Summary: H.R.2924 — 104th Congress (1995-1996)All Information (Except Text)

There is one summary for H.R.2924. Bill summaries are authored by CRS.

Shown Here:
Introduced in House (02/01/1996)

Declares that: (1) Congress intends to pass an increase in the public debt limit before March 1, 1996; and (2) social security beneficiaries should be assured, in the interim, that social security benefits will be paid on a timely basis in March 1996.

Authorizes the Secretary of the Treasury to issue U.S. obligations before March 1, 1996, in an amount equal to the monthly insurance benefits payable under title II (Old-Age, Survivors and Disability Insurance) (OASDI) of the Social Security Act in March 1996.

Exempts such obligations from the public debt limit until the earlier of March 15, 1996, or the date of enactment of the first increase in such limit after enactment of this Act.