[Congressional Bills 104th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2924 Considered and Passed House (CPH)]

  2d Session
                                H. R. 2924

 To guarantee the timely payment of social security benefits in March 
                                 1996.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            February 1, 1996

Mr. Archer (for himself, Mr. Crane, Mr. Thomas, Mr. Shaw, Mrs. Johnson 
of Connecticut, Mr. Bunning of Kentucky, Mr. Houghton, Mr. Herger, Mr. 
 McCrery, Mr. Hancock, Mr. Camp, Mr. Ramstad, Mr. Zimmer, Mr. Nussle, 
   Mr. Sam Johnson of Texas, Ms. Dunn of Washington, Mr. Collins of 
     Georgia, Mr. Portman, Mr. Hayes, Mr. Laughlin, Mr. English of 
Pennsylvania, Mr. Ensign, and Mr. Christensen) introduced the following 
      bill; which was referred to the Committee on Ways and Means

                            February 1, 1996

   The Committee on Ways and Means discharged; considered and passed

_______________________________________________________________________

                                 A BILL


 
 To guarantee the timely payment of social security benefits in March 
                                 1996.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. TIMELY PAYMENT OF MARCH 1996 SOCIAL SECURITY BENEFITS 
              GUARANTEED.

    (a) Findings.--
            (1) Congress intends to pass an increase in the public debt 
        limit before March 1, 1996.
            (2) In the interim, social security beneficiaries should be 
        assured that social security benefits will be paid on a timely 
        basis in March 1996.
    (b) Guarantee of Social Security Benefit Payments.--In addition to 
any other authority provided by law, the Secretary of the Treasury may 
issue under chapter 31 of title 31, United States Code, obligations of 
the United States before March 1, 1996, in an amount equal to the 
monthly insurance benefits payable under title II of the Social 
Security Act in March 1996.
    (c) Obligations Exempt From Public Debt Limit.--
            (1) In general.--Obligations issued under subsection (b) 
        shall not be taken into account in applying the limitation in 
        section 3101(b) of title 31, United States Code.
            (2) Termination of exemption.--Paragraph (1) shall cease to 
        apply on the earlier of--
                    (A) the date of the enactment of the first increase 
                in the limitation in section 3101(b) of title 31, 
                United States Code, after the date of the enactment of 
                this Act, or
                    (B) March 15, 1996.
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