I
106TH CONGRESS
1ST SESSION
H. R. 3175
To amend chapter 31 of title 31, United States Code, to require the Secretary
of the Treasury to reduce the debt held by the public in fiscal year
2000 by up to the amount of surplus in the Social Security trust
funds, and for other purposes.
IN THE HOUSE OF REPRESENTATIVES
OCTOBER 28, 1999
Mr. MINGE (for himself, Mr. STENHOLM, Mr. JOHN, Mr. CRAMER, and Mr.
PHELPS) introduced the following bill; which was referred to the Com-
mittee on Ways and Means, and in addition to the Committee on the
Budget, for a period to be subsequently determined by the Speaker, in
each case for consideration of such provisions as fall within the jurisdic-
tion of the committee concerned
A BILL
To amend chapter 31 of title 31, United States Code, to
require the Secretary of the Treasury to reduce the debt
held by the public in fiscal year 2000 by up to the
amount of surplus in the Social Security trust funds,
and for other purposes.
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled,
SECTION 1. REDUCTION IN DEBT HELD BY THE PUBLIC.
Section 3101 of chapter 31 of title 31, United States
Code, is amended by adding at the end the following new
subsection:
‘‘(d)(1) On October 1, 2000, the Secretary of the
Treasury shall reduce the face amount of publicly-held ob-
ligations issued under this chapter and the face amount
of publicly-held obligations whose principal and interest
are guaranteed by the United States Government (except
guaranteed obligations held by the Secretary of the Treas-
ury) by an amount not to exceed the amount of the social
security trust funds surplus in the preceding fiscal year.
‘‘(2) For purposes of this subsection:
‘‘(A) The term ‘publicly-held obligation’ means
any obligation subject to the public debt limit estab-
lished under this section, except any obligation
issued under this chapter directly to a Federal fund.
‘‘(B) The term ‘Federal fund’ means any Fed-
eral trust fund or Government account established
pursuant to Federal law to which the Secretary of
the Treasury has issued or is expressly authorized
by law directly to issue obligations under this chap-
ter in respect of public money, money otherwise re-
quired to be deposited in the Treasury, or amounts
appropriated.
‘‘(C) The term ‘social security trust funds’
means the Federal Old-Age and Survivors Insurance
Trust Fund and the Federal Disability Insurance
Trust Fund.
‘‘(D) The term ‘social security trust funds sur-
plus’ means, with respect to a fiscal year, the excess
of the revenues of the social security trust funds
during such fiscal year over outlays of such funds
during such fiscal year.’’.
SEC. 2. PAYGO SCORECARD DEBIT.
(a) SEQUESTRATION.—(1) Section 252(b)(1) of the
Balanced Budget and Emergency Deficit Control Act of
1985 is amended by inserting ‘‘plus the amount for the
budget year, if any, calculated under paragraph (3)’’ after
‘‘as calculated under paragraph (2)’’.
(b) CALCULATION OF SHORTFALL IN REDUCTION IN
DEBT HELD BY THE PUBLIC.—Section 252(b) of the Bal-
anced Budget and Emergency Deficit Control Act of 1985
is amended by adding at the end the following new para-
graph:
‘‘(3) CALCULATION OF SHORTFALL IN REDUC-
TION IN DEBT HELD BY THE PUBLIC.—(A) In any
fiscal year in which the Secretary of the Treasury
reduces the face amount of publicly-held obligations
issued under chapter 31 of title 31, United States
Code, pursuant to section 3101(d) of such chapter
by an amount that is less than the amount of the
social security trust funds surplus in the preceding
fiscal year, OMB shall calculate the amount of such
shortfall and shall notify the President and each
House of Congress of the amount of such shortfall.
‘‘(B) As used in this paragraph, the terms ‘so-
cial security trust funds’ and ‘social security trust
funds surplus’ have the meanings given to such
terms in section 3101(d) of title 31, United States
Code.’’.
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