Summary: H.R.3832 — 105th Congress (1997-1998)All Information (Except Text)

There is one summary for H.R.3832. Bill summaries are authored by CRS.

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Introduced in House (05/12/1998)

Save Social Security First Act of 1998 - Requires the Secretary of the Treasury, at the end of each fiscal year for which the budget is in surplus, to transfer from the general fund of the Treasury an amount equal to such surplus to the Federal Old-Age and Survivors Insurance Trust Fund and the Federal Disability Insurance Trust Fund. Divides such amount between the funds in the same proportion as all other receipts of such funds in that year.

Directs the Board of Trustees of such funds to promulgate guidelines to govern the investment of transferred amounts and to submit them to each House of the Congress. Requires such amounts to be invested in the same manner as other moneys in the funds if the Congress disapproves such guidelines by law.

Amends the Congressional Budget Act of 1974 to require, if the budget for the current year or the fiscal year preceding such year was not in surplus, a vote of at least two-thirds of the Members voting for passage of any legislation that repeals, increases, or waives any discretionary spending limit set forth in the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act) or repeals or waives pay-as-you-go sequestration of such Act.

Provides that any transfer of funds required by this Act shall not count as an outlay for purposes of pay-as-you-go requirements and exempts such transfers from sequestration under the Gramm-Rudman-Hollings Act.