[Congressional Bills 104th Congress]
[From the U.S. Government Publishing Office]
[S. 1555 Indefinitely Postponed Senate (IPS)]

  2d Session
                                S. 1555

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


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                            February 1, 1996

    Mr. Dole (for himself, Mr. Roth, Mr. McCain, and Mr. Domenici) 
 introduced the following bill; which was read twice, considered, read 
               the third time, and indefinitely postponed

_______________________________________________________________________

                                 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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