[Congressional Bills 104th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2924 Enrolled Bill (ENR)]

        H.R.2924

                       One Hundred Fourth Congress

                                 of the

                        United States of America


                          AT THE SECOND SESSION

         Begun and held at the City of Washington on Wednesday,
   the third day of January, one thousand nine hundred and ninety-six


                                 An Act


 
  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.

                               Speaker of the House of Representatives.

                            Vice President of the United States and    
                                               President of the Senate.