Save the Surplus Act of 1998
The source supplies the latest action, but no lifecycle stage.
Latest action (21 Oct 1998): Read twice and referred jointly to the Committees on Budget; Governmental Affairs pursuant to the order of August 4, 1977, with instructions that if one Committee reports, the other Committee have thirty days to report or be discharged.
What this bill does
This bill, titled the "Save the Surplus Act of 1998," was introduced in the Senate by Senator Duncan Faircloth. Its stated purpose is to ensure that any surplus funds in the federal budget for fiscal year 1999 are dedicated solely to the Social Security Trust Funds and are not used for other government programs.
To achieve this, the bill would require the President to prepare an alternative federal budget for fiscal year 2000. This alternative budget would need to identify spending reductions totaling $20.9 billion. This action is intended to prevent the surplus from fiscal year 1999 from being allocated to programs outside of the Social Security Trust Funds.
As of its introduction in October 1998, the bill has not advanced further in the legislative process. It is currently in the status of "Introduced."
Plain-English summary generated by Bill100 AI from the official record. Always verify against the source below.
Official summary
Save the Surplus Act of 1998 - Requires the President, in addition to the Federal budget prepared for FY 2000, to prepare an alternative Federal budget identifying spending reductions equal to $20.9 billion to ensure that surplus funds in FY 1999 are not spent for Government programs other than the Social Security Trust Funds.
Timeline
21 Oct 1998
Read twice and referred jointly to the Committees on Budget; Governmental Affairs pursuant to the order of August 4, 1977, with instructions that if one Committee reports, the other Committee have thirty days to report or be discharged.
Common questions
- What does S. 2651 do?
- This bill, titled the "Save the Surplus Act of 1998," was introduced in the Senate by Senator Duncan Faircloth. Its stated purpose is to ensure that any surplus funds in the federal budget for fiscal year 1999 are dedicated solely to the Social Security Trust Funds and are not used for other government programs. To achieve this, the bill would require the President to prepare an alternative federal budget for fiscal year 2000. This alternative budget would need to identify spending reductions totaling $20.9 billion. This action is intended to prevent the surplus from fiscal year 1999 from being allocated to programs outside of the Social Security Trust Funds. As of its introduction in October 1998, the bill has not advanced further in the legislative process. It is currently in the status of "Introduced."
- Has S. 2651 become law?
- The source does not supply a confirmed lifecycle stage for S. 2651. Check the latest action and official source below.
- Who sponsored S. 2651?
- S. 2651 was sponsored by Sen. Faircloth, Lauch [R-NC] (R-NC), with 0 cosponsors.
- What's the latest action on S. 2651?
- Read twice and referred jointly to the Committees on Budget; Governmental Affairs pursuant to the order of August 4, 1977, with instructions that if one Committee reports, the other Committee have thirty days to report or be discharged. (21 Oct 1998).
Related bills in Economics and Public Finance
Congressional Budget Reform Act
A joint resolution proposing an amendment to the Constitution of the United States requiring a balanced budget and establishing the requisite procedures.
Spending Safeguard Act
A concurrent resolution setting forth the congressional budget for the United States Government for fiscal year 2027 and setting forth the appropriate budgetary levels for fiscal years 2028 through 2036.
More bills from Sen. Faircloth, Lauch [R-NC]
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