Bill summaries are authored by CRS.

Shown Here:
Passed House amended (09/25/1998)

Amends title II (Old Age, Survivors and Disability Insurance) (OASDI) of the Social Security Act to establish in the Treasury the Protect Social Security Account to save budget surpluses until a reform measure is enacted to ensure the long-term solvency of the OASDI trust funds. Requires the Secretary of the Treasury to: (1) pay into the Account annually during each fiscal-year period from FY 1998 through 2008 amounts totalling, in the aggregate, 90 percent of the projected surplus (if any) in the total Government budget (including both on-budget and off-budget accounts) for that fiscal-year period; and (2) invest the funds held in the Account in public debt obligations.