[Congressional Bills 106th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4195 Introduced in House (IH)]







106th CONGRESS
  2d Session
                                H. R. 4195

  To protect Social Security and provide for repayment of the Federal 
                                 debt.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             April 5, 2000

 Mr. Schaffer introduced the following bill; which was referred to the 
Committee on the Budget, and in addition to the Committees on Ways and 
  Means, and Rules, 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 protect Social Security and provide for repayment of the Federal 
                                 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 ``American Social Security Protection 
and Debt Repayment Act''.

SEC. 2. BALANCED BUDGET REQUIREMENT.

    Beginning with fiscal year 2001 and for every fiscal year 
thereafter, budgeted outlays shall not exceed budgeted revenues.

SEC. 3. REDUCTION OF NATIONAL DEBT.

    (a) In General.--Beginning with fiscal year 2001 and for every 
fiscal year thereafter, actual revenues shall exceed actual outlays in 
order to provide for the reduction of the Federal debt held by the 
public as provided in subsections (b) and (c).
    (b) Amount.--The on budget surplus shall be large enough so that 
debt held by the public will be reduced each year beginning in fiscal 
year 2001. The amount of reduction required by this subsection shall be 
$15,000,000,000 in fiscal year 2001 and shall increase by an additional 
$15,000,000,000 every fiscal year until the entire debt owed to the 
public has been paid.
    (c) Social Security Surplus and Debt Repayment.--
            (1) In general.--Until such time as Congress enacts major 
        social security reform legislation, the surplus funds each year 
        in the Federal Old Age and Survivors Insurance Trust Fund and 
        the Federal Disability Insurance Trust Fund shall be used to 
        reduce the debt owed to the public. This section shall not 
        apply beginning on the fiscal year after social security reform 
        legislation is enacted by Congress.
            (2) Definition.--In this subsection, the term ``social 
        security reform legislation'' means legislation that--
                    (A) insures the long-term financial solvency of the 
                social security system; and
                    (B) includes an option for private investment of 
                social security funds by beneficiaries.

SEC. 4. POINT OF ORDER AND WAIVER.

    (a) Point of Order.--It shall not be in order to consider any 
concurrent resolution on the budget that does not comply with this Act.
    (b) Waiver.--Congress may waive the provisions of this Act for any 
fiscal year in which a declaration of war is in effect.

SEC. 5. MAJORITY REQUIREMENT FOR REVENUE INCREASE.

    No bill to increase revenues shall be deemed to have passed the 
House of Representatives or the Senate unless approved by a majority of 
the total membership of each House of Congress by a rollcall vote.

SEC. 6. REVIEW OF REVENUES.

    Congress shall review actual revenues on a quarterly basis and 
adjust outlays to assure compliance with this Act.

SEC. 7. DEFINITIONS.

    In this Act:
            (1) Outlays.--The term ``outlays'' shall include all 
        outlays of the United States excluding repayment of debt 
        principal.
            (2) Revenues.--The term ``revenues'' shall include all 
        revenues of the United States excluding borrowing.
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