PlainBillCongress, translated.Legislation. Context. Public interest.Read twice and referred jointly to the Committees on the Budget; and Governmental Affairs pursuant to the order of August 4, 1977, with instructions that if one Committee reports, the other Committee have thirty days to report or be discharged. (text of measure as introduced: CR S1325)
Congressional Research Service
Version 00 · Introduced in Senate · Mar 8, 2000
American Social Security Protection and Debt Repayment Act - Prohibits, beginning with FY 2001, budgeted outlays from exceeding budgeted revenues. Requires actual revenues to exceed actual outlays in order to provide for the reduction of the Federal debt held by the public.Provides for a reduction in the public debt of $15 billion in FY 2001, increased by an additional $15 billion every fiscal year until the entire debt has been paid.Requires the surplus funds in the Federal Old Age and Survivors and Disability Insurance Trust Funds to be used to reduce the debt owed to the public until Congress enacts major social security reform legislation. Defines "social security reform legislation" as legislation that: (1) insures the long-term financial solvency of the social security system; and (2) includes an option for private investment of social security funds by beneficiaries.Provides a point of order against consideration of any concurrent resolution on the budget that does not comply with this Act. Authorizes a waiver of this Act for any fiscal year in which a declaration of war is in effect.Bars any bill to increase revenues from being deemed to have passed the House of Representatives or the Senate unless approved by a majority of each House.Directs Congress to review actual revenues on a quarterly basis and adjust outlays to assure compliance with this Act.
People & committees
Sen. Allard, Wayne [R-CO] · R–CO
Legislative record
A procedural vote is different from passage. Passage in one chamber does not establish enactment. Explore the glossary.
Read twice and referred jointly to the Committees on the Budget; and Governmental Affairs pursuant to the order of August 4, 1977, with instructions that if one Committee reports, the other Committee have thirty days to report or be discharged. (text of measure as introduced: CR S1325)
Sponsor introductory remarks on measure. (CR S1324-1325)
Introduced in Senate
Primary sources
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Source last updated: Aug 20, 2025. Consult Congress.gov for the current record.
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