Who do they think they're fooling with the claim that they're not prying into the private lives of millions of Americans? Where do you suppose all that data goes? Is there no other use for millions of phone records, even without the details of the contents?
Once the data is collected it never goes away. As long as it's sitting around, tapping its little feet, someone... someone who doesn't have your best interests in mind... will use it for something. It will be for making money, controlling dissent, controlling what you think and what you buy.
Count on it.