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HR 1803 106th Congress House Economics and Public Finance Armed Forces and National Security Balanced budgets Budget deficits Budget resolutions Budget surpluses Business cycles Congress Congressional budget Congressional budget process Congressional reporting requirements Debt limit Economic growth Federal budgets Federal receipts and expenditures Government spending reductions Government trust funds Gross national product House rules and procedure Legislation

Social Security Surplus Preservation and Debt Reduction Act

Introduced: May 13, 1999 See on congress.gov
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 Everywhere this bill has been 3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
May 20, 1999
Referred to the Subcommittee on Social Security.
May 13, 1999
Introduced in House
May 13, 1999
Referred to the Committee on the Budget, and in addition to the Committees on Rules, and Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
 Plain-English summary Congressional Research Service

Social Security Surplus Preservation and Debt Reduction Act - Amends the Congressional Budget Act of 1974 to make it out of order in the House of Representatives or the Senate to consider a concurrent budget resolution (or amendment thereto or conference report thereon) that violates a provision of the Budget Enforcement Act of 1990 that provides that the receipts and disbursements of the Federal Old-Age and Survivors and Disability Insurance Trust Funds (social security trust funds) shall not be counted for purposes of the presidential or congressional budget or the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act).

Makes it out of order in the House or the Senate to consider any legislation that would: (1) increase the limit on the public debt under the Gramm-Rudman-Hollings Act; or (2) provide additional borrowing authority that would result in such limit being exceeded.

Makes it out of order in the House or the Senate to consider a concurrent budget resolution (or amendment thereto or conference report thereon) that sets forth a deficit for any fiscal year. Makes such point of order inapplicable if: (1) the public debt limit is suspended; or (2) the deficit for a fiscal year results solely from the enactment of retirement security reform legislation or provisions designated as emergency requirements.

Includes the level of public debt in the required content of the concurrent budget resolution. Requires the budget resolution to specify the amounts by which the limit on such debt is to be changed and direct the committee having jurisdiction to recommend such change.

Amends the Gramm-Rudman-Hollings Act to set forth: (1) limits on the public debt for specified periods through April 30, 2010; and (2) estimated levels of social security surpluses through FY 2009.

Provides for adjustments to the public debt limit based on actual social security surpluses and emergency requirements. Prohibits such adjustments if those for the current year are less than the on-budget surplus for the year before the current year.

Suspends the public debt limit in cases of low economic growth or war.

Provides for an adjustment to the public debt limit if retirement security reform legislation is enacted.

Sunsets this Act on April 30, 2010.

What's happening now May 20, 1999

Referred to the Subcommittee on Social Security.

 Committees of jurisdiction 4
 Cosponsors 1
All 1 Republican 1