United States · Amendment · HAMDT

HAMDT 19 (107th)

An amendment to reserve half of the on-budget surplus over the next 5 years ($370 billion) for debt reduction and strengthening Social Security and Medicare; devote one quarter of the on-budget surplus to tax cuts retroactive to 2001, and for a net tax cut of $180 billion from 2001-2006. The amendment also saves 100% of the Social Security and Medicare trust fund surpluses for future retirees and prohibits those surpluses from being used for any other purpose. In addition, the amendment provides for an immediate tax cut of $23 billion in FY 2001; allocates 25% of the on-budget surplus over the next 5 years for investments in priorities identified by the President with bipartisan support in Congress; enforces discretionary spending levels; provides $92 billion for prescription drug coverage; provides a total of $57 billion for mandatory agriculture spending; and finally, increases spending by $20 billion in budget authority and $25 billion in outlays, with an increase of $23.5 billion for education.