Actually, Congress is required to do this anyway. Under existing law, the government dedicates all surplus funds to debt reduction at the end of each fiscal year. Toomey's instinct is a good one nonetheless. Congress must do as much as it can to reduce the public debt while economic times are good, not wait until another downturn and budget crisis.
Republicans keep trying to pad the portfolios of the rich through tax cuts.
See ya, surplus. Restraint in good times is a tough sell. Toomey is on the mark on the need to safeguard the surplus and reduce the debt.