Taxpayers for Common Sense Action
Social Security and Medicare Lockbox Act.
For many years, under both parties’ control of Congress and the White House, the surplus in the Social Security trust fund was used to hide the real size of the budget deficit. Beginning in 1999, the budget ran surpluses, so the Social Security trust fund was not tapped. This legislation places Social Security and Medicare surpluses in a budget lockbox and directs that funds in the lockbox be used to pay down the national debt until Congress considers Medicare and Social Security reform legislation. Paying down the national debt is a long-term fiscal strategy that will enable the nation to prepare for the impending “baby boom” generation’s retirement.
The House passed the Social Security and Medicare Lockbox Act.
National Committee to Preserve Social Security and Medicare
HR2: Safeguarding Social Security and Medicare.
Sessions, R-TX, motion to
suspend the rules and pass the bill that would ensure the Social Security surplus is used only to pay down the public debt until Social Security reform legislation is
enacted, and that the surplus in the Medicare hospital insurance trust fund is used to pay down the public debt until Medicare reform legislation is enacted.
The
measure would establish points of order intended to protect Social Security and Medicare surpluses. Under the bill, these points of order would expire once Social
Security and Medicare overhaul legislation is enacted. A two-thirds majority of those present and voting (273 in this case)is required for passage under suspension of
the rules. The motion was agreed to.