Summary: H.R.5355 — 101st Congress (1989-1990)All Information (Except Text)

Bill summaries are authored by CRS.

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Passed House amended (07/31/1990)

Increases the public debt limit to $3,444,000,000,000.

Amends the Congressional Budget and Impoundment Control Act of 1974, the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act), and the Social Security Act to exclude receipts and disbursements of social security trust funds from the calculation of maximum deficit amounts.

Prohibits the House of Representatives or the Senate from considering legislation that: (1) would provide for a net increase (beyond a certain amount) in Old-Age, Survivors and Disability Insurance benefits without providing at least a net increase in OASDI taxes; or (2) would provide for a net decrease (beyond a certain amount) in OASDI taxes without providing for at least a net decrease in OASDI benefits.

Amends the Social Security Act to require the Board of Trustees of the OASDI trust funds to include in its annual report a finding as to whether the Federal Old-Age and Survivors Insurance Trust Fund and the Federal Disability Insurance Trust Fund are in close actuarial balance.