To amend the Social Security Act to establish the Protect Social Security Account into which the Secretary of the Treasury shall deposit budget surpluses until a reform measure is enacted to ensure the long-term solvency of the OASDI trust funds.

Summary

Amends title II (Old Age, Survivors and Disability Insurance) (OASDI) of the Social Security Act to establish in the Treasury the Protect Social Security Account to save budget surpluses until a reform measure is enacted to ensure the long-term solvency of the OASDI trust funds. Requires the Secretary of the Treasury to: (1) pay into the Account annually during each fiscal-year period from FY 1998 through 2008 amounts totalling, in the aggregate, 90 percent of the projected surplus (if any) in the total Government budget (including both on-budget and off-budget accounts) for that fiscal-year period; and (2) invest the funds held in the Account in public debt obligations.

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Documents

6 official files

• Passed House amended

  summary · EN · 25 September 1998

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• Reported in House (text)

  Reported in House · EN · 23 September 1998

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• Reported in House (PDF)

  Reported in House · EN · 23 September 1998

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• Introduced in House (text)

  Introduced in House · EN · 16 September 1998

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• Introduced in House (PDF)

  Introduced in House · EN · 16 September 1998

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• Introduced in House

  summary · EN · 16 September 1998

  Open at official source

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