H.R.2586 - Surplus Protection Act of 1997105th Congress (1997-1998)
|Sponsor:||Rep. Minge, David [D-MN-2] (Introduced 09/30/1997)|
|Committees:||House - Budget|
|Latest Action:||09/30/1997 Referred to the House Committee on the Budget.|
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Subject — Policy Area:
- Economics and Public Finance
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Summary: H.R.2586 — 105th Congress (1997-1998)All Bill Information (Except Text)
Introduced in House (09/30/1997)
Surplus Protection Act of 1997 - Amends the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act) to provide that the purpose of pay-as-you-go provisions is to ensure that legislation (currently, legislation enacted before FY 2002) affecting direct spending or receipts that results in a net budget increase (currently, increases the deficit) will trigger an offsetting sequestration, except to the extent that the total budget surplus exceeds the social security surplus.
Extends pay-as-you-go and other specified provisions through FY 2008.
Defines "budget increase" and "budget decrease" to mean, for purposes of pay-as-you-go provisions, an increase or decrease, respectively, in direct spending outlays or a decrease or increase, respectively, in receipts relative to the baseline.
Requires a sequestration to offset the amount of any net budget (currently, deficit) increase caused by all direct spending and receipts legislation. Applies a sequestration for a fiscal year only to the extent that any surplus, before the sequestration in the total budget (which includes both on- and off-budget Government accounts), is less than the combined surplus for that year in the Federal Old-Age and Survivors Insurance Trust Fund and the Federal Disability Insurance Trust Fund.