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S. 2651 (105th): Save the Surplus Act of 1998

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The text of the bill below is as of Oct 21, 1998 (Referral Instructions in the Senate).

S 2651 RIS

105th CONGRESS

2d Session

S. 2651

To provide for a Presidential Budget in the Fiscal Year 2000 with Spending Reductions that will offset the emergency spending for Fiscal Year 1999.

IN THE SENATE OF THE UNITED STATES

October 21 (legislative day, OCTOBER 2), 1998

Mr. FAIRCLOTH introduced the following bill; which was read twice and referred jointly pursuant to the order of August 4, 1977, to the Committees on the Budget and Governmental Affairs, with instructions that if one committee reports, the other committee has thirty days to report or be discharged

A BILL

To provide for a Presidential Budget in the Fiscal Year 2000 with Spending Reductions that will offset the emergency spending for Fiscal Year 1999.

    Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act shall be entitled ‘Save the Surplus Act of 1998’.

SEC. 2. SPENDING REDUCTIONS TO MATCH SURPLUS SPENDING.

    Notwithstanding any other provision of law, the President shall in addition to the Federal Budget that is prepared by the President for fiscal year 2000, prepare an alternative Federal Budget for the Congress identifying spending reductions equal to $20,900,000,000 for the purpose of ensuring that surplus funds in the fiscal year 1999 are not spent for Government programs other than the Social Security Trust Funds.