To amend the Balanced Budget and Emergency Deficit Control Act of 1985 to protect Social Security trust funds and save Social Security surpluses for Social Security.

Amends the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman- Hollings Act) to require a sequestration to reduce the amount of discretionary outlays in the current policy baseline for the budget year of the affected congressional session to a level equal to total non-social security receipts.

Provides that, if: (1) after June 30, any discretionary appropriation is enacted that would cause total non-social security outlays to exceed total non- social security receipts (after taking into account a sequestration), the discretionary spending limits shall be reduced by the amount of the excess; and (2) after Congress adjourns to end the session for a budget year but before July 1 of that fiscal year, an appropriation for that fiscal year is enacted that would cause such outlays to exceed such receipts, there shall be a sequestration to eliminate the excess.

Applies this Act beginning with FY 2000.