[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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