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[Congressional Bills 106th Congress]
[From the U.S. Government Publishing Office]
[S. 2126 Referral Instructions Senate (RIS)]

106th CONGRESS
  2d Session
                                S. 2126

To ensure that the fiscal year 2000 on-budget surplus is used to reduce 
                          publicly held debt.

_______________________________________________________________________

                   IN THE SENATE OF THE UNITED STATES

                             March 1, 2000

 Mr. Grams (for himself and 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 ensure that the fiscal year 2000 on-budget surplus is used to reduce 
                          publicly held 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 ``Save Our Surplus for Debt Reduction 
Act of 2000''.

SEC. 2. FINDINGS AND PURPOSE.

    (a) Findings.--Congress finds that--
            (1) the Congressional Budget Office currently estimates 
        that the Government will have a $23,000,000,000 nonsocial 
        security surplus (on-budget surplus) in fiscal year 2000;
            (2) Government spending in fiscal year 2000 will increase 
        faster than the rate of inflation for a total of over 
        $1,750,000,000,000;
            (3) Government publicly held debt in fiscal year 2000 will 
        be reduced by over $150,000,000,000, yet debt held by the 
        public will remain in excess of $3,450,000,000,000 and cost 
        over $200,000,000,000 in annual interest payments;
            (4) Government revenues in fiscal year 2000 will be 20.3 
        percent of the Gross Domestic Product, which is the highest 
        level since World War II; and
            (5) nearly 40,000,000 citizens currently rely on social 
        security and medicare, yet as more Americans retire over the 
        next decade, these programs will begin running deficits and 
        jeopardize their retirement.
    (b) Purpose.--It is the purpose of this Act to ensure that the 
fiscal year 2000 on-budget surplus is used to reduce publicly held 
debt.

SEC. 3. REDUCTION OF PUBLICLY HELD DEBT.

    (a) Point of Order Against Certain Legislation.--Except as provided 
by subsection (b), 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--
            (1) the enactment of that bill or resolution as reported;
            (2) the adoption and enactment of that amendment; or
            (3) the enactment of that bill or resolution in the form 
        recommended in that conference report;
would cause a decrease in the on-budget surplus for fiscal year 2000.
    (b) Exception.--The point of order set forth in subsection (a) 
shall not apply to a bill, joint resolution, amendment, motion, or 
conference report if it--
            (1) reduces revenues;
            (2) implements structural social security reform; or
            (3) implements structural medicare reform.
    (c) Waivers and Appeals in the Senate.--
            (1) Waivers.--Subsection (a) may be waived or suspended in 
        the Senate only by the affirmative vote of three-fifths of the 
        Members, duly chosen and sworn.
            (2) Appeals.--
                    (A) Limitations.--Appeals in the Senate from the 
                decisions of the Chair relating to subsection (a) shall 
                be limited to 1 hour, to be equally divided between, 
                and controlled by, the mover and the manager of the 
                bill, joint resolution, amendment, motion, or 
                conference report, as the case may be.
                    (B) Supermajority.--An affirmative vote of three-
                fifths of the Members, duly chosen and sworn, shall be 
                required in the Senate to sustain an appeal of the 
                ruling of the Chair on a point of order raised under 
                subsection (a).

SEC. 4. SUNSET PROVISION.

    The provisions of this Act shall cease to have any force or effect 
on October 1, 2000.
                                 <all>
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