SEC. 106. BUDGETARY TREATMENT OF SOCIAL SECURITY. 
(a) IN GENERAL.—Section 710 of the Social Security 
Act (42 U.S.C. 911) is amended to read as follows: 
‘‘BUDGETARY TREATMENT OF SOCIAL SECURITY 
‘‘SEC. 710. (a) IN GENERAL.—Notwithstanding any 
other provision of law and except as provided in subsection 
(b), the receipts and disbursements of the Federal Old- 
Age and Survivors Insurance Trust Fund, the Federal 
Disability Insurance Trust Fund, the Social Security Per-
sonal Savings Fund, and the Self-Liquidating Social Secu-
rity Transition Fund (including transfers to and from ei-
ther such Trust Fund or such Savings Fund or such Tran-
sition Fund relating to the acquisition or redemption of 
obligations acquired by either such Trust Fund or such 
Savings Fund or such Transition Fund) and the taxes im-
posed under sections 1401 and 3101 of the Internal Rev-
enue Code of 1986 shall not be counted as new budget 
authority, outlays, receipts, or deficit or surplus for pur-
poses of the budget of the Government as submitted by 
the President or the congressional budget or be reported 
as new budget authority, outlays, receipts, or deficit or 
surplus in any report of the Congressional Budget Office 
or any other agency or instrumentality of the Government 
‘‘(b) MATTERS INCLUDED IN THE BUDGET.—Sub-
section (a) shall not apply with respect to the following:
‘‘(1) transfers from the general fund of the 
Treasury to the Federal Old-Age and Survivors In-
surance Trust Fund under section 201(o) (relating 
to recapture of corporate tax on account yields), 
which shall be treated as an expenditure of the Gov-
ernment; 
‘‘(2) transfers from the general fund of the 
Treasury to the Federal Old-Age and Survivors In-
surance Trust Fund under section 201(p) (relating 
to recapture of Government savings over baseline), 
which shall be treated as an expenditure of the Gov-
ernment; 
‘‘(3) transfers from the general fund of the 
Treasury to the Federal Old-Age and Survivors In-
surance Trust Fund or the Federal Disability Insur-
ance Trust Fund under section 121(e) of the Social 
Security Amendments of 1983 (relating to appro-
priation of amounts equivalent to taxes on social se-
curity benefits) (42 U.S.C. 401 note), which shall be 
treated as an expenditure of the Government; and 
‘‘(4) revenues from taxes imposed under chap-
ter 1 of the Internal Revenue Code of 1986, to the 
extent attributable to section 86 of such Code (relat-
ing to taxation of social security and tier 1 railroad
retirement benefits), which shall be treated as a re-
ceipt of the Government.’’. 
(b) CONFORMING AMENDMENTS.— 
(1) Section 13301 of the Budget Enforcement 
Act of 1990 (2 U.S.C. 632; 2 U.S.C. 632 note) is 
repealed. 
(2) Section 405 of the Congressional Budget 
Act of 1974 (2 U.S.C. 655) is amended— 
(A) by inserting ‘‘other than section 710 of 
the Social Security Act’’ after ‘‘Notwith-
standing any other provision of law’’; and 
(B) by striking ‘‘section, not including’’ 
and all that follows through ‘‘Funds,’’ and in-
serting ‘‘section’’. 
(c) EFFECTIVE DATE.—The amendments made by 
this section shall apply with respect to fiscal years begin-
ning on or after October 1, 2005. 
SEC. 107. DEDICATION OF BUDGET SURPLUSES TO SAVING 
SOCIAL SECURITY. 
(a) IN GENERAL.—Section 201 of the Social Security 
Act (as amended by section 103 of this Act) is amended 
further by adding at the end the following new subsection: 
‘‘Transfer of Total Budget Surpluses to Trust Fund 
‘‘(q) In the case of any fiscal year for which the total 
amount treated as income of the Federal Government in
the total budget of the United States have exceeded the 
total amount treated as expenditures of the Federal Gov-
ernment in the total budget of the United States (as deter-
mined by the Director of the Office of Management and 
Budget without regard to section 710), not later than 3 
months after the end of such fiscal year, the Secretary 
of the Treasury shall transfer from the general fund of 
the Treasury to the Federal Old-Age and Survivors Insur-
ance Trust Fund an amount equal to the lesser of— 
‘‘(1) the total amount transferred from the 
Trust Fund during such fiscal year to the Social Se-
curity Personal Savings Fund under section 252(b) 
(relating to deposit of amounts equal to redirected 
social security contributions), or 
‘‘(2) the amount by which such total amount 
treated as receipts exceeded such total amount treat-
ed as expenditures.’’. 
(b) EFFECTIVE DATE.—The amendment made by 
subsection (a) shall apply with respect to fiscal years be-
ginning after September 30, 2005.
SEC. 108. ACCOUNTING FOR THE OLD-AGE, SURVIVORS, 
AND DISABILITY INSURANCE PROGRAM AND 
THE PERSONAL SOCIAL SECURITY SAVINGS 
PROGRAM. 
Title VII of the Social Security Act is amended by 
inserting after section 705 (42 U.S.C. 906) the following 
new section: 
‘‘ACCOUNTING FOR THE OLD-AGE, SURVIVORS, AND DIS-
ABILITY INSURANCE PROGRAM AND THE INDIVIDUAL 
SOCIAL SECURITY INVESTMENT PROGRAM 
‘‘Social Security Lockbox Budget 
‘‘SEC. 706. (a) At the time of the transmittal to the 
Congress by the President of the budget of the United 
States Government, the President shall transmit to each 
House of the Congress a separate report (to be known as 
the ‘Social Security Lockbox Budget’) detailing the per-
formance during the preceding fiscal year of each of the 
accounts established under subsection (b). Such report 
shall set forth, as determined as of the end of the year— 
‘‘(1) the amount of the balance of each account, 
‘‘(2) the amount of the total charges and the 
amount of the total credits to each account for the 
year, and 
‘‘(3) the amount of the total for the year of 
each category of charges and credits itemized in sub-
section (b).