[Congressional Bills 106th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3695 Introduced in House (IH)]







106th CONGRESS
  2d Session
                                H. R. 3695

To ensure that the fiscal year 2000 on-budget surplus is used to reduce 
                          publicly-held debt.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           February 16, 2000

Mr. Toomey (for himself, Mr. Shays, Mrs. Cubin, Mr. Watts of Oklahoma, 
Mr. Smith of Michigan, Mr. Green of Wisconsin, Mr. Coburn, Mr. Shadegg, 
 Mr. Bartlett of Maryland, Mr. Ryan of Wisconsin, Mr. Herger, Mr. Cox, 
    Mr. Vitter, Mr. Pitts, Mr. Paul, Mr. Chabot, Mr. Tancredo, Mrs. 
   Chenoweth-Hage, Mr. Terry, Mr. Gary Miller of California, and Mr. 
   Largent) introduced the following bill; which was referred to the 
                           Committee on Rules

_______________________________________________________________________

                                 A BILL


 
To ensure that the fiscal year 2000 on-budget surplus is used to reduce 
                          publicly-held debt.

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

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Save Our Surplus for Debt Reduction 
Act of 2000''.

SEC. 2. FINDINGS AND PURPOSE.

    (a) Findings.--Congress finds that--
            (1) the Congressional Budget Office currently estimates 
        that the Government will have a $23 billion non-social security 
        surplus (on-budget surplus) in fiscal year 2000;
            (2) Government spending in fiscal year 2000 will increase 
        faster than the rate of inflation for a total of over 
        $1,750,000,000,000;
            (3) Government publicly-held debt in fiscal year 2000 will 
        be reduced by over $150 billion, yet debt held by the public 
        will remain in excess of $3,450,000,000,000 and cost over 
        $200,000,000,000 in annual interest payments;
            (4) Government revenues in fiscal year 2000 will be 20.3 
        percent of the Gross Domestic Product, which is the highest 
        level since World War II; and
            (5) nearly 40 million citizens currently rely on social 
        security and medicare, yet as more Americans retire over the 
        next decade, these programs will begin running deficits and 
        jeopardize their retirement.
    (b) Purpose.--It is the purpose of this Act to ensure that the 
fiscal year 2000 on-budget surplus is used to reduce publicly-held 
debt.

SEC. 3. REDUCTION OF PUBLICLY-HELD DEBT.

    (a) Point of Order Against Certain Legislation.--Except as provided 
by subsection (b), it shall not be in order in the House of 
Representatives or the Senate to consider any bill, joint resolution, 
amendment, motion, or conference report if--
            (1) the enactment of that bill or resolution as reported;
            (2) the adoption and enactment of that amendment; or
            (3) the enactment of that bill or resolution in the form 
        recommended in that conference report,
would cause a decrease in the on-budget surplus for fiscal year 2000.
    (b) Exception.--The point of order set forth in subsection (a) 
shall not apply to a bill, joint resolution, amendment, motion, or 
conference report if it--
            (1) reduces revenues;
            (2) implements structural social security reform; or
            (3) implements structural medicare reform.
    (c) Waivers and Appeals in the Senate.--
            (1) Waivers.--Subsection (a) may be waived or suspended in 
        the Senate only by the affirmative vote of three-fifths of the 
        Members, duly chosen and sworn.
            (2) Appeals.--(A) Appeals in the Senate from the decisions 
        of the Chair relating to subsection (a) shall be limited to 1 
        hour, to be equally divided between, and controlled by, the 
        mover and the manager of the bill, joint resolution, amendment, 
        motion, or conference report, as the case may be.
            (B) An affirmative vote of three-fifths of the Members, 
        duly chosen and sworn, shall be required in the Senate to 
        sustain an appeal of the ruling of the Chair on a point of 
        order raised under subsection (a).

SEC. 4. SUNSET PROVISION.

    The provisions of this Act shall cease to have any force or effect 
on October 1, 2000.
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