Increases the public debt limit to $3,444,000,000,000.
Amends the Congressional Budget and Impoundment Control Act of 1974, the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act), and the Social Security Act to exclude receipts and disbursements of social security trust funds from the calculation of maximum deficit amounts.
Prohibits the House of Representatives or the Senate from considering legislation that: (1) would provide for a net increase (beyond a certain amount) in Old-Age, Survivors and Disability Insurance benefits without providing at least a net increase in OASDI taxes; or (2) would provide for a net decrease (beyond a certain amount) in OASDI taxes without providing for at least a net decrease in OASDI benefits.
Amends the Social Security Act to require the Board of Trustees of the OASDI trust funds to include in its annual report a finding as to whether the Federal Old-Age and Survivors Insurance Trust Fund and the Federal Disability Insurance Trust Fund are in close actuarial balance.
Motion to reconsider laid on the table Agreed to without objection.
Reported by the Committee on Ways and Means. H. Rept. 101-632.
Placed on the Union Calendar, Calendar No. 391.
Rules Committee Resolution H. Res. 443 Reported to House. Rule provides for consideration of H.R. 5355 with 1 hour of general debate. Previous question shall be considered as ordered without intervening motions except motion to recommit. All points of order against consideration of the bill for failure to comply with the provisions of clause 2(l)(6) of rule XI and for failure to comply with the provisions of clause 5(a) of rule XXI shall be waived. Measure will be considered read. A specified amendment is in order. It shall be in order to consider an amendment printed in the House report accompanying this rule, to be debatable for one hour and not subject to amendment or points of order for failure to comply with the provisions of clause 7 of rule XVI
Rule H. Res. 443 passed House.
Considered under the provisions of rule H. Res. 443.
Rule provides for consideration of H.R. 5355 with 1 hour of general debate. Previous question shall be considered as ordered without intervening motions except motion to recommit. All points of order against consideration of the bill for failure to comply with the provisions of clause 2(l)(6) of rule XI and for failure to comply with the provisions of clause 5(a) of rule XXI shall be waived. Measure will be considered read. A specified amendment is in order. It shall be in order to consider an amendment printed in the House report accompanying this rule, to be debatable for one hour and not subject to amendment or points of order for failure to comply with the provisions of clause 7 of rule XVI
House resolved itself into the Committee of the Whole House on the state of the Union pursuant to H. Res. 443 and Rule XXIII.
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The Speaker designated the Honorable Anthony C. Beilenson to act as Chairman of the Committee.
GENERAL DEBATE - The Committee of the Whole proceeded with one hour of general debate.
The House rose from the Committee of the Whole House on the state of the Union to report H.R. 5355.
The previous question was ordered pursuant to the rule.
The House adopted the amendment as agreed to by the Committee of the Whole House on the state of the Union.
Mr. Archer moved to recommit to Ways and Means.
The previous question was ordered without objection.
On motion to recommit Failed by voice vote.
Passed/agreed to in House: On passage Passed by recorded vote: 221 - 205 (Roll no. 287).
Roll Call #287 (House)On passage Passed by recorded vote: 221 - 205 (Roll no. 287).
Roll Call #287 (House)Motion to reconsider laid on the table Agreed to without objection.
Received in the Senate.
Read twice and referred to the Committee on Finance.