For Immediate Release
Office of the Press Secretary
July 1, 2001

Statement by President Bush Economic Adviser Larry Lindsey

Majority Leader Daschle misspoke this morning when he said the Bush Administration would dip into Social Security and Medicare funds. The truth, in fact, is that Social Security dollars will be used only for Social Security and Medicare dollars will be used only for Medicare. The only reason for any decline in revenue is due to an economic slowdown that began last September. As economists from throughout the country have indicated, President Bush's tax cut is crucial to giving renewed strength to the economy and preventing further loss of revenue that could impact important programs.

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