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THE WHITE HOUSE

Office of the Press Secretary


For Immediate Release October 23, 1999
                THE PRESIDENT ANNOUNCES THE TRANSMITTAL 
            OF HIS SOCIAL SECURITY LOCKBOX PLAN TO CONGRESS:                       
             A FISCALLY DISCIPLINED WAY TO EXTEND THE LIFE 
                OF SOCIAL SECURITY AND PAY OFF THE DEBT    
                       
                            October 23, 1999                           

In His Radio Address, President Clinton Will Announce That He Is Transmitting His Social Security Lockbox Legislation To Congress Next Week. The President's plan will:

SOCIAL SECURITY: IMPACT ON AMERICA AND FUTURE CHALLENGES

Social Security Is the Cornerstone of Our Retirement System.

Social Security Is Projected To Become Insolvent By 2034 As a Result of the Demographic Pressures It Faces.

THE PRESIDENT'S SOCIAL SECURITY LOCKBOX ENSURES THAT ANOTHER GENERATION CAN RECEIVE THE BENEFITS OF SOCIAL SECURITY

THE REPUBLICAN LOCKBOXES WOULD NOT ADD A SINGLE DAY TO THE SOLVENCY OF SOCIAL SECURITY

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