I 

113TH CONGRESS 

1ST SESSION H. R. 3161 

To protect the Social Security and Medicare trust funds from the public 

debt limit. 

IN THE HOUSE OF REPRESENTATIVES 

SEPTEMBER 20, 2013 

Mr. FORBES introduced the following bill; which was referred to the 

Committee on Ways and Means 

A BILL 

To protect the Social Security and Medicare trust funds 

from the public debt limit. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. PROTECTION OF THE SOCIAL SECURITY AND 

4 MEDICARE TRUST FUNDS FROM THE PUBLIC 

5 DEBT LIMIT. 

6 (a) PROTECTION OF TRUST FUNDS.—Notwith7 standing any other provision of law— 

8 (1) no officer or employee of the United States 

9 may— 


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1 (A) delay the deposit of any amount into 

2 (or delay the credit of any amount to) the Fed3 eral Old-Age and Survivors Insurance Trust 

4 Fund, the Federal Disability Insurance Trust 

5 Fund, or the Federal Hospital Insurance Trust 

6 Fund or otherwise vary from the normal terms, 

7 procedures, or timing for making such deposits 

8 or credits, or 

9 (B) refrain from the investment in public 

10 debt obligations of amounts in either of such 

11 Trust Funds, 

12 if a purpose of such action or inaction is to not in13 crease the amount of outstanding public debt obliga14 tions; and 

15 (2) no officer or employee of the United States 

16 may disinvest amounts in either of such Trust 

17 Funds which are invested in public debt obligations 

18 if a purpose of the disinvestment is to reduce the 

19 amount of outstanding public debt obligations. 

20 (b) PROTECTION OF BENEFITS AND EXPENDITURES

21 FOR ADMINISTRATIVE EXPENSES.— 

22 (1) IN GENERAL.—Notwithstanding subsection 

23 (a), during any period for which cash benefits or ad24 ministrative expenses would not otherwise be payable 

25 from the Federal Old-Age and Survivors Insurance 


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1 Trust Fund, the Federal Disability Insurance Trust 

2 Fund, or the Federal Hospital Insurance Trust 

3 Fund by reason of an inability to issue further pub4 lic debt obligations because of the applicable public 

5 debt limit, public debt obligations held by such Trust 

6 Fund shall be sold or redeemed only for the purpose 

7 of making payment of such benefits or administra8 tive expenses and only to the extent cash assets of 

9 such Trust Fund are not available from month to 

10 month for making payment of such benefits or ad11 ministrative expenses. 

12 (2) ISSUANCE OF CORRESPONDING DEBT.—For 

13 purposes of undertaking the sale or redemption of 

14 public debt obligations held by the Federal Old-Age 

15 and Survivors Insurance Trust Fund, the Federal 

16 Disability Insurance Trust Fund, or the Federal 

17 Hospital Insurance Trust Fund pursuant to para18 graph (1), the Secretary of the Treasury may issue 

19 corresponding public debt obligations to the public, 

20 in order to obtain the cash necessary for payment of 

21 benefits or administrative expenses from such Trust 

22 Fund, notwithstanding the public debt limit. 

23 (3) ADVANCE NOTICE OF SALE OR REDEMP24 TION.—Not less than 3 days prior to the date on 

25 which, by reason of the public debt limit, the SecVerDate Mar 15 2010 04:37 Sep 26, 2013 Jkt 029200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6201 E:\BILLS\H3161.IH H3161

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1 retary of the Treasury expects to undertake a sale 

2 or redemption authorized under paragraph (1), the 

3 Secretary of the Treasury shall report to each House 

4 of the Congress and to the Comptroller General of 

5 the United States regarding the expected sale or re6 demption. Upon receipt of such report, the Comp7 troller General shall review the extent of compliance 

8 with subsection (a) and paragraphs (1) and (2) of 

9 this subsection and shall issue such findings and rec10 ommendations to each House of the Congress as the 

11 Comptroller General considers necessary and appro12 priate. 

13 (c) PUBLIC DEBT OBLIGATION.—For purposes of 

14 this section, the term ‘‘public debt obligation’’ means any 

15 obligation subject to the public debt limit established 

16 under section 3101 of title 31, United States Code. 

Æ 


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