[Congressional Bills 114th Congress]
[From the U.S. Government Publishing Office]
[H.R. 111 Introduced in House (IH)]

114th CONGRESS
  1st Session
                                H. R. 111

To protect the Social Security and Medicare trust funds from the public 
                  debt limit, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            January 6, 2015

  Mr. Forbes introduced the following bill; which was referred to the 
                      Committee on Ways and Means

_______________________________________________________________________

                                 A BILL


 
To protect the Social Security and Medicare trust funds from the public 
                  debt limit, 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. PROTECTION OF THE SOCIAL SECURITY AND MEDICARE TRUST FUNDS 
              FROM THE PUBLIC DEBT LIMIT.

    (a) Protection of Trust Funds.--Notwithstanding any other provision 
of law--
            (1) no officer or employee of the United States may--
                    (A) delay the deposit of any amount into (or delay 
                the credit of any amount to) the Federal Old-Age and 
                Survivors Insurance Trust Fund, the Federal Disability 
                Insurance Trust Fund, or the Federal Hospital Insurance 
                Trust Fund or otherwise vary from the normal terms, 
                procedures, or timing for making such deposits or 
                credits, or
                    (B) refrain from the investment in public debt 
                obligations of amounts in either of such Trust Funds,
        if a purpose of such action or inaction is to not increase the 
        amount of outstanding public debt obligations; and
            (2) no officer or employee of the United States may 
        disinvest amounts in either of such Trust Funds which are 
        invested in public debt obligations if a purpose of the 
        disinvestment is to reduce the amount of outstanding public 
        debt obligations.
    (b) Protection of Benefits and Expenditures for Administrative 
Expenses.--
            (1) In general.--Notwithstanding subsection (a), during any 
        period for which cash benefits or administrative expenses would 
        not otherwise be payable from the Federal Old-Age and Survivors 
        Insurance Trust Fund, the Federal Disability Insurance Trust 
        Fund, or the Federal Hospital Insurance Trust Fund by reason of 
        an inability to issue further public debt obligations because 
        of the applicable public debt limit, public debt obligations 
        held by such Trust Fund shall be sold or redeemed only for the 
        purpose of making payment of such benefits or administrative 
        expenses and only to the extent cash assets of such Trust Fund 
        are not available from month to month for making payment of 
        such benefits or administrative expenses.
            (2) Issuance of corresponding debt.--For purposes of 
        undertaking the sale or redemption of public debt obligations 
        held by the Federal Old-Age and Survivors Insurance Trust Fund, 
        the Federal Disability Insurance Trust Fund, or the Federal 
        Hospital Insurance Trust Fund pursuant to paragraph (1), the 
        Secretary of the Treasury may issue corresponding public debt 
        obligations to the public, in order to obtain the cash 
        necessary for payment of benefits or administrative expenses 
        from such Trust Fund, notwithstanding the public debt limit.
            (3) Advance notice of sale or redemption.--Not less than 3 
        days prior to the date on which, by reason of the public debt 
        limit, the Secretary of the Treasury expects to undertake a 
        sale or redemption authorized under paragraph (1), the 
        Secretary of the Treasury shall report to each House of the 
        Congress and to the Comptroller General of the United States 
        regarding the expected sale or redemption. Upon receipt of such 
        report, the Comptroller General shall review the extent of 
        compliance with subsection (a) and paragraphs (1) and (2) of 
        this subsection and shall issue such findings and 
        recommendations to each House of the Congress as the 
        Comptroller General considers necessary and appropriate.
    (c) Public Debt Obligation.--For purposes of this section, the term 
``public debt obligation'' means any obligation subject to the public 
debt limit established under section 3101 of title 31, United States 
Code.
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