[Congressional Bills 106th Congress]
[From the U.S. Government Publishing Office]
[H.R. 5173 Introduced in House (IH)]







106th CONGRESS
  2d Session
                                H. R. 5173

   To provide for reconciliation pursuant to sections 103(b)(2) and 
213(b)(2)(C) of the concurrent resolution on the budget for fiscal year 
 2001 to reduce the public debt and to decrease the statutory limit on 
                            the public debt.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           September 14, 2000

   Mr. Fletcher (for himself, Mr. Herger, Mr. Archer, Mr. Shaw, Mr. 
    Nussle, Mr. Crane, Mr. Gary Miller of California, Mr. Lewis of 
    Kentucky, Mr. Kuykendall, Mr. Tancredo, Mr. Camp, Ms. Dunn, Mr. 
   Hayworth, Mr. English, Mr. Sam Johnson of Texas, Mr. Portman, Mr. 
  Ramstad, and Mr. Green of Wisconsin) introduced the following bill; 
which was referred to the Committee on Ways and Means, and in addition 
    to the Committees on the Budget, 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 provide for reconciliation pursuant to sections 103(b)(2) and 
213(b)(2)(C) of the concurrent resolution on the budget for fiscal year 
 2001 to reduce the public debt and to decrease the statutory limit on 
                            the public 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 ``Debt Relief Lock-box Reconciliation 
Act for Fiscal Year 2001''.

SEC. 2. FINDINGS AND PURPOSE.

    (a) Findings.--The Congress finds that--
            (1) fiscal discipline, resulting from the Balanced Budget 
        Act of 1997, and strong economic growth have ended decades of 
        deficit spending and have produced budget surpluses without 
        using the social security surplus;
            (2) fiscal pressures will mount in the future as the aging 
        of the population increases budget obligations;
            (3) until Congress and the President agree to legislation 
        that saves social security and medicare, the social security 
        and medicare surpluses should be used to reduce the debt held 
        by the public;
            (4) until Congress and the President agree on significant 
        tax reductions, amounts dedicated for that purpose shall be 
        used to reduce the debt held by the public;
            (5) strengthening the Government's fiscal position through 
        public debt reduction increases national savings, promotes 
        economic growth, reduces interest costs, and is a constructive 
        way to prepare for the Government's future budget obligations; 
        and
            (6) it is fiscally responsible and in the long-term 
        national economic interest to use a portion of the nonsocial 
        security and nonmedicare surpluses to reduce the debt held by 
        the public.
    (b) Purpose.--It is the purpose of this Act to--
            (1) reduce the debt held by the public by $240,000,000,000 
        in fiscal year 2001 with the goal of eliminating this debt by 
        2012; and
            (2) decrease the statutory limit on the public debt.

                    TITLE I--DEBT REDUCTION LOCK-BOX

SEC. 101. ESTABLISHMENT OF PUBLIC DEBT REDUCTION PAYMENT ACCOUNT.

    (a) In General.--Subchapter I of chapter 31 of title 31, United 
States Code, is amended by adding at the end the following new section:
``Sec. 3114. Public debt reduction payment account
    ``(a) There is established in the Treasury of the United States an 
account to be known as the Public Debt Reduction Payment Account 
(hereinafter in this section referred to as the `account').
    ``(b) The Secretary of the Treasury shall use amounts in the 
account to pay at maturity, or to redeem or buy before maturity, any 
obligation of the Government held by the public and included in the 
public debt. Any obligation which is paid, redeemed, or bought with 
amounts from the account shall be canceled and retired and may not be 
reissued. Amounts deposited in the account are appropriated and may 
only be expended to carry out this section.
    ``(c) There is hereby appropriated into the account on October 1, 
2000, or the date of enactment of this Act, whichever is later, out of 
any money in the Treasury not otherwise appropriated, $42,000,000,000 
for the fiscal year ending September 30, 2001. The funds appropriated 
to this account shall remain available until expended.
    ``(d) The appropriation made under subsection (c) shall not be 
considered direct spending for purposes of section 252 of Balanced 
Budget and Emergency Deficit Control Act of 1985.
    ``(e) Establishment of and appropriations to the account shall not 
affect trust fund transfers that may be authorized under any other 
provision of law.
    ``(f) The Secretary of the Treasury and the Director of the Office 
of Management and Budget shall each take such actions as may be 
necessary to promptly carry out this section in accordance with sound 
debt management policies.
    ``(g) Reducing the debt pursuant to this section shall not 
interfere with the debt management policies or goals of the Secretary 
of the Treasury.''.
    (b) Conforming Amendment.--The chapter analysis for chapter 31 of 
title 31, United States Code, is amended by inserting after the item 
relating to section 3113 the following:

``3114. Public debt reduction payment account.''.

SEC. 102. REDUCTION OF STATUTORY LIMIT ON THE PUBLIC DEBT.

    Section 3101(b) of title 31, United States Code, is amended by 
inserting ``minus the amount appropriated into the Public Debt 
Reduction Payment Account pursuant to section 3114(c)'' after 
``$5,950,000,000,000''.

SEC. 103. OFF-BUDGET STATUS OF PUBLIC DEBT REDUCTION PAYMENT ACCOUNT.

    Notwithstanding any other provision of law, the receipts and 
disbursements of the Public Debt Reduction Payment Account established 
by section 3114 of title 31, United States Code, shall not be counted 
as new budget authority, outlays, receipts, or deficit or surplus for 
purposes of--
            (1) the budget of the United States Government as submitted 
        by the President,
            (2) the congressional budget, or
            (3) the Balanced Budget and Emergency Deficit Control Act 
        of 1985.

SEC. 104. REMOVING PUBLIC DEBT REDUCTION PAYMENT ACCOUNT FROM BUDGET 
              PRONOUNCEMENTS.

    (a) In General.--Any official statement issued by the Office of 
Management and Budget, the Congressional Budget Office, or any other 
agency or instrumentality of the Federal Government of surplus or 
deficit totals of the budget of the United States Government as 
submitted by the President or of the surplus or deficit totals of the 
congressional budget, and any description of, or reference to, such 
totals in any official publication or material issued by either of such 
Offices or any other such agency or instrumentality, shall exclude the 
outlays and receipts of the Public Debt Reduction Payment Account 
established by section 3114 of title 31, United States Code.
    (b) Separate Public Debt Reduction Payment Account Budget 
Documents.--The excluded outlays and receipts of the Public Debt 
Reduction Payment Account established by section 3114 of title 31, 
United States Code, shall be submitted in separate budget documents.

SEC. 105. REPORTS TO CONGRESS.

    (a) Reports of the Secretary of the Treasury.--(1) Within 30 days 
after the appropriation is deposited into the Public Debt Reduction 
Payment Account under section 3114 of title 31, United States Code, the 
Secretary of the Treasury shall submit a report to the Committee on 
Ways and Means of the House of Representatives and the Committee on 
Finance of the Senate confirming that such account has been established 
and the amount and date of such deposit. Such report shall also include 
a description of the Secretary's plan for using such money to reduce 
debt held by the public.
    (2) Not later than October 31, 2002, the Secretary of the Treasury 
shall submit a report to the Committee on Ways and Means of the House 
of Representatives and the Committee on Finance of the Senate setting 
forth the amount of money deposited into the Public Debt Reduction 
Payment Account, the amount of debt held by the public that was 
reduced, and a description of the actual debt instruments that were 
redeemed with such money.
    (b) Report of the Comptroller General of the United States.--Not 
later than November 15, 2002, the Comptroller General of the United 
States shall submit a report to the Committee on Ways and Means of the 
House of Representatives and the Committee on Finance of the Senate 
verifying all of the information set forth in the reports submitted 
under subsection (a).

            TITLE II--SOCIAL SECURITY AND MEDICARE LOCK-BOX

SEC. 201. PROTECTION OF SOCIAL SECURITY AND MEDICARE SURPLUSES.

    (a) Protection of Social Security and Medicare Surpluses.--Section 
201 of the concurrent resolution on the budget for fiscal year 2001 (H. 
Con. Res. 290, 106th Congress) is amended as follows:
            (1) In the section heading, by inserting ``and medicare'' 
        before ``surpluses''.
            (2) By striking subsection (c) and inserting the following 
        new subsection:
    ``(c) Lock-box for Social Security and Hospital Insurance 
Surpluses.--
            ``(1) Concurrent resolutions on the budget.--It shall not 
        be in order in the House of Representatives or the Senate to 
        consider any concurrent resolution on the budget, or conference 
        report thereon or amendment thereto, that would set forth a 
        surplus for any fiscal year that is less than the surplus of 
        the Federal Hospital Insurance Trust Fund for that fiscal year.
            ``(2) Subsequent legislation.--(A) Except as provided by 
        subparagraph (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--
                    ``(i) the enactment of that bill or resolution as 
                reported;
                    ``(ii) the adoption and enactment of that 
                amendment; or
                    ``(iii) the enactment of that bill or resolution in 
                the form recommended in that conference report,
        would cause the on-budget surplus for any fiscal year to be 
        less than the projected surplus of the Federal Hospital 
        Insurance Trust Fund (as assumed in the most recently agreed to 
        concurrent resolution on the budget) for that fiscal year or 
        increase the amount by which the on-budget surplus for any 
        fiscal year would be less than such trust fund surplus for that 
        fiscal year.
            ``(B) Subparagraph (A) shall not apply to social security 
        reform legislation or medicare reform legislation.
            (3) By redesignating subsections (e) and (f) as subsections 
        (g) and (h), respectively, and inserting after subsection (d) 
        the following new subsections:
    ``(e) Content of Concurrent Resolution on the Budget.--The 
concurrent resolution on the budget for each fiscal year shall set 
forth appropriate levels for the fiscal year beginning on October 1 of 
such year and for at least each of the 4 ensuing fiscal years of the 
surplus or deficit in the Federal Hospital Insurance Trust Fund.
    ``(f) Definitions.--As used in this section:
            ``(1) The term `medicare reform legislation' means a bill 
        or a joint resolution to save Medicare that includes a 
        provision stating the following: `For purposes of section 
        201(c) of the concurrent resolution on the budget for fiscal 
        year 2001, this Act constitutes medicare reform legislation.
            ``(2) The term `social security reform legislation' means a 
        bill or a joint resolution to save social security that 
        includes a provision stating the following: `For purposes of 
        section 201(c) of the concurrent resolution on the budget for 
        fiscal year 2001, this Act constitutes social security reform 
        legislation.'.''.
            (4) In the first sentence of subsection (h) (as 
        redesignated), by striking ``(1)''.
            (5) At the end, by adding the following new subsection:
    ``(i)  Effective Date.--This section shall cease to have any force 
or effect upon the enactment of social security reform legislation and 
medicare reform legislation.''.
    (b) Protection of Social Security and Medicare Surpluses.--(1) If 
the budget of the United States Government submitted by the President 
under section 1105(a) of title 31, United States Code, recommends an 
on-budget surplus for any fiscal year that is less than the surplus of 
the Federal Hospital Insurance Trust Fund for that fiscal year, then it 
shall include proposed legislative language for social security reform 
legislation or medicare reform legislation.
    (2) Paragraph (1) shall cease to have any force or effect upon the 
enactment of social security reform legislation and medicare reform 
legislation as defined by section 201(f) of the concurrent resolution 
on the budget for fiscal year 2001 (H. Con. Res 290, 106th 
Congress).''.
    (c) Conforming Amendment.--The item relating to section 201 in the 
table of contents set forth in section 1(b) of the concurrent 
resolution on the budget for fiscal year 2001 (H. Con. Res 290, 106th 
Congress) is amended to read as follows:

``Sec. 201. Protection of social security and medicare surpluses.''.

SEC. 202. REMOVING SOCIAL SECURITY FROM BUDGET PRONOUNCEMENTS.

    (a) In General.--Any official statement issued by the Office of 
Management and Budget, the Congressional Budget Office, or any other 
agency or instrumentality of the Federal Government of surplus or 
deficit totals of the budget of the United States Government as 
submitted by the President or of the surplus or deficit totals of the 
congressional budget, and any description of, or reference to, such 
totals in any official publication or material issued by either of such 
Offices or any other such agency or instrumentality, shall exclude the 
outlays and receipts of the old-age, survivors, and disability 
insurance program under title II of the Social Security Act (including 
the Federal Old-Age and Survivors Insurance Trust Fund and the Federal 
Disability Insurance Trust Fund) and the related provisions of the 
Internal Revenue Code of 1986.
    (b) Separate Social Security Budget Documents.--The excluded 
outlays and receipts of the old-age, survivors, and disability 
insurance program under title II of the Social Security Act shall be 
submitted in separate Social Security budget documents.
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