H.R. 3175 — To amend chapter 31 of title 31, United States Code, to require the Secretary of the Treasury to reduce the debt held by the public in fiscal year 2000 by up to the amount of surplus in the Social Security trust funds, and for other purposes. | PoliFocus

H.R. 3175106th Congress

To amend chapter 31 of title 31, United States Code, to require the Secretary of the Treasury to reduce the debt held by the public in fiscal year 2000 by up to the amount of surplus in the Social Security trust funds, and for other purposes.

Subjects

Economics and Public Finance

Summary

Amends Federal law to require the Secretary of the Treasury to reduce the face amount of publicly-held obligations issued under public debt provisions and of those whose principal and interest are guaranteed by the U.S. Government (except guaranteed obligations held by the Secretary) by an amount not to exceed the amount of the social security trust funds surplus in the preceding fiscal year. Defines a "publicly-held obligation" as one subject to the public debt limit, except any obligation issued directly to certain Federal trust funds or Government accounts.

Amends the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm- Rudman-Hollings Act) to require, in any fiscal year when such obligations are reduced by an amount less than the amount of such surplus, the shortfall to be included in the calculation of the sequestration required to offset the deficit increase.

Full Text

Legislative Actions

1999-10-28
Introduced in House
1999-10-28
Introduced in House
1999-10-28
Referred to the Committee on Ways and Means, and in addition to the Committee on the Budget, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
1999-10-28
Referred to the Committee on Ways and Means, and in addition to the Committee on the Budget, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
1999-10-28
Referred to the Committee on Ways and Means, and in addition to the Committee on the Budget, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
1999-11-02
Referred to the Subcommittee on Social Security.

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