American Social Security Protection and Debt Repayment Act

Summary

American Social Security Protection and Debt Repayment Act - Prohibits, beginning with FY 2001, budgeted outlays from exceeding budgeted revenues. Requires actual revenues to exceed actual outlays in order to provide for the reduction of the Federal debt held by the public. Provides for a reduction in the public debt of $15 billion in FY 2001, increased by an additional $15 billion every fiscal year until the entire debt has been paid. Requires the surplus funds in the Federal Old Age and Survivors and Disability Insurance Trust Funds to be used to reduce the debt owed to the public until Congress enacts major social security reform legislation. Defines "social security reform legislation" as legislation that: (1) insures the long-term financial solvency of the social security system; and (2) includes an option for private investment of social security funds by beneficiaries. Provides a point of order against consideration of any concurrent resolution on the budget that does not comply with this Act. Authorizes a waiver of this Act for any fiscal year in which a declaration of war is in effect. Bars any bill to increase revenues from being deemed to have passed the House of Representatives or the Senate unless approved by a majority of each House. Directs Congress to review actual revenues on a quarterly basis and adjust outlays to assure compliance with this Act.

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Timeline

1. 8 March 2000

   Introduced

   Read twice and referred jointly to the Committees on the Budget; and Governmental Affairs pursuant to the order of August 4, 1977, with instructions that if one Committee reports, the other Committee have thirty days to report or be discharged. (text of measure as introduced: CR S1325)

   Source: IntroReferral

2. 8 March 2000

   Introduced

   Sponsor introductory remarks on measure. (CR S1324-1325)

   Source: IntroReferral

3. 8 March 2000

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Referral Instructions Senate · 8 March 2000 · Download file

Documents

3 official files

• Referral Instructions Senate (text)

  Referral Instructions Senate · EN · 8 March 2000

  ViewDownloadOpen at official source

• Referral Instructions Senate (PDF)

  Referral Instructions Senate · EN · 8 March 2000

  ViewDownloadOpen at official source

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• Introduced in Senate

  summary · EN · 8 March 2000

  Open at official source

  Leesvertaling

  Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.

  Vertaal naarNL · DutchDE · GermanFR · FrenchES · SpanishIT · ItalianPL · PolishPT · PortugueseSV · SwedishDA · DanishFI · FinnishEL · GreekCS · CzechHU · HungarianRO · RomanianBG · BulgarianHR · CroatianSK · SlovakSL · SlovenianLT · LithuanianLV · LatvianET · EstonianGA · IrishMT · Maltese

  Vertaal document

  Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

Sponsors

• Sen. Allard, Wayne [R-CO] · R · Sponsor
• Sen. Enzi, Michael B. [R-WY] · R · Cosponsor
• · ssga00 · Standing
• · ssbu00 · Standing

Related records

• related to → American Social Security Protection and Debt Repayment Act