purchased on original issue or at the market price,
or
‘‘(ii) certificates of deposit in insured depository
institutions (as defined in section 3(c)(2) of the Fed-
eral Deposit Insurance Act).
‘‘(B) For purposes of this paragraph, the ‘annual sur-
plus’ for either of the Trust Funds as of the end of a
fiscal year is the excess (if any) of—
‘‘(i) the sum of—
‘‘(I) in the case of the Federal Old-Age
and Survivors Insurance Trust Fund, the
amounts appropriated to such Trust Fund
under paragraphs (3) and (4) of subsection (a)
for the fiscal year,
‘‘(II) in the case of the Federal Disability
Insurance Trust Fund, the amounts appro-
priated to such Trust Fund under paragraphs
(1) and (2) of subsection (b) for the fiscal year,
and
‘‘(III) in either case, the amount appro-
priated to such Trust Fund under section
121(e) of the Social Security Amendments of
1983 for the fiscal year, and any amounts oth-
erwise credited to or deposited in such Trust
Fund under this title for the fiscal year, over
‘‘(ii) the amounts paid or transferred from such
Trust Fund during the fiscal year.’’.
(b) EFFECTIVE DATE.—The amendments made by
this section shall apply with respect to annual surpluses
as of the end of fiscal years beginning on or after October
1, 2000.
SEC. 3. PROTECTION OF THE SOCIAL SECURITY TRUST
FUNDS FROM THE PUBLIC DEBT LIMIT.
(a) PROTECTION OF TRUST FUNDS.—Notwithstand-
ing any other provision of law—
(1) no officer or employee of the United States
may—
(A) delay the deposit of any amount into
(or delay the credit of any amount to) the Fed-
eral Old-Age and Survivors Insurance Trust
Fund or the Federal Disability Insurance Trust
Fund or otherwise vary from the normal terms,
procedures, or timing for making such deposits
or credits, or
(B) refrain from the investment in public
debt obligations of amounts in either of such
Trust Funds,
if a purpose of such action or inaction is to not in-
crease the amount of outstanding public debt obliga-
tions, and
(2) no officer or employee of the United States
may disinvest amounts in either of such Trust
Funds which are invested in public debt obligations
if a purpose of the disinvestment is to reduce the
amount of outstanding public debt obligations.
(b) PROTECTION OF BENEFITS AND EXPENDITURES
FOR ADMINISTRATIVE EXPENSES.—
(1) IN GENERAL.—Notwithstanding subsection
(a), during any period for which cash benefits or ad-
ministrative expenses would not otherwise be payable
from the Federal Old-Age and Survivors Insurance
Trust Fund or the Federal Disability Insurance
Trust Fund by reason of an inability to issue further
public debt obligations because of the applicable
public debt limit, public debt obligations held by
such Trust Fund shall be sold or redeemed only for
the purpose of making payment of such benefits or
administrative expenses and only to the extent cash
assets of such Trust Fund are not available from
month to month for making payment of such bene-
fits or administrative expenses.
(2) ISSUANCE OF CORRESPONDING DEBT.—For
purposes of undertaking the sale or redemption of
public debt obligations held by the Federal Old-Age
and Survivors Insurance Trust Fund or the Federal
Disability Insurance Trust Fund pursuant to para-
graph (1), the Secretary of the Treasury may issue
corresponding public debt obligations to the public,
in order to obtain the cash necessary for payment of
benefits or administrative expenses from such Trust
Fund, notwithstanding the public debt limit.
(3) ADVANCE
NOTICE
OF
SALE
OR
REDEMP-
TION.—Not less than 3 days prior to the date on
which, by reason of the public debt limit, the Sec-
retary of the Treasury expects to undertake a sale
or redemption authorized under paragraph (1), the
Secretary of the Treasury shall report to each House
of the Congress and to the Comptroller General of
the United States regarding the expected sale or re-
demption. Upon receipt of such report, the Comp-
troller General shall review the extent of compliance
with subsection (a) and paragraphs (1) and (2) of
this subsection and shall issue such findings and rec-
ommendations to each House of the Congress as the
Comptroller General considers necessary and appro-
priate.
(c) PUBLIC DEBT OBLIGATION.—For purposes of
this section, the term ‘‘public debt obligation’’ means any
obligation subject to the public debt limit established
under section 3101 of title 31, United States Code.
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