Home > 106th Congressional Bills > H.R. 5173 (rh) To provide for reconciliation pursuant to sections 103(b)(2) and 213(b)(2)(C) of the concurrent resolution on the budget for fiscal year 2001 to reduce the public debt and to decrease the statutory limit on the public debt. [Reported in Hou...H.R. 5173 (rh) To provide for reconciliation pursuant to sections 103(b)(2) and 213(b)(2)(C) of the concurrent resolution on the budget for fiscal year 2001 to reduce the public debt and to decrease the statutory limit on the public debt. [Reported in Hou...
Calendar No. 815
106th CONGRESS
2d Session
H. R. 5173
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
September 19, 2000
Received; read the first time
September 20, 2000
Read the second time and placed on the calendar
_______________________________________________________________________
AN ACT
To provide for reconciliation pursuant to sections 103(b)(2) and
213(b)(2)(C) of the concurrent resolution on the budget for fiscal year
2001 to reduce the public debt and to decrease the statutory limit on
the public debt.
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 ``Debt Relief Lock-box Reconciliation
Act for Fiscal Year 2001''.
SEC. 2. FINDINGS AND PURPOSE.
(a) Findings.--The Congress finds that--
(1) fiscal discipline, resulting from the Balanced Budget
Act of 1997, and strong economic growth have ended decades of
deficit spending and have produced budget surpluses without
using the social security surplus;
(2) fiscal pressures will mount in the future as the aging
of the population increases budget obligations;
(3) until Congress and the President agree to legislation
that saves social security and medicare, the social security
and medicare surpluses should be used to reduce the debt held
by the public;
(4) until Congress and the President agree on significant
tax reductions, amounts dedicated for that purpose shall be
used to reduce the debt held by the public;
(5) strengthening the Government's fiscal position through
public debt reduction increases national savings, promotes
economic growth, reduces interest costs, and is a constructive
way to prepare for the Government's future budget obligations;
and
(6) it is fiscally responsible and in the long-term
national economic interest to use a portion of the nonsocial
security and nonmedicare surpluses to reduce the debt held by
the public.
(b) Purpose.--It is the purpose of this Act to--
(1) reduce the debt held by the public by $240,000,000,000
in fiscal year 2001 with the goal of eliminating this debt by
2012;
(2) decrease the statutory limit on the public debt; and
(3) ensure that the social security and hospital insurance
trust funds shall not be used for other purposes.
TITLE I--DEBT REDUCTION LOCK-BOX
SEC. 101. ESTABLISHMENT OF PUBLIC DEBT REDUCTION PAYMENT ACCOUNT.
(a) In General.--Subchapter I of chapter 31 of title 31, United
States Code, is amended by adding at the end the following new section:
``Sec. 3114. Public debt reduction payment account
``(a) There is established in the Treasury of the United States an
account to be known as the Public Debt Reduction Payment Account
(hereinafter in this section referred to as the `account').
``(b) The Secretary of the Treasury shall use amounts in the
account to pay at maturity, or to redeem or buy before maturity, any
obligation of the Government held by the public and included in the
public debt. Any obligation which is paid, redeemed, or bought with
amounts from the account shall be canceled and retired and may not be
reissued. Amounts deposited in the account are appropriated and may
only be expended to carry out this section.
``(c) There is hereby appropriated into the account on October 1,
2000, or the date of enactment of this Act, whichever is later, out of
any money in the Treasury not otherwise appropriated, $42,000,000,000
for the fiscal year ending September 30, 2001. The funds appropriated
to this account shall remain available until expended.
``(d) The appropriation made under subsection (c) shall not be
considered direct spending for purposes of section 252 of Balanced
Budget and Emergency Deficit Control Act of 1985.
``(e) Establishment of and appropriations to the account shall not
affect trust fund transfers that may be authorized under any other
provision of law.
``(f) The Secretary of the Treasury and the Director of the Office
of Management and Budget shall each take such actions as may be
necessary to promptly carry out this section in accordance with sound
debt management policies.
``(g) Reducing the debt pursuant to this section shall not
interfere with the debt management policies or goals of the Secretary
of the Treasury.''.
(b) Conforming Amendment.--The chapter analysis for chapter 31 of
title 31, United States Code, is amended by inserting after the item
relating to section 3113 the following:
``3114. Public debt reduction payment account.''.
SEC. 102. REDUCTION OF STATUTORY LIMIT ON THE PUBLIC DEBT.
Section 3101(b) of title 31, United States Code, is amended by
inserting ``minus the amount appropriated into the Public Debt
Reduction Payment Account pursuant to section 3114(c)'' after
``$5,950,000,000,000''.
SEC. 103. OFF-BUDGET STATUS OF PUBLIC DEBT REDUCTION PAYMENT ACCOUNT.
Notwithstanding any other provision of law, the receipts and
disbursements of the Public Debt Reduction Payment Account established
by section 3114 of title 31, United States Code, shall not be counted
as new budget authority, outlays, receipts, or deficit or surplus for
purposes of--
(1) the budget of the United States Government as submitted
by the President,
(2) the congressional budget, or
(3) the Balanced Budget and Emergency Deficit Control Act
of 1985.
SEC. 104. REMOVING PUBLIC DEBT REDUCTION PAYMENT ACCOUNT FROM BUDGET
PRONOUNCEMENTS.
(a) In General.--Any official statement issued by the Office of
Management and Budget, the Congressional Budget Office, or any other
agency or instrumentality of the Federal Government of surplus or
deficit totals of the budget of the United States Government as
submitted by the President or of the surplus or deficit totals of the
congressional budget, and any description of, or reference to, such
totals in any official publication or material issued by either of such
Offices or any other such agency or instrumentality, shall exclude the
outlays and receipts of the Public Debt Reduction Payment Account
established by section 3114 of title 31, United States Code.
(b) Separate Public Debt Reduction Payment Account Budget
Documents.--The excluded outlays and receipts of the Public Debt
Reduction Payment Account established by section 3114 of title 31,
United States Code, shall be submitted in separate budget documents.
SEC. 105. REPORTS TO CONGRESS.
(a) Reports of the Secretary of the Treasury.--(1) Within 30 days
after the appropriation is deposited into the Public Debt Reduction
Payment Account under section 3114 of title 31, United States Code, the
Secretary of the Treasury shall submit a report to the Committee on
Ways and Means of the House of Representatives and the Committee on
Finance of the Senate confirming that such account has been established
and the amount and date of such deposit. Such report shall also include
a description of the Secretary's plan for using such money to reduce
debt held by the public.
(2) Not later than October 31, 2002, the Secretary of the Treasury
shall submit a report to the Committee on Ways and Means of the House
of Representatives and the Committee on Finance of the Senate setting
forth the amount of money deposited into the Public Debt Reduction
Payment Account, the amount of debt held by the public that was
reduced, and a description of the actual debt instruments that were
redeemed with such money.
(b) Report of the Comptroller General of the United States.--Not
later than November 15, 2002, the Comptroller General of the United
States shall submit a report to the Committee on Ways and Means of the
House of Representatives and the Committee on Finance of the Senate
verifying all of the information set forth in the reports submitted
under subsection (a).
TITLE II--SOCIAL SECURITY AND MEDICARE LOCK-BOX
SEC. 201. PROTECTION OF SOCIAL SECURITY AND MEDICARE SURPLUSES.
(a) Protection of Social Security and Medicare Surpluses.--Section
201 of the concurrent resolution on the budget for fiscal year 2001 (H.
Con. Res. 290, 106th Congress) is amended as follows:
(1) In the section heading, by inserting ``and medicare''
before ``surpluses''.
(2)(A) In subsection (a)(2), by inserting ``and the
Hospital Insurance Trust Fund has been running a surplus for
the last 2 years'' after ``years''.
(B) In subsection (a)(4), by inserting ``and the Hospital
Insurance Trust Fund surplus will be $32 billion'' after
``billion''.
(C) In subsection (a)(5), by striking ``the'' the second
place it appears, and by inserting ``and Hospital Insurance
Trust Fund'' before ``surpluses''.
(D) In subsection (a)(6), by inserting ``and medicare''
after ``security''.
(E) In subsection (a)(7), by inserting ``and hospital
insurance'' after ``security''.
(3) By striking subsection (c) and inserting the following
new subsection:
``(c) Lock-box for Social Security and Hospital Insurance
Surpluses.--
``(1) Concurrent resolutions on the budget.--
``(A) In general.--It shall not be in order in the
House of Representatives or the Senate to consider any
concurrent resolution on the budget, an amendment
thereto, or conference report thereon, that would set
forth a surplus for any fiscal year that is less than
the surplus of the Federal Hospital Insurance Trust
Fund for that fiscal year.
``(B) Exception.--(i) Subparagraph (A) shall not
apply to the extent that a violation of such subsection
would result from an assumption in the resolution,
amendment, or conference report, as applicable, of an
increase in outlays or a decrease in revenue relative
to the baseline underlying that resolution for social
security reform legislation or medicare reform
legislation for any such fiscal year.
``(ii) If a concurrent resolution on the budget or
an amendment thereto or conference report thereon would
be in violation of subparagraph (A) because of an
assumption of an increase in outlays or a decrease in
revenue relative to the baseline underlying that
resolution for social security reform legislation or
medicare reform legislation for any such fiscal year,
then that resolution shall include a statement
identifying any such increase in outlays or decrease in
revenue.
``(2) Spending and tax legislation.--
``(A) In general.--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--
``(i)(I) in the House, the enactment of
that bill or resolution as reported; or
``(II) in the Senate, the enactment of that
bill or resolution;
``(ii) the adoption and enactment of that
amendment; or
``(iii) the enactment of that bill or
resolution in the form recommended in that
conference report,
would cause the surplus for any fiscal year covered by
the most recently agreed to concurrent resolution on
the budget to be less than the surplus of the Federal
Hospital Insurance Trust Fund for that fiscal year.
``(B) Exception.--Subparagraph (A) shall not apply
to social security reform legislation or medicare
reform legislation.''.
(4) By redesignating subsections (e) and (f) as subsections
(h) and (i), respectively, and inserting after subsection (d)
the following new subsections:
``(e) Enforcement.--
``(1) Budgetary levels with respect to concurrent
resolutions on the budget.--For purposes of enforcing any point
of order under subsection (c)(1), the surplus for any fiscal
year shall be--
``(A) the levels set forth in the later of the
concurrent resolution on the budget, as reported, or in
the conference report on the concurrent resolution on
the budget; and
``(B) adjusted to the maximum extent allowable
under all procedures that allow budgetary aggregates to
be adjusted for legislation that would cause a decrease
in the surplus for any fiscal year covered by the
concurrent resolution on the budget (other than
procedures described in paragraph (2)(A)(ii)).
``(2) Current levels with respect to spending and tax
legislation.--
``(A) In general.--For purposes of enforcing any
point of order under subsection (c)(2), the current
levels of the surplus for any fiscal year shall be--
``(i) calculated using the following
assumptions--
``(I) direct spending and revenue
levels at the baseline levels
underlying the most recently agreed to
concurrent resolution on the budget;
and
``(II) for the budget year,
discretionary spending levels at
current law levels and, for outyears,
discretionary spending levels at the
baseline levels underlying the most
recently agreed to concurrent
resolution on the budget; and
``(ii) adjusted for changes in the surplus
levels set forth in the most recently agreed to
concurrent resolution on the budget pursuant to
procedures in such resolution that authorize
adjustments in budgetary aggregates for updated
economic and technical assumptions in the mid-
session report of the Director of the
Congressional Budget Office.
``(iii) Such revisions shall be included in the
first current level report on the congressional budget
submitted for publication in the Congressional Record
after the release of such mid-session report.
``(B) Budgetary Treatment.--For purposes of
enforcing any point of order under subsection (c)(2),
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