Debt Reduction bill

Debt Relief Lock-box Reconciliation Act for Fiscal Year 2001 - Title I: Debt Reduction Lock-Box - Amends Federal public finance provisions to establish the Public Debt Reduction Payment Account in the Treasury. Requires the Secretary of the Treasury to use amounts in the Account to pay at maturity, or redeem or buy before maturity, any Government obligation held by the public and included in the public debt. Provides that any obligation which is paid, redeemed, or bought with amounts from the Account shall be canceled and retired and prohibits its reissuance.

Appropriates funds for the Account. Prohibits such appropriation from being considered as direct spending for purposes of pay-as-you-go provisions of the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act).

(Sec. 102) Reduces the public debt limit by the amount appropriated into the Account.

(Sec. 103) Bars Account receipts and disbursements from being counted as new budget authority, outlays, receipts, or deficit or surplus for purposes of : (1) the Federal Government budget as submitted by the President; (2) the congressional budget; or (3) the Gramm-Rudman-Hollings Act.

(Sec. 105) Requires the Secretary to report to specified congressional committees on the Account.

Title II: Social Security and Medicare Lock-Box - Amends H. Con. Res. 290 (106th Congress) to replace a point of order in the House of Representatives or the Senate against consideration of any revision of such resolution or any concurrent budget resolution for FY 2002 that sets forth a deficit for any fiscal year with one that provides a point of order against consideration of any budget resolution that sets forth a surplus for any fiscal year that is less than the surplus of the Federal Hospital Insurance Trust Fund for such year. Makes such point of order inapplicable to the extent that a violation would result from an assumption in the legislation of an increase in outlays or decrease in revenue relative to the baseline underlying the resolution for social security or Medicare reform legislation for any fiscal year. Requires the resolution, if in violation due to such assumption, to include a statement identifying any increase in outlays or decrease in revenue.

Makes it out of order in the House or the Senate to consider any bill, joint resolution, amendment, motion, or conference report if the enactment of the bill or resolution as reported in the House or enactment of the bill or resolution in the Senate, the adoption and enactment of an amendment, or the enactment of a bill or resolution in the form recommended in the conference report would cause the surplus for any fiscal year covered by the most recently agreed to budget resolution to be less than the surplus of the Federal Hospital Insurance Trust Fund for such year. Makes such point of order inapplicable to social security or Medicare reform legislation. Excludes changes in outlays or receipts resulting from social security or Medicare reform legislation in calculating the surplus for any fiscal year for purposes of enforcing the previous point of order. Establishes the levels of surplus for purposes of enforcing the preceding points of order.

Requires any Federal budget submitted by the President that recommends an on-budget surplus for any fiscal year that is less than the surplus of the Federal Hospital Insurance Trust Fund for such year to include proposed legislative language for social security or Medicare reform legislation. Makes the lock-box requirements of H. Con. Res. 290 (106th Congress), as amended by this Act, and the preceding paragraph inapplicable upon the enactment of social security and Medicare reform legislation. Defines "social security reform legislation" and "Medicare reform legislation" as a bill or joint resolution to save social security or Medicare, respectively, that specifies that it constitutes reform legislation for purposes of such resolution.

(Sec. 202) Requires any official Federal Government statement of the Federal or congressional budget surplus or deficit totals to exclude the outlays and receipts of the Old-Age, Survivors, and Disability Insurance Program under the Social Security Act. Requires such outlays and receipts to be submitted in separate social security budget documents.