107-2
March 22, 2001
U.S. House of Representatives Passes
Social
Security and Medicare Lockbox Bill (H.R. 2)
On February 13, 2001, the U.S. House of Representatives by a vote
of 407-2 passed H.R. 2, the Social Security and Medicare Lockbox Act
of 2001. The bill would establish "points of order" or procedural
rules intended to protect Social Security and Medicare trust fund
surpluses. These points of order would expire once Social Security
and Medicare reform legislation are enacted. If enacted, the bill:
Points of Order
- Would prohibit the House or Senate from considering any budget
resolution, budget resolution conference report, or amendment that
would set forth an on-budget surplus that would be less than the
surplus of the Hospital Insurance Trust Fund for that year.
- Would prohibit the House or Senate from considering any bill,
joint resolution, amendment, motion or conference report that
would cause the projected budget surplus to be less than the
surplus of the Hospital Insurance Trust Fund for that fiscal year.
- Would provide that these points of order would not apply to
Social Security or Medicare reform legislation. The bill 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.
Waiver of Points of Order
- Would provide that the points of order could be waived in the
Senate only by an affirmative three-fifths vote of the Senate (60
senators).
Presidents' Budget
- Would require that if the Presidents' budget recommends an
on-budget surplus that is less than the surplus projected for the
Hospital Insurance Trust Fund for that year, the budget must
include a detailed proposal for Social Security reform legislation
or Medicare reform legislation.
Additional Information
The effect of this bill is that the Social Security trust funds
surpluses and Hospital Insurance Trust Fund surpluses would be used
to reduce publicly held debt until Social Security or Medicare
reform legislation is enacted. This prevents the Social Security
trust funds surplus from being used for non-Social Security purposes
and the Hospital Insurance Trust Fund surplus from being used for
any other purpose than health security. |
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