I
106TH CONGRESS
2D SESSION
H. R. 4195
To protect Social Security and provide for repayment of the Federal debt.
IN THE HOUSE OF REPRESENTATIVES
APRIL 5, 2000
Mr. SCHAFFER introduced the following bill; which was referred to the Com-
mittee on the Budget, and in addition to the Committees on Ways and
Means, and Rules, for a period to be subsequently determined by the
Speaker, in each case for consideration of such provisions as fall within
the jurisdiction of the committee concerned
A BILL
To protect Social Security and provide for repayment of
the Federal debt.
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ‘‘American Social Secu-
rity 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 budg-
eted 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 sub-
sections (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 REPAY-
MENT.—
(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 re-
duce the debt owed to the public. This section shall
not apply beginning on the fiscal year after social se-
curity 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 sol-
vency of the social security system; and
(B) includes an option for private invest-
ment 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 IN-
CREASE.
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 in-
clude all outlays of the United States excluding re-
payment of debt principal.
(2) REVENUES.—The term ‘‘revenues’’ shall in-
clude all revenues of the United States excluding
borrowing.
Æ