H.R.4758 - Restore Fiscal Discipline and Safeguard Social Security Act of 2002107th Congress (2001-2002)
|Sponsor:||Rep. Moore, Dennis [D-KS-3] (Introduced 05/16/2002)|
|Committees:||House - Budget; Rules; Ways and Means|
|Latest Action:||05/16/2002 Referred to the Committee on Ways and Means, and in addition to the Committees on the Budget, and Rules, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.|
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Subject — Policy Area:
- Economics and Public Finance
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Summary: H.R.4758 — 107th Congress (2001-2002)All Bill Information (Except Text)
Restore Fiscal Discipline and Safeguard Social Security Act of 2002 - Amends Federal money and finance law to increase the statutory debt limit to $6.1 trillion.
Introduced in House (05/16/2002)
Makes it out of order for the House of Representatives or the Senate to consider any bill or amendment that increases the public debt limit above the new one established by this Act by more than $100 billion, except in specified circumstances.
Directs the President to submit to Congress a proposal to bring the budget of the Government (excluding the Federal Old-Age and Survivors Insurance Trust Fund and the Federal Disability Insurance Trust Fund) into balance or surplus by FY 2007.
Makes it out of order for the House or the Senate, whenever the most recent CBO report projects an on-budget deficit for any fiscal year, to consider any concurrent resolution on the budget that: (1) sets forth or assumes an on-budget deficit for any such fiscal year larger than such projection; (2) sets forth or assumes a budget that is not in on-budget balance or surplus within four fiscal years, and is not in on-budget balance or surplus for any covered subsequent fiscal year; or (3) contains any reduction in social security benefits.
Makes it out of order for the House or the Senate, whenever the most recent CBO report projects both on-budget surpluses (or a balanced budget) and deficits for the fiscal years concerned, to consider any concurrent resolution on the budget that: (1) sets forth or assumes an on-budget deficit for any fiscal year for which the CBO projection is for an on-budget surplus or balance; or (2) contains any reduction in social security benefits.
Suspends such requirements during war or low economic growth.