Date: February 2, 1996
CONGRESS PASSES BILL TO ASSURE TIMELY PAYMENT OF
SOCIAL SECURITY BENEFITS IN MARCH
On February 1, 1996, the House of Representatives, by a vote of 396-0, and the Senate, by voice vote, passed and cleared for the President's action H.R 2924, a bill that will ensure the timely payment of Social Security benefits in March 1996.
The bill would provide the Secretary of the Treasury authority to issue obligations of the United States equal to the aggregate monthly Social Security benefits payable in March 1996. Because such obligations would not be subject to the debt ceiling, the Secretary could issue new Federal debt obligations in order to obtain the cash necessary to cover Social Security benefit payments in March. The exemption would terminate on the earlier of March 15, 1996, or the date of enacunent of an increase in the public debt limit.