There is one summary for this bill. Bill summaries are authored by CRS.

Shown Here:
Introduced in House (05/11/1995)

Sets forth the congressional budget for FY 1996, including the appropriate budgetary levels for FY 1997 through 2002. Sets forth recommended budgetary levels for Federal revenues, total new budget authority, total budget outlays, budget deficits, public debt, and Federal credit activity.

(Sec. 3) Sets forth for each major functional category the appropriate levels of new budget authority, budget outlays, new direct loan obligations, new primary loan guarantee commitments, and new secondary loan guarantee commitments for FY 1996 through 2002.

(Sec. 4) Requires House committees to submit their recommendations on the budget to the House Budget Committee which shall then report a reconciliation measure to the House of Representatives which shall carry out such recommendations without substantive revisions.

(Sec. 5) Expresses the sense of the House of Representatives that legislation should be enacted that: (1) prohibits surplus social security payroll taxes from being used to balance the budget or reduce the deficit; (2) sets aside such surplus funds to protect and preserve the social security system; (3) establishes a bipartisan commission to oversee the protection of these funds; and (4) provides that social security funds that are now part of the public debt be repaid.

(Sec. 6) Declares that Congress should enact a plan that balances the budget and pays off the public debt.