GovTrack’s Bill Summary
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Library of Congress Summary
The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.
Social Security Preservation and Budget Process Reform Act of 1989 -
Social Security Preservation
Amends the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act) to extend its provisions until 1999. Amends the Congressional Budget and Impoundment Control Act of 1974 to exclude, beginning with FY 1994, Federal Old Age and Survivors Insurance Trust Fund and the Federal Disability Insurance Trust Fund receipts and outlays from Federal deficit determinations. Declares that all interest payments to the trust funds shall be outlays for purposes of calculating the deficit. Establishes allowable maximum deficits for FY 1993 through 1997, to reach zero with respect to FY 1998. Amends the Consolidated Omnibus Budget Reconciliation Act of 1985 to extend the prohibition on extraneous matters in reconciliation measures in the Senate until September 30, 1998. Amends the Congressional Budget Act of 1974 to prohibit the House of Representatives or the Senate from considering legislation that would decrease the actuarial soundness of the social security trust funds. Requires the Secretary of the Treasury to pay old age, survivors and disability insurance benefits notwithstanding any failure to increase the public debt limit.
Additional Budget Process Reforms
Revises the prohibition against counting as savings the transfer of outlays, receipts, or revenue from one fiscal year to another. Provides for counting new entitlement authority against a House committee's allocation of such authority for a fiscal year. Prohibits a provision of a reconciliation bill or resolution from being counted as savings if it would cause a decrease in savings for the current fiscal year and the next four fiscal years. Requires the House Committee on the Budget to delete extraneous matter from reconciliation legislation before reporting such legislation to the House. Revises reporting requirements about Federal spending by the Office of Management and Budget, the President, and the Comptroller General.
House Republican Conference Summary
The summary below was written by the House Republican Conference, which is the caucus of Republicans in the House of Representatives.
No summary available.
House Democratic Caucus Summary
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