Energy bill would allow drawdowns from general fund for SS & Medicare

Exact wording in the bill:

Pg 1026: “The Secretary of the Treasury shall transfer from time to time to the Federal Old-Age and Survivors Insurance Trust Fund and the Federal Disability Insurance Trust Fund, from amounts in the general fund of the Treasury…on account of changes in benefit costs and changes in tax revenue attributable to the provisions of the American Clean Energy and Security Act of 2009 and the amendments made thereby, in order to place each of such Trust Funds in the same position at the end of such fiscal year as the position in which such Trust Fund would have been if such changes had not occurred.”

Pg 1027: “The Secretary of the Treasury shall transfer from time to time to the Trust Fund, from amounts in the general fund of the Treasury that are not otherwise appropriated, such sums as the Chief Actuary of the Centers for Medicare & Medicaid Services calculates as necessary (and so certifies to such Secretary) for any fiscal year, on account of changes in benefit costs and changes in tax revenue attributable to the provisions of the American Clean Energy and Security Act of 2009 and the amendments made thereby, in order to place the Trust Fund in the same position at the end of such fiscal year as the position in which it would have been if such changes had not occurred.”

See this interpretation.

This appears to be an acknowledgement that this bill will result in a net loss of jobs (thus indirectly reducing the funding for SS via payroll taxes), contrary to what the President is saying.

Comments

[Brenda Bowers]

This is typical of Washington. They stick provisions in a bill that have nothing to do with the actual bill. The Obama/Democrat health care bills as proposed all have a clause in them to fully fund the unions current blue chip health care plans with tax payer money. And on top of that another clause guarantees the union members pensions! Nothing to do with health care at all but a whole oft of pay back for the unions support.

You might want to read my post from The Heritage Foundation that outlines just how the Democrats in the Senate intend to pass a Health Care bill. Since it won't float on it's own merits and the American people don't want it they intend to put it in another bill then pass the other bill and sent the package to the House to be passed and then sent to the President. they bill they intend to pass in this way is the far leftist Kennedy Proposal. they are just making noise and smoke with the Baucus Proposal. You noticed I used the word "proposal"? that is because they don't actually have a bill but when this proposal or outline is passed and sent to the be signed by the President he can put anything he wants in it before signing. Then it will be up to little clerks in little offices to determine our health care laws.

Hain't Washington Great?!? BB