,,iv  #aae? ,,congress  #a/ ,session    
,h4 ,,res4 #bd  ,,9 ,,! ,,h\se ,,(      
,,repres5tatives  ,janu>y #e1 #bjag,mr4 
,*affetz submitt$ ! foll[+ resolution2  
:i* 0 ref]r$ to ! ,committee on         
,education & ! ,work=ce  ,,resolution   
,express+ ! s5se ( ! ,h\se (            
,repres5tatives t ! ,f$]al ,gov]nm5t    
%\ld n bail out ,/ate & local gov]nm5t  
employee p5sion plans or o!r plans t    
provide po/-employm5t b5efits to ,/ate &
 local gov]nm5t retirees4  ,:]eas !     
,f$]al ,gov]nm5t is op]at+ at an annual 
deficit & is increas+ its out/&+ debt e 
ye>2 ,:]eas ! ,f$]al ,gov]nm5t1 z (     
,decemb] #bi1 #bjaf1 is c>ry+ m ?an     
#ai4hgi trillion 9 debt1 ( :i* #ad4djh  
trillion is ow$ to ! public & #e4dgb    
trillion is ow$ to ,social ,security &  
o!r tru/ funds2 ,:]eas ! ,f$]al         
,gov]nm5t borr[$ #ae c5ts = e doll> x   
sp5t 9 #bjaf2 ,:]eas =eign gov]nm5ts1   
individuals1 & corporations z ( ,octob] 
#bjaf own #dc4a p]c5t ( ,f$]al debt held
 by ! public2 ,:]eas ,social ,security's

 unfund$ liabilities w be #aa4d trillion
 by #bjij & #cb4a trillion ov] ! inf9ite
 horizon2 ,:]eas ! ,f$]al debt held by !
 public is expect$ to increase by m ?an 
#i trillion f fiscal ye> #bjaf to fiscal
 ye> #bjbf accord+ to ! ,congressional  
,budget ,(fice2 ,:]eas ,/ate & local    
gov]nm5ts are heavily dep5d5t on ,f$]al 
rev5ues2 ,:]eas ne>ly #ag p]c5t ( !     
entire ,f$]al budget goes directly to   
,/ates & local gov]nm5ts2 ,:]eas #ag    
p]c5t ( total ,/ate & local gov]nm5t    
g5]al rev5ue comes f ! ,f$]al ,gov]nm5t 
accord+ to ,c5sus ,bureau's late/       
,annual ,survey ( ,/ate & ,local        
,gov]nm5t ,f9ance2 ,:]eas num]\s ,/ate &
 local gov]nm5t employee p5sion plans h 
(f]$ ov]ly g5]\s retirem5t b5efits to   
its employees & are 9 dire f9ancial     
situations ) comb9$ unfund$ liabilities 
( ne>ly #d trillion2 ,:]eas _m ,/ate &  
local gov]nm5t p5sion plans h und]/at$  
liabilities & ov]/at$ asset gr[? rates &
 h employ$ me?odologies t private sector
 plans are prohibit$ f us+ by ,f$]al    

law2 & ,:]eas sev]al ,/ate & local      
p5sion plans are expect$ to fully exhau/
 _! funds )9 t5 ye>s3 ,n[1 !re=e1 be x  
,t x is ! s5se ( ! ,h\se (              
,repres5tatives t-- 7#a7 ! ,f$]al       
,gov]nm5t %\ld n bail out ,/ate & local 
gov]nm5t employee p5sion plans & o!r    
po/-employm5t b5efit plans2 &  7#b7     
,/ate & local gov]nm5ts %\ld imm$iately 
in/itute re=ms to _! employee p5sion    
plans1 includ+ replac+ def9$ b5efit     
plans ) def9$ contribution plans4