Social Security and Medicare Lock Box Act

Social Security and Medicare Lock Box Act - Declares that Congress reaffirms its support for section 13301 of the Omnibus Budget Reconciliation Act of 1990, which provides that the receipts and disbursements of the social security trust funds shall not be counted for the purposes of the budget submitted by the President, the congressional budget, or the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act). Amends the Congressional Budget Act of 1974 to declare out of order in the House of Representatives or the Senate consideration of any concurrent resolution on the budget (or amendment, motion, or conference report on the resolution) that violates section 13301 of the Budget Enforcement Act of 1990. Declares that it shall be out of order in the Senate to consider any concurrent resolution on the budget (or amendment, motion, or conference report on the resolution) that would decrease the surplus in any of the fiscal years covered by the concurrent resolution below the levels of the Medicare surplus reserve for those fiscal years. Declares that, after a concurrent resolution on the budget has been agreed to, it shall not be in order in the House or the Senate to consider any bill, joint resolution, amendment, motion, or conference report that would cause a decrease in the Medicare surplus reserve in any of the fiscal years covered by the concurrent resolution. Exempts from a point of order raised on this basis any appropriation of new subsidies from the general fund to the Medicare Hospital Insurance Trust Fund. Makes all points of order established by this Act waivable only by a three-fifths supermajority vote. Establishes the Medicare Surplus Reserve in the Treasury, consisting of specified amounts for each fiscal year from FY 2001 through 2014 (roughly 40% of the on-budget Medicare surplus), subject to annual adjustment to extend the solvency of the Federal Hospital Insurance Trust Fund through FY 2027. Prohibits the Reserve, as adjusted, from exceeding the total baseline surplus in any fiscal year. Declares that certain pay-as-you-go requirements of the Gramm-Rudman-Hollings Act and of H. Con. Res. 67 (104th Congress) (Concurrent Resolution on the Budget for FY 1996) shall be enforced until Congress enacts legislation that ensures the long-term fiscal solvency of the social security trust funds and extends the solvency of the Medicare trust fund through FY 2027. Amends the Gramm-Rudman-Hollings Act to base the current services baseline for each fiscal year after 2002 on the discretionary spending limit for FY 2002. Directs the Chairmen of the Committees on the Budget to revise the current budget resolution (H. Con. Res. 68, 106th Congress) to make it consistent with this Act. Amends the current budget resolution to repeal the provision for a point of order in the Senate against the consideration of direct spending or revenue legislation that would increase, or cause, an on-budget deficit during specified time periods, subject to a waiver by a three-fifths majority vote. Restores the previous pay-as-you-go point of order in Concurrent Resolution on the Budget for FY 1996, which was repealed by the current budget resolution.