[Congressional Bills 106th Congress]
[From the U.S. Government Publishing Office]
[H. Res. 18 Introduced in House (IH)]







106th CONGRESS
  1st Session
H. RES. 18

 Expressing the sense of the House of Representatives that any unified 
  budgetary surplus achieved by the end of fiscal year 2003 which is 
 attributable to a surplus in the Social Security trust funds be saved 
             for investment in the Social Security Program.


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                    IN THE HOUSE OF REPRESENTATIVES

                            January 6, 1999

Mr. Pascrell submitted the following resolution; which was referred to 
                    the Committee on Ways and Means

_______________________________________________________________________

                               RESOLUTION


 
 Expressing the sense of the House of Representatives that any unified 
  budgetary surplus achieved by the end of fiscal year 2003 which is 
 attributable to a surplus in the Social Security trust funds be saved 
             for investment in the Social Security Program.

Whereas the old-age, survivors, and disability insurance program under title II 
        of the Social Security Act has drastically reduced the rate of poverty 
        among seniors, and, if such program did not exist, the rate of poverty 
        among seniors would be 54 percent rather than the current rate of 10.8 
        percent;
Whereas the Board of Trustees of the Federal Old-Age and Survivors Insurance 
        Trust Fund estimates that the Trust Fund will become insolvent by the 
        year 2032;
Whereas the number of people over age 65 will double by the year 2030;
Whereas the number of workers paying into Social Security per beneficiary is 
        expected to drop from 3.3 to 2 by the year 2030;
Whereas the Congressional Budget Office projects that the Treasury would have no 
        unified budget surplus for at least the next 4 years if there were no 
        surplus in the Federal Old-Age and Survivors Insurance Trust Fund and 
        the Federal Disability Insurance Trust Fund; and
Whereas, after a year of bipartisan dialogue on saving Social Security, the 
        House of Representatives has a responsibility now to address the 
        solvency issues facing the old-age, survivors, and disability insurance 
        program under title II of the Social Security Act: Now, therefore, be it
    Resolved, That it is the sense of the House of Representatives that 
any amount of unified budget surplus that is achieved by the end of 
fiscal year 2003 which is attributable to surplus in the Federal Old-
Age and Survivors Insurance Trust Fund and the Federal Disability 
Insurance Trust Fund should not be spent, but rather it should be saved 
for investment in the old-age, survivors, and disability insurance 
program under title II of the Social Security Act.
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