[Congressional Record Volume 146, Number 21 (Wednesday, March 1, 2000)]
[Senate]
[Page S1025]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

      By Mr. GRAMS (for himself and Mr. Allard):
  S. 2126. A bill to ensure that the fiscal year 2000 on-budget surplus 
is used to reduce publicly held debt; to the Committee on the Budget 
and the Committee on Governmental Affairs, jointly, pursuant to the 
order of August 4, 1977, with instructions that if one Committee 
reports, the other Committee have thirty days to report or be 
discharged.


            save our surplus for debt reduction act of 2000

 Mr. GRAMS. Mr. President, I ask unanimous consent that the 
text of the bill be printed in the Record.
  There being no objection, the bill was ordered to be printed in the 
Record, as follows:

                                S. 2126

       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 ``Save Our Surplus for Debt 
     Reduction Act of 2000''.

     SEC. 2. FINDINGS AND PURPOSE.

       (a) Findings.--Congress finds that--
       (1) the Congressional Budget Office currently estimates 
     that the Government will have a $23,000,000,000 nonsocial 
     security surplus (on-budget surplus) in fiscal year 2000;
       (2) Government spending in fiscal year 2000 will increase 
     faster than the rate of inflation for a total of over 
     $1,750,000,000,000;
       (3) Government publicly held debt in fiscal year 2000 will 
     be reduced by over $150,000,000,000, yet debt held by the 
     public will remain in excess of $3,450,000,000,000 and cost 
     over $200,000,000,000 in annual interest payments;
       (4) Government revenues in fiscal year 2000 will be 20.3 
     percent of the Gross Domestic Product, which is the highest 
     level since World War II; and
       (5) nearly 40,000,000 citizens currently rely on social 
     security and medicare, yet as more Americans retire over the 
     next decade, these programs will begin running deficits and 
     jeopardize their retirement.
       (b) Purpose.--It is the purpose of this Act to ensure that 
     the fiscal year 2000 on-budget surplus is used to reduce 
     publicly held debt.

     SEC. 3. REDUCTION OF PUBLICLY HELD DEBT.

       (a) Point of Order Against Certain Legislation.--Except as 
     provided by subsection (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--
       (1) the enactment of that bill or resolution as reported;
       (2) the adoption and enactment of that amendment; or
       (3) the enactment of that bill or resolution in the form 
     recommended in that conference report;
     would cause a decrease in the on-budget surplus for fiscal 
     year 2000.
       (b) Exception.--The point of order set forth in subsection 
     (a) shall not apply to a bill, joint resolution, amendment, 
     motion, or conference report if it--
       (1) reduces revenues;
       (2) implements structural social security reform; or
       (3) implements structural medicare reform.
       (c) Waivers and Appeals in the Senate.--
       (1) Waivers.--Subsection (a) may be waived or suspended in 
     the Senate only by the affirmative vote of three-fifths of 
     the Members, duly chosen and sworn.
       (2) Appeals.--
       (A) Limitations.--Appeals in the Senate from the decisions 
     of the Chair relating to subsection (a) shall be limited to 1 
     hour, to be equally divided between, and controlled by, the 
     mover and the manager of the bill, joint resolution, 
     amendment, motion, or conference report, as the case may be.
       (B) Supermajority.--An affirmative vote of three-fifths of 
     the Members, duly chosen and sworn, shall be required in the 
     Senate to sustain an appeal of the ruling of the Chair on a 
     point of order raised under subsection (a).

     SEC. 4. SUNSET PROVISION.

       The provisions of this Act shall cease to have any force or 
     effect on October 1, 2000.
                                 ______