[Congressional Bills 106th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3175 Introduced in House (IH)]







106th CONGRESS
  1st Session
                                H. R. 3175

  To amend chapter 31 of title 31, United States Code, to require the 
  Secretary of the Treasury to reduce the debt held by the public in 
fiscal year 2000 by up to the amount of surplus in the Social Security 
                  trust funds, and for other purposes.


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                    IN THE HOUSE OF REPRESENTATIVES

                            October 28, 1999

  Mr. Minge (for himself, Mr. Stenholm, Mr. John, Mr. Cramer, and Mr. 
   Phelps) introduced the following bill; which was referred to the 
 Committee on Ways and Means, and in addition to the Committee on the 
 Budget, for a period to be subsequently determined by the Speaker, in 
   each case for consideration of such provisions as fall within the 
                jurisdiction of the committee concerned

_______________________________________________________________________

                                 A BILL


 
  To amend chapter 31 of title 31, United States Code, to require the 
  Secretary of the Treasury to reduce the debt held by the public in 
fiscal year 2000 by up to the amount of surplus in the Social Security 
                  trust funds, and for other purposes.

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

SECTION 1. REDUCTION IN DEBT HELD BY THE PUBLIC.

    Section 3101 of chapter 31 of title 31, United States Code, is 
amended by adding at the end the following new subsection:
    ``(d)(1) On October 1, 2000, the Secretary of the Treasury shall 
reduce the face amount of publicly-held obligations issued under this 
chapter and the face amount of publicly-held obligations whose 
principal and interest are guaranteed by the United States Government 
(except guaranteed obligations held by the Secretary of the Treasury) 
by an amount not to exceed the amount of the social security trust 
funds surplus in the preceding fiscal year.
    ``(2) For purposes of this subsection:
            ``(A) The term `publicly-held obligation' means any 
        obligation subject to the public debt limit established under 
        this section, except any obligation issued under this chapter 
        directly to a Federal fund.
            ``(B) The term `Federal fund' means any Federal trust fund 
        or Government account established pursuant to Federal law to 
        which the Secretary of the Treasury has issued or is expressly 
        authorized by law directly to issue obligations under this 
        chapter in respect of public money, money otherwise required to 
        be deposited in the Treasury, or amounts appropriated.
            ``(C) The term `social security trust funds' means the 
        Federal Old-Age and Survivors Insurance Trust Fund and the 
        Federal Disability Insurance Trust Fund.
            ``(D) The term `social security trust funds surplus' means, 
        with respect to a fiscal year, the excess of the revenues of 
        the social security trust funds during such fiscal year over 
        outlays of such funds during such fiscal year.''.

SEC. 2. PAYGO SCORECARD DEBIT.

    (a) Sequestration.--(1) Section 252(b)(1) of the Balanced Budget 
and Emergency Deficit Control Act of 1985 is amended by inserting 
``plus the amount for the budget year, if any, calculated under 
paragraph (3)'' after ``as calculated under paragraph (2)''.
    (b) Calculation of Shortfall in Reduction in Debt Held By the 
Public.--Section 252(b) of the Balanced Budget and Emergency Deficit 
Control Act of 1985 is amended by adding at the end the following new 
paragraph:
            ``(3) Calculation of shortfall in reduction in debt held by 
        the public.--(A) In any fiscal year in which the Secretary of 
        the Treasury reduces the face amount of publicly-held 
        obligations issued under chapter 31 of title 31, United States 
        Code, pursuant to section 3101(d) of such chapter by an amount 
        that is less than the amount of the social security trust funds 
        surplus in the preceding fiscal year, OMB shall calculate the 
        amount of such shortfall and shall notify the President and 
        each House of Congress of the amount of such shortfall.
            ``(B) As used in this paragraph, the terms `social security 
        trust funds' and `social security trust funds surplus' have the 
        meanings given to such terms in section 3101(d) of title 31, 
        United States Code.''.
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