TITLE I—DEBT REDUCTION
LOCK-BOX
SEC. 101. ESTABLISHMENT OF PUBLIC DEBT REDUCTION
PAYMENT ACCOUNT.
(a) IN GENERAL.—Subchapter I of chapter 31 of title
31, United States Code, is amended by adding at the end
the following new section:
‘‘§ 3114. Public debt reduction payment account
‘‘(a) There is established in the Treasury of the United
States an account to be known as the Public Debt Reduction
Payment Account (hereinafter in this section referred to as
the ‘account’).
‘‘(b) The Secretary of the Treasury shall use amounts
in the account to pay at maturity, or to redeem or buy
before maturity, any obligation of the Government held by
the public and included in the public debt. Any obligation
which is paid, redeemed, or bought with amounts from the
account shall be canceled and retired and may not be re-
issued. Amounts deposited in the account are appropriated
and may only be expended to carry out this section.
‘‘(c) There is hereby appropriated into the account on
October 1, 2000, or the date of enactment of this Act, which-
ever is later, out of any money in the Treasury not other-
wise appropriated, $42,000,000,000 for the fiscal year end-
ing September 30, 2001. The funds appropriated to this ac-
count shall remain available until expended.
‘‘(d) The appropriation made under subsection (c)
shall not be considered direct spending for purposes of sec-
tion 252 of Balanced Budget and Emergency Deficit Con-
trol Act of 1985.
‘‘(e) Establishment of and appropriations to the ac-
count shall not affect trust fund transfers that may be au-
thorized under any other provision of law.
‘‘(f) The Secretary of the Treasury and the Director
of the Office of Management and Budget shall each take
such actions as may be necessary to promptly carry out
this section in accordance with sound debt management
policies.
‘‘(g) Reducing the debt pursuant to this section shall
not interfere with the debt management policies or goals
of the Secretary of the Treasury.’’.
(b) CONFORMING AMENDMENT.—The chapter analysis
for chapter 31 of title 31, United States Code, is amended
by inserting after the item relating to section 3113 the fol-
lowing:
‘‘3114. Public debt reduction payment account.’’.
SEC. 102. REDUCTION OF STATUTORY LIMIT ON THE PUB-
LIC DEBT.
Section 3101(b) of title 31, United States Code, is
amended by inserting ‘‘minus the amount appropriated
into the Public Debt Reduction Payment Account pursuant
to section 3114(c)’’ after ‘‘$5,950,000,000,000’’.
SEC. 103. OFF-BUDGET STATUS OF PUBLIC DEBT REDUC-
TION PAYMENT ACCOUNT.
Notwithstanding any other provision of law, the re-
ceipts and disbursements of the Public Debt Reduction Pay-
ment Account established by section 3114 of title 31, United
States Code, shall not be counted as new budget authority,
outlays, receipts, or deficit or surplus for purposes of—
(1) the budget of the United States Government
as submitted by the President,
(2) the congressional budget, or
(3) the Balanced Budget and Emergency Deficit
Control Act of 1985.
SEC. 104. REMOVING PUBLIC DEBT REDUCTION PAYMENT
ACCOUNT FROM BUDGET PRONOUNCEMENTS.
(a) IN GENERAL.—Any official statement issued by the
Office of Management and Budget, the Congressional Budg-
et Office, or any other agency or instrumentality of the Fed-
eral Government of surplus or deficit totals of the budget
of the United States Government as submitted by the Presi-
dent or of the surplus or deficit totals of the congressional
budget, and any description of, or reference to, such totals
in any official publication or material issued by either of
such Offices or any other such agency or instrumentality,
shall exclude the outlays and receipts of the Public Debt
Reduction Payment Account established by section 3114 of
title 31, United States Code.
(b) SEPARATE PUBLIC DEBT REDUCTION PAYMENT
ACCOUNT BUDGET DOCUMENTS.—The excluded outlays and
receipts of the Public Debt Reduction Payment Account es-
tablished by section 3114 of title 31, United States Code,
shall be submitted in separate budget documents.
SEC. 105. REPORTS TO CONGRESS.
(a) REPORTS OF THE SECRETARY OF THE TREAS-
URY.—(1) Within 30 days after the appropriation is depos-
ited into the Public Debt Reduction Payment Account
under section 3114 of title 31, United States Code, the Sec-
retary of the Treasury shall submit a report to the Com-
mittee on Ways and Means of the House of Representatives
and the Committee on Finance of the Senate confirming
that such account has been established and the amount and
date of such deposit. Such report shall also include a de-
scription of the Secretary’s plan for using such money to
reduce debt held by the public.
(2) Not later than October 31, 2002, the Secretary of
the Treasury shall submit a report to the Committee on
Ways and Means of the House of Representatives and the
Committee on Finance of the Senate setting forth the
amount of money deposited into the Public Debt Reduction
Payment Account, the amount of debt held by the public
that was reduced, and a description of the actual debt in-
struments that were redeemed with such money.
(b) REPORT OF THE COMPTROLLER GENERAL OF THE
UNITED STATES.—Not later than November 15, 2002, the
Comptroller General of the United States shall submit a re-
port to the Committee on Ways and Means of the House
of Representatives and the Committee on Finance of the
Senate verifying all of the information set forth in the re-
ports submitted under subsection (a).
TITLE II—SOCIAL SECURITY AND
MEDICARE LOCK-BOX
SEC. 201. PROTECTION OF SOCIAL SECURITY AND MEDI-
CARE SURPLUSES.
(a) PROTECTION OF SOCIAL SECURITY AND MEDICARE
SURPLUSES.—Section 201 of the concurrent resolution on
the budget for fiscal year 2001 (H. Con. Res. 290, 106th
Congress) is amended as follows:
(1) In the section heading, by inserting ‘‘AND
MEDICARE’’ before ‘‘SURPLUSES’’.
(2) By striking subsection (c) and inserting the
following new subsection:
‘‘(c) LOCK-BOX FOR SOCIAL SECURITY AND HOSPITAL
INSURANCE SURPLUSES.—
‘‘(1) CONCURRENT RESOLUTIONS ON THE BUDG-
ET.—It shall not be in order in the House of Rep-
resentatives or the Senate to consider any concurrent
resolution on the budget, or conference report thereon
or amendment thereto, that would set forth a surplus
for any fiscal year that is less than the surplus of the
Federal Hospital Insurance Trust Fund for that fiscal
year.
‘‘(2) SUBSEQUENT LEGISLATION.—(A) Except as
provided by subparagraph (B), it shall not be in
order in the House of Representatives or the Senate
to consider any bill, joint resolution, amendment, mo-
tion, or conference report if—
‘‘(i) the enactment of that bill or resolution
as reported;
‘‘(ii) the adoption and enactment of that
amendment; or
‘‘(iii) the enactment of that bill or resolu-
tion in the form recommended in that conference
report,
would cause the on-budget surplus for any fiscal year
to be less than the projected surplus of the Federal
Hospital Insurance Trust Fund (as assumed in the
most recently agreed to concurrent resolution on the
budget) for that fiscal year or increase the amount by
which the on-budget surplus for any fiscal year would
be less than such trust fund surplus for that fiscal
year.
‘‘(B) Subparagraph (A) shall not apply to social
security reform legislation or medicare reform legisla-
tion.’’.
(3) By redesignating subsections (e) and (f) as
subsections (g) and (h), respectively, and inserting
after subsection (d) the following new subsections:
‘‘(e) CONTENT OF CONCURRENT RESOLUTION ON THE
BUDGET.—The concurrent resolution on the budget for each
fiscal year shall set forth appropriate levels for the fiscal
year beginning on October 1 of such year and for at least
each of the 4 ensuing fiscal years of the surplus or deficit
in the Federal Hospital Insurance Trust Fund.
‘‘(f) DEFINITIONS.—As used in this section:
‘‘(1) The term ‘medicare reform legislation’
means a bill or a joint resolution to save Medicare
that includes a provision stating the following: ‘For
purposes of section 201(c) of the concurrent resolution
on the budget for fiscal year 2001, this Act constitutes
medicare reform legislation.’.
‘‘(2) The term ‘social security reform legislation’
means a bill or a joint resolution to save social secu-
rity that includes a provision stating the following:
‘For purposes of section 201(c) of the concurrent reso-
lution on the budget for fiscal year 2001, this Act con-
stitutes social security reform legislation.’.’’.
(4) In the first sentence of subsection (h) (as re-
designated), by striking ‘‘(1)’’.
(5) At the end, by adding the following new sub-
section:
‘‘(i) EFFECTIVE DATE.—This section shall cease to
have any force or effect upon the enactment of social secu-
rity reform legislation and medicare reform legislation.’’.
(b) PROTECTION OF SOCIAL SECURITY AND MEDICARE
SURPLUSES.—(1) If the budget of the United States Gov-
ernment submitted by the President under section 1105(a)
of title 31, United States Code, recommends an on-budget
surplus for any fiscal year that is less than the surplus of
the Federal Hospital Insurance Trust Fund for that fiscal
year, then it shall include proposed legislative language for
social security reform legislation or medicare reform legisla-
tion.
(2) Paragraph (1) shall cease to have any force or effect
upon the enactment of social security reform legislation and
medicare reform legislation as defined by section 201(f) of
the concurrent resolution on the budget for fiscal year 2001
(H. Con. Res 290, 106th Congress).
(c) CONFORMING AMENDMENT.—The item relating to
section 201 in the table of contents set forth in section 1(b)
of the concurrent resolution on the budget for fiscal year
2001 (H. Con. Res 290, 106th Congress) is amended to read
as follows:
‘‘Sec. 201. Protection of social security and medicare surpluses.’’.
SEC. 202. REMOVING SOCIAL SECURITY FROM BUDGET PRO-
NOUNCEMENTS.
(a) IN GENERAL.—Any official statement issued by the
Office of Management and Budget, the Congressional Budg-
et Office, or any other agency or instrumentality of the Fed-
eral Government of surplus or deficit totals of the budget
of the United States Government as submitted by the Presi-
dent or of the surplus or deficit totals of the congressional
budget, and any description of, or reference to, such totals
in any official publication or material issued by either of
such Offices or any other such agency or instrumentality,
shall exclude the outlays and receipts of the old-age, sur-
vivors, and disability insurance program under title II of
the Social Security Act (including the Federal Old-Age and
Survivors Insurance Trust Fund and the Federal Disability
Insurance Trust Fund) and the related provisions of the
Internal Revenue Code of 1986.
(b) SEPARATE SOCIAL SECURITY BUDGET DOCU-
MENTS.—The excluded outlays and receipts of the old-age,
survivors, and disability insurance program under title II
of the Social Security Act shall be submitted in separate
Social Security budget documents.
Union Calendar No. 518
106TH CONGRESS
2D SESSION
H. R. 5173
[Report No. 106–862, Part I]
A BILL
To provide for reconciliation pursuant to sections
103(b)(2) and 213(b)(2)(C) of the concurrent
resolution on the budget for fiscal year 2001 to
reduce the public debt and to decrease the statu-
tory limit on the public debt.
SEPTEMBER 18, 2000
Reported from the Committee on Ways and Means with
an amendment
SEPTEMBER 18, 2000
Referral to the Committees on Budget and Rules ex-
tended for a period ending not later than September
18, 2000
SEPTEMBER 18, 2000
The Committees on Budget and Rules discharged; com-
mitted to the Whole House on the State of the Union
and ordered to be printed