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House Set to Pass Social Security and Medicare Lock-Box Bill Today

Tuesday, February 13, 2001

WASHINGTON - The House of Representatives is expected to approve today by an overwhelming vote legislation designed to protect Social Security and Medicare surpluses from being used for spending on other government programs or for tax cuts. The bill, entitled “The Social Security and Medicare Lock-Box Act of 2001,” toughens budget procedures so Social Security and Medicare surpluses cannot be used for other purposes.

“Once again, Congress is putting seniors enrolled in Social Security and Medicare first. We’ve locked away 100 percent of the Social Security and Medicare surpluses and stopped future raids on these trust funds for more government spending. Working together as we did today, Republicans and Democrats can eliminate the debt, save Social Security and Medicare, and give taxpayers some of their hard-earned money back,” said Chairman Bill Thomas (R-CA).

“One of our most important priorities this year is to put Social Security on sound financial footing so it can continue to pay full benefits far into the future. Stopping future raids on the Social Security surplus is just the first step. Now, our challenge is to work together and choose how best to save Social Security for our children and grandchildren,” said Social Security Subcommittee Chairman Clay Shaw (R-FL).

• The bill creates a “lock-box” to prevent Congress from using the Social Security or Medicare HI surpluses in any fiscal year to finance spending initiatives or tax cuts.

• The bill is enforced through two points order (one for budget resolutions and another for tax and spending legislation). The points of order can be raised against any budget resolution or legislation that would cause the on-budget surplus to be less than the Medicare HI surplus and Social Security surplus combined.

• The points of order do not apply to Social Security or Medicare reform legislation.

• The bill prevents the Congress from considering a budget that uses the Social Security or Medicare HI surpluses in any fiscal year unless the budget contains a detailed proposal for Social Security or Medicare reform.

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