A bill to amend the Social Security Act to provide for temporary borrowing authority for the Federal Old-Age and Survivors Insurance and Disability Insurance Trust Funds.

Summary

Amends title II (Old Age, Survivors and Disability Insurance) of the Social Security Act to extend the authorization for interfund borrowing among the social security trust funds (the Federal Old-Age and Survivors Insurance Trust Fund, the Federal Disability Insurance Trust Fund, and the Federal Hospital Insurance Trust Fund) through 1984. (Currently, interfund borrowing is permitted at any time prior to January 1983.) Permits the Managing Trustee of the Federal Old-Age and Survivors Insurance Trust Fund and the Federal Disability Insurance Trust Fund to finance the benefit payments from such trust funds by borrowing money from the general fund of the Treasury at any time before October 1989. Sets the maximum amount which may be borrowed under this Act at $80,000,000,000. Sets forth interest and loan repayment requirements for such loans. Authorizes the Secretary of the Treasury to issue bonds, notes, or other obligations if a loan made under this Act requires an increase in the amount required to be borrowed by the United States to cover its expenditures.

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Documents

1 official file

• Introduced in Senate

  summary · EN · 10 December 1982

  Open at official source

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