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[Congressional Bills 106th Congress]
[From the U.S. Government Publishing Office]
[S. 2220 Referral Instructions Senate (RIS)]

106th CONGRESS
  2d Session
                                S. 2220

  To protect Social Security and provide for repayment of the Federal 
                                 debt.

_______________________________________________________________________

                   IN THE SENATE OF THE UNITED STATES

                             March 8, 2000

  Mr. Allard introduced the following bill; which was read twice and 
   referred jointly pursuant to the order of August 4, 1977, to the 
 Committees on the Budget and Governmental Affairs, with instructions 
that if one Committee reports, the other Committee have thirty days to 
                        report or be discharged

_______________________________________________________________________

                                 A BILL

 
  To protect Social Security and provide for repayment of the Federal 
                                 debt.

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

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``American Social Security Protection 
and Debt Repayment Act''.

SEC. 2. BALANCED BUDGET REQUIREMENT.

    Beginning with fiscal year 2001 and for every fiscal year 
thereafter, budgeted outlays shall not exceed budgeted revenues.

SEC. 3. REDUCTION OF NATIONAL DEBT.

    (a) In General.--Beginning with fiscal year 2001 and for every 
fiscal year thereafter, actual revenues shall exceed actual outlays in 
order to provide for the reduction of the Federal debt held by the 
public as provided in subsections (b) and (c).
    (b) Amount.--The on budget surplus shall be large enough so that 
debt held by the public will be reduced each year beginning in fiscal 
year 2001. The amount of reduction required by this subsection shall be 
$15,000,000,000 in fiscal year 2001 and shall increase by an additional 
$15,000,000,000 every fiscal year until the entire debt owed to the 
public has been paid.
    (c) Social Security Surplus and Debt Repayment.--
            (1) In general.--Until such time as Congress enacts major 
        social security reform legislation, the surplus funds each year 
        in the Federal Old Age and Survivors Insurance Trust Fund and 
        the Federal Disability Insurance Trust Fund shall be used to 
        reduce the debt owed to the public. This section shall not 
        apply beginning on the fiscal year after social security reform 
        legislation is enacted by Congress.
            (2) Definition.--In this subsection, the term ``social 
        security reform legislation'' means legislation that--
                    (A) insures the long-term financial solvency of the 
                social security system; and
                    (B) includes an option for private investment of 
                social security funds by beneficiaries.

SEC. 4. POINT OF ORDER AND WAIVER.

    (a) Point of Order.--It shall not be in order to consider any 
concurrent resolution on the budget that does not comply with this Act.
    (b) Waiver.--Congress may waive the provisions of this Act for any 
fiscal year in which a declaration of war is in effect.

SEC. 5. MAJORITY REQUIREMENT FOR REVENUE INCREASE.

    No bill to increase revenues shall be deemed to have passed the 
House of Representatives or the Senate unless approved by a majority of 
the total membership of each House of Congress by a rollcall vote.

SEC. 6. REVIEW OF REVENUES.

    Congress shall review actual revenues on a quarterly basis and 
adjust outlays to assure compliance with this Act.

SEC. 7. DEFINITIONS.

    In this Act:
            (1) Outlays.--The term ``outlays'' shall include all 
        outlays of the United States excluding repayment of debt 
        principal.
            (2) Revenues.--The term ``revenues'' shall include all 
        revenues of the United States excluding borrowing.
                                 <all>
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