To amend the concurrent resolution on the budget for fiscal year 2001 to protect Social Security surpluses.

Summary: Social Security Lock-box Act of 2001 - Amends H. Con. Res. 290 (106th Congress) to replace a point of order in the House of Representatives or the Senate against consideration of any revision of such resolution or any concurrent budget resolution for FY 2002 that sets forth a deficit for any fiscal year with one that provides a point of order against consideration of: (1) any budget resolution that sets forth a surplus for any fiscal year that is less than the surplus of the Federal Old-Age and Survivors Insurance Trust Fund for such year; and (2) legislation that would cause the surplus for any fiscal year covered by the most recently agreed to budget resolution to be less than the surplus of the Fund for such year. Establishes the levels of surplus for purposes of enforcing the preceding points of order.

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Social Security Lock-box Act of 
2001''.

SEC. 2. PROTECTION OF SOCIAL SECURITY SURPLUSES.

    Section 201 of the concurrent resolution on the budget for fiscal 
year 2001 (H. Con. Res. 290, 106th Congress) is amended as follows:
            (1) By striking subsection (c) and inserting the following 
        new subsection:
    ``(c) Lock-Box for Social Security Surpluses.--
            ``(1) Concurrent resolutions on the budget.--It shall not 
        be in order in the House of Representatives or the Senate to 
        consider any concurrent resolution on the budget, an amendment 
        thereto, or conference report thereon, that would set forth a 
        surplus for any fiscal year that is less than the surplus of 
        the Federal Old-Age and Survivors Insurance Trust Fund for that 
        fiscal year.
            ``(2) Spending and tax legislation.--It shall not be in 
        order in the House of Representatives or the Senate to consider 
        any bill, joint resolution, amendment, motion, or conference 
        report if--
                    ``(A)(i) in the House, the enactment of that bill 
                or resolution as reported; or
                    ``(ii) in the Senate, the enactment of that bill or 
                resolution;
                    ``(B) the adoption and enactment of that amendment; 
                or
                    ``(C) the enactment of that bill or resolution in 
                the form recommended in that conference report,
        would cause the surplus for any fiscal year covered by the most 
        recently agreed to concurrent resolution on the budget to be 
        less than the surplus of the Federal Old-Age and Survivors 
        Insurance Trust Fund for that fiscal year.''.
            (2) By redesignating subsections (e) and (f) as subsections 
        (g) and (h), respectively, and inserting after subsection (d) 
        the following new subsections:
    ``(e) Enforcement.--
            ``(1) Budgetary levels with respect to concurrent 
        resolutions on the budget.--For purposes of enforcing any point 
        of order under subsection (c)(1), the surplus for any fiscal 
        year shall be--
                    ``(A) the levels set forth in the later of the 
                concurrent resolution on the budget, as reported, or in 
                the conference report on the concurrent resolution on 
                the budget; and
                    ``(B) adjusted to the maximum extent allowable 
                under all procedures that allow budgetary aggregates to 
                be adjusted for legislation that would cause a decrease 
                in the surplus for any fiscal year covered by the 
                concurrent resolution on the budget (other than 
                procedures described in paragraph (2)(A)(ii)).
            ``(2) Current levels with respect to spending and tax 
        legislation.--For purposes of enforcing any point of order 
        under subsection (c)(2), the current levels of the surplus for 
        any fiscal year shall be--
                    ``(A) calculated using the following assumptions--
                            ``(i) direct spending and revenue levels at 
                        the baseline levels underlying the most 
                        recently agreed to concurrent resolution on the 
                        budget; and
                            ``(ii) for the budget year, discretionary 
                        spending levels at current law levels and, for 
                        outyears, discretionary spending levels at the 
                        baseline levels underlying the most recently 
                        agreed to concurrent resolution on the budget; 
                        and
                    ``(B) adjusted for changes in the surplus levels 
                set forth in the most recently agreed to concurrent 
                resolution on the budget pursuant to procedures in such 
                resolution that authorize adjustments in budgetary 
                aggregates for updated economic and technical 
                assumptions in the mid-session report of the Director 
                of the Congressional Budget Office.
            ``(C) Such revisions shall be included in the first current 
        level report on the congressional budget submitted for 
        publication in the Congressional Record after the release of 
        such mid-session report.
            ``(3) Disclosure of OASDI surplus.--For purposes of 
        enforcing any point of order under subsection (c), the surplus 
        of the Federal Old-Age and Survivors Insurance Trust Fund for a 
        fiscal year shall be the level set forth in the later of the 
        report accompanying the concurrent resolution on the budget 
        (or, in the absence of such a report, placed in the 
        Congressional Record prior to the consideration of such 
        resolution) or in the joint explanatory statement of managers 
        accompanying such resolution.
    ``(f) Additional Content of Reports Accompanying Budget Resolutions 
and of Joint Explanatory Statements.--The report accompanying any 
concurrent resolution on the budget and the joint explanatory statement 
accompanying the conference report on each such resolution shall 
include the levels of the surplus in the budget for each fiscal year 
set forth in such resolution and of the surplus or deficit in the 
Federal Old-Age and Survivors Insurance Trust Fund, calculated using 
the assumptions set forth in subsection (e)(2)(A).''.
            (3) In the first sentence of subsection (h) (as 
        redesignated), by striking ``(1)''.