II

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.

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

3 SECTION 1. SHORT TITLE.

4 This Act may be cited as the ‘‘American Social Secu5 rity Protection and Debt Repayment Act’’.

6 SEC. 2. BALANCED BUDGET REQUIREMENT.

7 Beginning with fiscal year 2001 and for every fiscal

8 year thereafter, budgeted outlays shall not exceed budg9 eted revenues.
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1 SEC. 3. REDUCTION OF NATIONAL DEBT.

2 (a) IN GENERAL.—Beginning with fiscal year 2001

3 and for every fiscal year thereafter, actual revenues shall

4 exceed actual outlays in order to provide for the reduction

5 of the Federal debt held by the public as provided in sub6 sections (b) and (c).

7 (b) AMOUNT.—The on budget surplus shall be large

8 enough so that debt held by the public will be reduced

9 each year beginning in fiscal year 2001. The amount of

10 reduction required by this subsection shall be

11 $15,000,000,000 in fiscal year 2001 and shall increase by

12 an additional $15,000,000,000 every fiscal year until the

13 entire debt owed to the public has been paid.

14 (c) SOCIAL SECURITY SURPLUS AND DEBT REPAY15 MENT.—

16 (1) IN GENERAL.—Until such time as Congress

17 enacts major social security reform legislation, the

18 surplus funds each year in the Federal Old Age and

19 Survivors Insurance Trust Fund and the Federal

20 Disability Insurance Trust Fund shall be used to re21 duce the debt owed to the public. This section shall

22 not apply beginning on the fiscal year after social se23 curity reform legislation is enacted by Congress.

24 (2) DEFINITION.—In this subsection, the term

25 ‘‘social security reform legislation’’ means legislation

26 that—
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1 (A) insures the long-term financial sol2 vency of the social security system; and

3 (B) includes an option for private invest4 ment of social security funds by beneficiaries.

5 SEC. 4. POINT OF ORDER AND WAIVER.

6 (a) POINT OF ORDER.—It shall not be in order to

7 consider any concurrent resolution on the budget that does

8 not comply with this Act.

9 (b) WAIVER.—Congress may waive the provisions of

10 this Act for any fiscal year in which a declaration of war

11 is in effect.

12 SEC. 5. MAJORITY REQUIREMENT FOR REVENUE IN13 CREASE.

14 No bill to increase revenues shall be deemed to have

15 passed the House of Representatives or the Senate unless

16 approved by a majority of the total membership of each

17 House of Congress by a rollcall vote.

18 SEC. 6. REVIEW OF REVENUES.

19 Congress shall review actual revenues on a quarterly

20 basis and adjust outlays to assure compliance with this

21 Act.

22 SEC. 7. DEFINITIONS.

23 In this Act:
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1 (1) OUTLAYS.—The term ‘‘outlays’’ shall in2 clude all outlays of the United States excluding re3 payment of debt principal.

4 (2) REVENUES.—The term ‘‘revenues’’ shall in5 clude all revenues of the United States excluding

6 borrowing.

Æ