106TH CONGRESS
2D SESSION
H. R. 5173
AN ACT
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 statutory limit on the public 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 ‘‘Debt Relief Lock-box
Reconciliation Act for Fiscal Year 2001’’.
SEC. 2. FINDINGS AND PURPOSE.
(a) FINDINGS.—The Congress finds that—
(1) fiscal discipline, resulting from the Bal-
anced Budget Act of 1997, and strong economic
growth have ended decades of deficit spending and
have produced budget surpluses without using the
social security surplus;
(2) fiscal pressures will mount in the future as
the aging of the population increases budget obliga-
tions;
(3) until Congress and the President agree to
legislation that saves social security and medicare,
the social security and medicare surpluses should be
used to reduce the debt held by the public;
(4) until Congress and the President agree on
significant tax reductions, amounts dedicated for
that purpose shall be used to reduce the debt held
by the public;
(5) strengthening the Government’s fiscal posi-
tion through public debt reduction increases national
savings, promotes economic growth, reduces interest
costs, and is a constructive way to prepare for the
Government’s future budget obligations; and
(6) it is fiscally responsible and in the long-
term national economic interest to use a portion of
the nonsocial security and nonmedicare surpluses to
reduce the debt held by the public.
(b) PURPOSE.—It is the purpose of this Act to—
(1) reduce the debt held by the public by
$240,000,000,000 in fiscal year 2001 with the goal
of eliminating this debt by 2012;
(2) decrease the statutory limit on the public
debt; and
(3) ensure that the social security and hospital
insurance trust funds shall not be used for other
purposes.
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 obliga-
tion which is paid, redeemed, or bought with amounts
from the account shall be canceled and retired and may
not be reissued. Amounts deposited in the account are ap-
propriated 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,
whichever is later, out of any money in the Treasury not
otherwise appropriated, $42,000,000,000 for the fiscal
year ending September 30, 2001. The funds appropriated
to this account 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
authorized 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 anal-
ysis for chapter 31 of title 31, United States Code, is
amended by inserting after the item relating to section
3113 the following:
‘‘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 pursu-
ant 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
Payment 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 pur-
poses of—
(1) the budget of the United States Govern-
ment as submitted by the President,
(2) the congressional budget, or
(3) the Balanced Budget and Emergency Def-
icit Control Act of 1985.
SEC. 104. REMOVING PUBLIC DEBT REDUCTION PAYMENT
ACCOUNT 
FROM 
BUDGET 
PRONOUNCE-
MENTS.
(a) IN GENERAL.—Any official statement issued by
the Office of Management and Budget, the Congressional
Budget Office, or any other agency or instrumentality of
the Federal Government of surplus or deficit totals of the
budget of the United States Government as submitted by
the President or of the surplus or deficit totals of the con-
gressional 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 in-
strumentality, 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 Ac-
count established by section 3114 of title 31, United
States Code, shall be submitted in separate budget docu-
ments.
SEC. 105. REPORTS TO CONGRESS.
(a) REPORTS OF THE SECRETARY OF THE TREAS-
URY.—(1) Within 30 days after the appropriation is de-
posited into the Public Debt Reduction Payment Account
under section 3114 of title 31, United States Code, the
Secretary of the Treasury shall submit a report to the
Committee on Ways and Means of the House of Rep-
resentatives 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 description 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 Reduc-
tion Payment Account, the amount of debt held by the
public that was reduced, and a description of the actual
debt instruments 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 report to the Committee on Ways and Means
of the House of Representatives and the Committee on
(3) By striking subsection (c) and inserting the
following new subsection:
‘‘(c) LOCK-BOX FOR SOCIAL SECURITY AND HOS-
PITAL INSURANCE SURPLUSES.—
‘‘(1) CONCURRENT
RESOLUTIONS
ON
THE
BUDGET.—
‘‘(A) IN
GENERAL.—It shall not be in
order in the House of Representatives or the
Senate to consider any concurrent resolution on
the budget, an amendment thereto, or con-
ference report thereon, 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.
‘‘(B) EXCEPTION.—(i) Subparagraph (A)
shall not apply to the extent that a violation of
such subsection would result from an assump-
tion in the resolution, amendment, or con-
ference report, as applicable, of an increase in
outlays or a decrease in revenue relative to the
baseline underlying that resolution for social se-
curity reform legislation or medicare reform leg-
islation for any such fiscal year.
‘‘(ii) If a concurrent resolution on the
budget or an amendment thereto or conference
report thereon would be in violation of subpara-
graph (A) because of an assumption of an in-
crease in outlays or a decrease in revenue rel-
ative to the baseline underlying that resolution
for social security reform legislation or medi-
care reform legislation for any such fiscal year,
then that resolution shall include a statement
identifying any such increase in outlays or de-
crease in revenue.
‘‘(2) SPENDING AND TAX LEGISLATION.—
‘‘(A) IN
GENERAL.—It shall not be in
order in the House of Representatives or the
Senate to consider any bill, joint resolution,
amendment, motion, or conference report if—
‘‘(i)(I) in the House, the enactment of
that bill or resolution as reported; or
‘‘(II) in the Senate, the enactment of
that bill or resolution;
‘‘(ii) the adoption and enactment of
that amendment; or
‘‘(iii) the enactment of that bill or res-
olution in the form recommended in that
conference report,
would cause the surplus for any fiscal year cov-
ered by the most recently agreed to concurrent
resolution on the budget to be less than the sur-
plus of the Federal Hospital Insurance Trust
Fund for that fiscal year.
‘‘(B) 
EXCEPTION.—Subparagraph 
(A)
shall not apply to social security reform legisla-
tion or medicare reform legislation.’’.
(4) By redesignating subsections (e) and (f) as
subsections (h) and (i), respectively, and inserting
after subsection (d) the following new subsections:
‘‘(e) ENFORCEMENT.—
‘‘(1) BUDGETARY LEVELS WITH RESPECT TO
CONCURRENT RESOLUTIONS ON THE BUDGET.—For
purposes of enforcing any point of order under sub-
section (c)(1), the surplus for any fiscal year shall
be—
‘‘(A) the levels set forth in the later of the
concurrent resolution on the budget, as re-
ported, or in the conference report on the con-
current resolution on the budget; and
‘‘(B) adjusted to the maximum extent al-
lowable under all procedures that allow budg-
etary aggregates to be adjusted for legislation
that would cause a decrease in the surplus for
any fiscal year covered by the concurrent reso-
lution on the budget (other than procedures de-
scribed in paragraph (2)(A)(ii)).
‘‘(2) CURRENT
LEVELS
WITH
RESPECT
TO
SPENDING AND TAX LEGISLATION.—
‘‘(A) IN GENERAL.—For purposes of en-
forcing any point of order under subsection
(c)(2), the current levels of the surplus for any
fiscal year shall be—
‘‘(i) calculated using the following
assumptions—
‘‘(I) direct spending and revenue
levels at the baseline levels underlying
the most recently agreed to concur-
rent resolution on the budget; and
‘‘(II) for the budget year, discre-
tionary spending levels at current law
levels and, for outyears, discretionary
spending levels at the baseline levels
underlying the most recently agreed to
concurrent resolution on the budget;
and
‘‘(ii) adjusted for changes in the sur-
plus levels set forth in the most recently
agreed to concurrent resolution on the
budget pursuant to procedures in such res-
olution that authorize adjustments in
budgetary aggregates for updated economic
and technical assumptions in the mid-ses-
sion report of the Director of the Congres-
sional Budget Office.
‘‘(iii) Such revisions shall be included in
the first current level report on the congres-
sional budget submitted for publication in the
Congressional Record after the release of such
mid-session report.
‘‘(B) BUDGETARY TREATMENT.—For pur-
poses of enforcing any point of order under sub-
section (c)(2), changes in outlays or receipts re-
sulting from social security reform legislation or
medicare reform legislation shall not be counted
in calculating the surplus for any fiscal year.
‘‘(3) DISCLOSURE OF HI SURPLUS.—For pur-
poses of enforcing any point of order under sub-
section (c), the surplus of the Federal Hospital In-
surance Trust Fund for a fiscal year shall be the
levels set forth in the later of the report accom-
panying the concurrent resolution on the budget (or,
in the absence of such a report, placed in the Con-
gressional Record prior to the consideration of such
2001, this Act constitutes social security reform leg-
islation.’.’’.
(5) In the first sentence of subsection (i) (as re-
designated), by striking ‘‘(1)’’.
(6) At the end, by adding the following new
subsection:
‘‘(j) 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 MEDI-
CARE SURPLUSES.—(1) If the budget of the United States
Government 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 legislation.
(2) Paragraph (1) shall cease to have any force or
effect upon the enactment of social security reform legisla-
tion and medicare reform legislation as defined by section
201(g) of the concurrent resolution on the budget for fis-
cal 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
PRONOUNCEMENTS.
(a) IN GENERAL.—Any official statement issued by
the Office of Management and Budget, the Congressional
Budget Office, or any other agency or instrumentality of
the Federal Government of surplus or deficit totals of the
budget of the United States Government as submitted by
the President or of the surplus or deficit totals of the con-
gressional 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 in-
strumentality, shall exclude the outlays and receipts of the
old-age, survivors, 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.
Passed the House of Representatives September 18,
2000.
Attest:
Clerk.