[104th Congress Public Law 103]
[From the U.S. Government Printing Office]


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[DOCID: f:publ103.104]


[[Page 110 STAT. 55]]

Public Law 104-103
104th Congress

                                 An Act


 
  To guarantee the timely payment of social security benefits in March 
              1996. <<NOTE: Feb. 8, 1996 -  [H.R. 2924]>> 

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

SECTION 1. <<NOTE: 31 USC 3101 note.>> 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) Guarantee of Social Security Benefit Payments.--In addition to 
any other authority provided by law, the Secretary of the Treasury may 
issue under chapter 31 of title 31, United States Code, 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.

    Approved February 8, 1996.

LEGISLATIVE HISTORY--H.R. 2924 (S. 1555):
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CONGRESSIONAL RECORD, Vol. 142 (1996):
            Feb. 1, considered and passed House and Senate.
WEEKLY COMPILATION OF PRESIDENTIAL DOCUMENTS, Vol. 32 (1996):
            Feb. 8, Presidential statement.

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