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Letters from Dan L. Crippen to Frank Lautenberg and Judd Gregg regarding effect of possible transfers from the general fund to the Social Security trust funds [i] (February 1999)

handle is hein.congrec/cbo10150 and id is 1 raw text is: February 19, 1999 Honorable Frank R. Lautenberg Ranking Member Committee on the Budget United States Senate Washington, DC 20510 Dear Senator: In your letter of February 18, you posed two questions concerning the effect of possible transfers from the general fund to the Social Security trust funds that were discussed in my February 10 letter to Senator Judd Gregg (attached). Would the size of the total, or unified, budget surplus be changed by transferring an amount equal to 62 percent of the projected total surplus to the Social Security trust funds? While such intragovernmental transfers would change on-budget and off-budget surpluses, they would have no effect on the total budget surplus. In the absence of any other policy change, would such a transfer alter the fact that running unified surpluses would reduce the outstanding obligations of the federal government as a whole, i.e., debt held by the public? Because such transfers have no effect on the total budget surplus or federal borrowing needs, they would have no effect on debt held by the public. Sincerely, Dan L. Crippen cc: Honorable Pete V. Domenici Chairman Honorable John R. Kasich Chairman, House Committee on the Budget Honorable Judd Gregg Identical letter sent to Honorable John M. Spratt, Jr.

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