S. 2868 — A bill to exclude receipts and disbursements of Social Security Trust Funds when calculating maximum deficit amounts, to authorize the investment of such funds in certain State and local government obligations, and for other purposes.

Summary

Amends the Congressional Budget and Impoundment Control Act of 1974 (Gramm-Rudman-Hollings Act) and title VII (Administration) of the Social Security Act to exclude the trust funds supporting the Old Age, Survivors and Disability Insurance (OASDI) program (title II of the Social Security Act) from budget totals and budget deficit calculations.

Authorizes the investment of the OASDI trust funds in State or local obligations under the supervision of a State or local Obligation Investment Committee to be established pursuant to this Act. Appropriates to the OASDI trust funds, for each fiscal year, any extra amounts such funds would have earned had their investments been limited to Treasury obligations.

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Legislative Actions

1990-07-18
Introduced in Senate
1990-07-18
Read twice and referred jointly to the Committees on Budget; Governmental Affairs pursuant to the order of August 4, 1977, with instructions that if one Committee reports, the other Committee have thirty days of continuous session to report or be discharged.

A bill to exclude receipts and disbursements of Social Security Trust Funds when calculating maximum deficit amounts, to authorize the investment of such funds in certain State and local government obligations, and for other purposes.

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