percent of next year's surplus to paying off the debt. The new fiscal year has begun and we have heard no real response or commitment to our proposal from your Administration.

[2] Surely, there has been no shortage of rhetoric. When asked at our September 12th meeting about locking away 100 percent of Social Security and Medicare, and using 90 percent of next year's surplus for debt relief, you said, "Whether we can do it this year or not depends upon what the various spending commitments are."

[3] Mr. President, rarely a day has passed since our meeting that Republicans have not expressed a commitment to our debt reduction plan. During this time of surplus we feel we have a moral obligation to lock away 100 percent of the Social Security and Medicare surpluses and pay off the debt as soon as possible. Paying off the national debt will lower interest rates, and strengthen the economy, Social Security and Medicare.

[4] We now have a real chance to do just that and you've failed to embrace it. Worse, almost every day your Administration introduces a new, last minute spending request, further complicating debt reduction.

[5] Please join us in our commitment to locking away 100 percent of the Social Security and Medicare surpluses and devoting 90 percent of next year's surplus -- a historic $240 billion -- to pay down the debt. Working together we can strengthen the economy and do the right thing for America.

Sincerely,