[Congressional Record Volume 142, Number 14 (Thursday, February 1, 1996)]
[Senate]
[Pages S725-S726]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




 GUARANTEEING THE TIMELY PAYMENT OF SOCIAL SECURITY BENEFITS IN MARCH 
                                  1996

  Mr. DOLE. Mr. President, I ask unanimous consent the Senate proceed 
to the immediate consideration of S. 1555, introduced today by Senators 
Roth and Dole, and that the bill be considered read a third time.
  The PRESIDING OFFICER. Without objection, it is so ordered. 
  
[[Page S726]]

  The bill (S. 1555) was considered read a third time.
  Mr. DOLE. Further, I ask unanimous consent that the Senate proceed 
now to the consideration of H.R. 2924, the bill be considered, deemed 
read a third time and passed, the motion to reconsider be laid upon the 
table, that any statements relating to these measures appear at this 
point in the Record, and that S. 1555 be indefinitely postponed; 
provided, of course, that H.R. 2924 as received from the House is the 
same text that I now send to the desk and ask to be printed in the 
Record.
  The PRESIDING OFFICER. Without objection, it is so ordered.
  The bill (H.R. 2924) was considered, deemed read a third time and 
passed.
  There being no objection, the text was ordered to be printed in the 
Record, as follows:

                               H.R. 2924

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

     SECTION 1. TIMELY PAYMENT OF MARCH 1996 SOCIAL SECURITY 
                   BENEFITS GUARANTEED.

       (a) Findings.--
       (1) Congress intends to pass an increase in the public debt 
     limit before March 1, 1996.
       (2) In the interim, social security beneficiaries should be 
     assured that social security benefits will be paid on a 
     timely basis in March 1996.
       (b) Assurance of Social Security Benefit Payments.--In 
     addition to any other authority provided by law, the 
     Secretary of the Treasury may issue obligations of the United 
     States before March 1, 1996, in an amount equal to the 
     monthly insurance benefits payable under title II of the 
     Social Security Act in March 1996.
       (c) Obligations Exempt From Public Debt Limit.--
       (1) In general.--Obligations issued under subsection (b) 
     shall not be taken into account in applying the limitation in 
     section 3101(b) of title 31, United States Code.
       (2) Termination of exemption--Paragraph (1) shall cease to 
     apply on the earlier of--
       (A) the date of the enactment of the first increase in the 
     limitation in section 3101(b) of title 31, United States 
     Code, after the date of the enactment of this Act, or
       (B) March 15, 1996.

  Mr. ROTH. Mr. President, during the past few weeks, we have been 
advised in writing by the Secretary of the Treasury, Robert Rubin, that 
it is unlikely that the Government can continue to meet its obligations 
on or about March 1, 1996. The Secretary believes that he will not have 
any difficulty meeting the Government's obligations prior to that time. 
In view of these circumstances, some have suggested that the March 
social security payments--not the current checks, for February, but 
those for March--will not be payable. In order to allay any concerns, I 
am pleased to join the majority leader along with Senator McCain, in 
introducing this legislation to ensure Government solvency and payment 
of all Social Security benefits on a timely basis in March.
  I urge my colleagues to support swift passage of this legislation. 
Two important findings are stated at the beginning of this legislation. 
Two important findings are stated at the beginning of this piece of 
legislation which help explain our position. First, Congress intends to 
pass an increase in the public debt limit before March 1, 1996. Second, 
in the interim, Social Security beneficiaries should be assured that 
social security benefits will be paid on a timely basis in March 1996.
  Let me be clear, it is this Senator's intention to work toward 
passage of a debt limit extension before March 1. We will not default 
on our debts. That I find unthinkable. What this legislation does is 
simply ensure that timely payment of the March Social Security benefit 
payments and allow these checks to be mailed and cashed without any 
delay.
  The bill provides temporary relief from the current $4.9 trillion 
debt limit, and creates new legal borrowing authority not subject to 
the debt limit for a short period of time. The amount of this new legal 
borrowing authority is equal to the amount of the full Social Security 
benefit payments for March, approximately $28 billion.
  By creating new borrowing authority, this bill also allows full 
payment of all other U.S. Government obligations due on March 1, 1996, 
including veterans benefits, Medicare and SSI payments, Federal 
employee pay, and military and civil service retirement payments.
  Mr. DOLE. What this does do is it makes certain there will be timely 
payments made. There will not be any delay of payments of Social 
Security.
  I ask unanimous consent a summary of H.R. 2924 and S. 1555 be printed 
in the Record at this point.
  There being no objection, the summary was ordered to be printed in 
the Record, as follows:

    Summary of H.R. 2924, Social Security Benefit Payment Guarantee

       Findings: Congress intends to pass an increase in the 
     public debt limit before March 1, 1996.
       Bill ensures the timely payment of the March Social 
     Security benefit payments and allows these checks to be 
     mailed and cashed without any delay.
       Bill provides temporary relief from the current $4.9 
     trillion limit, and creates new legal borrowing authority not 
     subject to the debt limit until March 15, 1996.
       The amount of this new legal borrowing authority is equal 
     to the amount of the full Social Security benefit payments 
     for March (approximately $28 billion).
       By creating new borrowing authority, this bill also allows 
     full payment of all other U.S. Government obligations due on 
     March 1, 1996, including veterans benefits, Medicare payments 
     and military and civil service retirement payments.

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