Opening Statement of the Hon. Bill Thomas, M.C., California,
and Chairman, Committee on Ways and Means

Hearing on President's Tax Relief Proposals

February 13, 2001

Good morning. We are pleased to have Treasury Secretary O'Neill and some of the nation's top economic experts with us today to testify on the President's tax relief plan, and I look forward to hearing their views. But before we begin, I'd like first to put some things in perspective and remind my colleagues of the significant milestones we've accomplished for the American people.

Republicans in Congress are already saving the entire $2.9 trillion of the off-budget surplus for Social Security and Medicare. Later today, we will again have bipartisan support to create a Social Security and Medicare lockbox so that every penny actually goes toward those programs for our nation's retirees and seniors. We're keeping our commitment to older Americans that have paid into the system their entire lives, so they can enjoy a secure and healthy retirement.

Since 1997, we've paid down more than $363 billion in debt, and for the first time in generations, we are on track to eliminate the debt entirely. Our priorities have not changed. Even after we have set aside $2.9 trillion for Social Security and Medicare and put our fiscal house in order, we still have $2.7 trillion more that's coming into the Treasury than the government needs. And if that money is left in Washington, politicians will surely spend it.

The health of our nation's economy demands that we act quickly. Pick up the local newspaper and you can see the beginnings of a sluggish economy - tens of thousands of layoffs, production cutbacks, and over-stocked warehouses. Working Americans continue to feel the tax bite. A typical family spends more in taxes than they do on food, clothing and shelter combined. Is it any wonder that one in five Americans says they're having trouble paying the bills?

It's time to give hard-working American taxpayers some of their money back. Everyday, taxpaying families are struggling to make ends meet. So the sooner we can give them real tax relief, the sooner they can pay the light bills, make their mortgage payments, and cut into their credit card debts.