Statement by Senator Dianne Feinstein on President Clinton's FY2001 Budget
February 7, 2000

“This budget is right on track with the major concerns of the American people. It utilizes the growing budget surplus to help extend the solvency of Social Security from 2034 until 2050 and the Medicare Trust Fund for at least a decade until 2025.

Social Security is the principal source of retirement income for two-thirds of the elderly and at least 15 million senior citizens rely on it to stay out of poverty. President Clinton’s budget sets aside $2.2 trillion in Social Security funds and injects billions more over the next decade to extend its solvency. We do not need to privatize Social Security or tamper with this extremely important program in any fundamental respect.

For the millions of seniors who scrimp and save in order to obtain life-saving drugs, there is also good news in this budget: a voluntary prescription drug plan that ultimately will pay half of each beneficiary’s drug costs up to $5000 in total cost. For those whose incomes are near poverty there would be no premiums nor deductible.

The budget proposes to pay down the $3.6 billion public debt by 2013, a fiscally prudent proposal that has widespread support from both parties in Congress. It would also provide a $351 billion tax cut to help working families who deserve to benefit from the economic expansion and record budget surpluses.

The budget includes $15 million to buy over 200,000 acres of property in the Mojave Desert. These funds are urgently needed to preserve some of the most extraordinary resources in our country and protect the endangered desert tortoise and other desert species. Coupled with the previous purchase approved by Congress of 225,000 desert acres, this total purchase will mark the largest such acquisition in the history of continental United States.

The budget also contains over $242 million to continue work on five major transit projects in California: $80 million for BART's extension to SFO; $50 million for the North Hollywood extension in Los Angeles; $65 million for the Mission Valley East project in San Diego; $35 million to complete the Sacramento South Line; and$12.2 million to complete the Santa Clara Tasman project.

In addition, the budget provides $50 million for the Los Angeles MTA to buy buses, which will help the agency comply with a consent decree.

I am disappointed, however, that the President did not include more funding for the restoration of Lake Tahoe. I had asked for $30 million and the budget sets aside only $3 million. I hope because the Lake Tahoe Restoration Bill is due for a hearing this week and is now supported on a bipartisan basis, the funding level will soon be increased.

Overall, I believe this is a fiscally prudent, balanced budget. It sets out a solid blueprint for tackling the major issues facing our nation, including reforming public education, expanding the access to affordable health care, improving public safety, enhancing the national defense and other critical priorities.”