To express the sense of the Senate that Social Security cost-of-living adjustments should not be reduced.

TEXT OF AMENDMENTS

SA 832. Mr. KENNEDY (for himself, Mrs. Clinton, Mr. Sarbanes, Mr.
Durbin, Mr. Reed, Mr. Dayton, Ms. Cantwell, Mr. Daschle, and Mr. Reid)
submitted an amendment intended to be proposed by him to the joint
resolution H.J. Res. 51, increasing the statutory limit on the public
debt; as follows:

At the end add the following:

[[Page S7161]]

SEC. 2. EXTENSION OF THE TEMPORARY EXTENDED UNEMPLOYMENT
COMPENSATION ACT OF 2002.

(a) In General.--Section 208 of the Temporary Extended
Unemployment Compensation Act of 2002 (Public Law 107-147;
116 Stat. 30), as amended by Public Law 108-1 (117 Stat. 3),
is amended--
(1) in subsection (a)(2), by striking ``before June 1'' and
inserting ``on or before December 31'';
(2) in subsection (b)(1), by striking ``May 31, 2003'' and
inserting ``December 31, 2003'';
(3) in subsection (b)(2)--
(A) in the heading, by striking ``may 31, 2003'' and
inserting ``december 31, 2003''; and
(B) by striking ``May 31, 2003'' and inserting ``December
31, 2003''; and
(4) in subsection (b)(3), by striking ``August 30, 2003''
and inserting ``March 31, 2004''.
(b) Effective Date.--The amendments made by this section
shall take effect as if included in the enactment of the
Temporary Extended Unemployment Compensation Act of 2002
(Public Law 107-147; 116 Stat. 21).

SEC. 3. ADDITIONAL WEEKS OF TEMPORARY EXTENDED UNEMPLOYMENT
COMPENSATION FOR EXHAUSTEES.

(a) Additional Weeks.--Section 203 of the Temporary
Extended Unemployment Compensation Act of 2002 (Public Law
107-147; 116 Stat. 28) is amended by adding at the end the
following:
``(d) Increased Amounts in Account for Certain
Exhaustees.--
``(1) In general.--In the case of an eligible exhaustee,
this Act shall be applied as follows:
``(A) Subsection (b)(1)(A) shall be applied by substituting
`100 percent' for `50 percent'.
``(B) Subsection (b)(1)(B) shall be applied by substituting
`26 times' for `13 times'.
``(C) Subsection (c)(1) shall be applied by substituting `7
times the individual's average weekly benefit amount for the
benefit year' for `the amount originally established in such
account (as determined under subsection (b)(1))'.
``(D) Section 208(b) shall be applied--
``(i) in paragraph (1), as if ``, including such
compensation payable by reason of amounts deposited in such
account after such date pursuant to the application of
subsection (c) of such section'' were inserted before the
period at the end;
``(ii) as if paragraph (2) had not been enacted; and
``(iii) in paragraph (3), by substituting ``October 18,
2003'' for ``March 31, 2004''.
``(2) Eligible exhaustee defined.--For purposes of this
subsection, the term `eligible exhaustee' means an
individual--
``(A) to whom any temporary extended unemployment
compensation was payable for any week beginning before the
date of enactment of this subsection; and
``(B) who exhausted such individual's rights to such
compensation (by reason of the payment of all amounts in such
individual's temporary extended unemployment compensation
account, including amounts deposited in such account by
reason of subsection (c)) before such date of enactment.''.
(b) Effective Date and Application.--
(1) In general.--The amendment made by subsection (a) shall
apply with respect to weeks of unemployment beginning on or
after the date of enactment this Act.
(2) TEUC-X amounts deposited in account prior to date of
enactment deemed to be the additional teuc amounts provided
by this section.--In applying the amendment made by
subsection (a) under the Temporary Extended Unemployment
Compensation Act of 2002 (Public Law 107-147; 116 Stat. 26),
the Secretary of Labor shall deem any amounts deposited into
an eligible exhaustee's (as defined in section 203(d)(2) of
the Temporary Extended Unemployment Compensation Act of 2002,
as added by subsection (a)) temporary extended unemployment
compensation account by reason of section 203(c) of such Act
(commonly known as ``TEUC-X amounts'') prior to the date of
enactment of this Act to be amounts deposited in such account
by reason of section 203(b) of such Act, as amended by
subsection (a) (commonly known as ``TEUC amounts'').
(3) Redetermination of eligibility for augmented amounts
for all eligible exhaustees.--The determination of whether
the eligible exhaustee's (as so defined) State was in an
extended benefit period under section 203(c) of such Act that
was made prior to the date of enactment of this Act shall be
disregarded and the determination under such section, as
amended by subsection (a) with respect to eligible exhaustees
(as so defined), shall be made as follows:
(A) Eligible exhaustees who received and exhausted teuc-x
amounts.--In the case of an eligible exhaustee whose
temporary extended unemployment account was augmented under
such section 203(c) before the date of enactment of this Act,
the determination shall be made as of such date of enactment.
(B) Eligible exhaustees who exhausted teuc amounts but were
not eligible for teuc-x amounts.--In the case of an eligible
exhaustee whose temporary extended unemployment account was
not augmented under such section 203(c) as of the date of
enactment of this Act, the determination shall be made at the
time that the individual's account established under section
203 of the Temporary Extended Unemployment Compensation Act
of 2002 (Public Law 107-147; 116 Stat. 28), as amended by
subsection (a), is exhausted.

SEC. 4. TEMPORARY AVAILABILITY OF EXTENDED UNEMPLOYMENT
BENEFITS UNDER THE RAILROAD UNEMPLOYMENT
INSURANCE ACT FOR EMPLOYEES WITH LESS THAN 10
YEARS OF SERVICE.

Section 2(c)(2) of the Railroad Unemployment Insurance Act
(45 U.S.C. 352(c)(2)) is amended by adding at the end the
following:
``(D) Temporary availability of extended unemployment
benefits for employees with less than 10 years of service.--
``(i) In general.--Subject to clause (ii), in the case of
an employee who has less than 10 years of service (as so
defined), with respect to extended unemployment benefits,
this paragraph shall apply to such an employee in the same
manner as this paragraph applies to an employee who has 10 or
more years of service (as so defined).
``(ii) Application.--Clause (i) shall apply to--

``(I) an employee who received normal benefits for days of
unemployment under this Act during the period beginning on
July 1, 2002, and ending on November 30, 2003; and
``(II) days of unemployment beginning on or after the date
of enactment of this subparagraph.''.

______

SA 833. Mr. BAUCUS proposed an amendment to the joint resolution H.J.
Res. 51, increasing the statutory limit on the public debt; as follows:

Strike ``7,384,000,000,000'' and insert
``6,750,000,000,000''.
______

SA 834. Mr. DASCHLE proposed an amendment to the joint resolution
H.J. Res. 51, increasing the statutory limit on the public debt; as
follows:

At the appropriate place add the following:

SEC.   . PROTECTING SOCIAL SECURITY BENEFICIARIES FROM COLA
CUTS.

(a) Findings.--The Senate finds that:
(1) Social Security provides a relatively modest insurance
benefit for seniors--many of whom rely on Social Security for
part or all of their monthly income. Without Social Security,
forty eight percent of beneficiaries would be in poverty
today.
(2) In order to protect benefit levels against inflation,
Social Security beneficiaries receive an annual cost-of-
living adjustment (COLA) based on Consumer Price Index for
Urban Wage Earners and Clerical Workers (CPI-W).
(3) The January 2003 COLA provided only a 1.4 percent
increase in Social Security benefits, increasing the average
monthly benefit for all retired workers by only $13 (from
$882 to 895).
(4) Annual growth in Medicare premiums and out-of-pocket
health care costs for retired individuals on fixed incomes
far exceeded the small COLA increases provided to Social
Security beneficiaries.
(5) Reducing COLAs will disproportionately harm low-income
Social Security beneficiaries and push millions of seniors
into poverty.
(b) Sense of the Senate.--It is the sense of the Senate
that Social Security cost-of-living adjustments should not be
reduced.
______

SA 835. Mr. FEINGOLD (for himself, Mr. Carper, Ms. Cantwell, and Mrs.
Feinstein) proposed an amendment to the joint resolution H.J. Res. 51,
increasing the statutory limit on the public debt; as follows:

At the appropriate place, insert the following:

SEC.   . EXTENSION OF PAY-AS-YOU-GO.

(a) In General.--Section 275(b) of the Balanced Budget and
Emergency Deficit Control Act of 1985 (2 U.S.C. 900 note) is
amended by striking ``2006'' and inserting ``2008''.
(b) Extension of Pay-As-You-Go.--Section 252 of the
Balanced Budget and Emergency Deficit Control Act of 1985 (2
U.S.C. 902) is amended--
(1) in subsection (a), by striking ``2002'' and inserting
``2008''; and
(2) in subsection (b), by striking ``2002'' and inserting
``2008''.
(c) Application.--Section 252 of the Balanced Budget and
Emergency Deficit Control Act of 1985 (2 U.S.C. 902), as
amended by this section, shall not apply to direct spending
and receipts legislation enacted prior to the enactment of
this section.
(d) Effective Date.--The amendments made by this section
shall take effect September 30, 2002.
______

SA 836. Mr. HOLLINGS proposed an amendment to the joint resolution
H.J. Res. 51, increasing the statutory limit on the public debt; as
follows:

At the appropriate place, insert the following:

SECTION 1. APPLICABILITY OF PUBLIC DEBT LIMIT TO SOCIAL
SECURITY TRUST FUNDS.

(a) Protection of Social Security Trust Funds.--
(1) Delay or failure to invest.--No officer or employee of
the United States shall--
(A) delay the deposit of any amount into (or delay the
credit of any amount to) any social security trust fund or
otherwise vary from the normal terms, procedures, or timing
for making such deposits or credits; or
(B) refrain from the investment in public debt obligations
of amounts in any such fund.
(2) Early redemption.--No officer or employee of the United
States shall redeem prior to maturity amounts in any social
security trust fund which are invested in public debt
obligations for any other purpose

[[Page S7162]]

other than payment of benefits or administrative expenses
from such fund.
(b) Definition.--In this section, the term ``public debt
obligation'' means any obligation subject to the public debt
limit established under section 3101 of title 31, United
States Code.

SEC. 2. CONFORMING AMENDMENTS.

Subsections (j), (k), and (l) of section 8348 and
subsections (g) and (h) of section 8438 of title 5, United
States Code, are repealed.
______

SA 837. Mr. DORGAN proposed an amendment to the joint resolution H.J.
Res. 51, increasing the statutory limit on the public debt; as follows:

At the appropriate place, insert the following:

SEC. ____. FOREIGN DEBT CEILING.

(a) Findings.--Congress makes the following findings:
(1) The United States has become the world's largest net
debtor Nation, having run up massive trade deficits in the
1990s.
(2) At the end of 2001, the net United States foreign debt
stood at over $2,300,000,000,000.
(3) The United States foreign debt position worsened in
2002, when the United States had a record trade deficit of
over $436,000,000,000, equivalent to 4.1 percent of the
United States GDP that year.
(4) The large and growing United States foreign debt
represents claims on United States assets by foreign
nationals, which will eventually have to be repaid. If
unchecked, the foreign debt could seriously undermine our
children's future standard of living.
(5) Moreover, the growing accumulation of foreign claims on
United States assets, including nearly $1,200,000,000,000 in
United States Treasury securities, makes the United States
economy vulnerable to the whims of foreign investors.
(6) Congress presently places a ceiling on United States
public debt, but does not place a ceiling on United States
foreign debt.
(7) Just as Congress recognized the importance of placing a
ceiling on the United States public debt, it is appropriate
that Congress place a limit on the United States foreign
debt.
(b) Actions Triggered by United States Foreign Debt.--
(1) In general.--Not later than the 15th day of the second
month after the date of enactment of this Act, and every 3
months thereafter, the United States Trade Representative
shall determine if--
(A) the net United States foreign debt for the preceding
12-month period is more than 25 percent of United States GDP
for the same period; or
(B) the United States trade deficit for the preceding 12-
month period is more than 5 percent of United States GDP for
the same period.
(2) Action by ustr.--Whenever an affirmative determination
is made under paragraph (1) (A) or (B), the United States
Trade Representative shall--
(A) within 15 days of the determination, convene an
emergency meeting of the Trade Policy Review Group to develop
a plan of action to reduce the United States trade deficit;
and
(B) within 45 days of the determination, present to
Congress a report detailing the Trade Policy Review Group's
trade deficit reduction plan.
(c) Measurement of Foreign Debt.--
(1) Statistical sources.--For purposes of the calculations
described in subsection (b)(1), the United States Trade
Representative shall rely on the most recent period for which
the following data, published by the Department of Commerce,
is available:
(A) In the case of United States foreign debt, the United
States Trade Representative shall use the net international
investment position of the United States, with direct
investment positions determined at market value, as compiled
by the Bureau of Economic Analysis.
(B) In the case of the United States trade deficit, the
United States Trade Representative shall use the goods and
services trade deficit data compiled by the United States
Census Bureau.
(C) In the case of the United States GDP, the United States
Trade Representative shall use the nominal gross domestic
product data compiled by the Bureau of Economic Analysis.
(2) Adjustment.--The United States Trade Representative may
adjust the data described in paragraph (1) to ensure that the
determination is made for comparable time periods.
______

SA 838. Mr. HARKIN proposed an amendment to the joint resolution H.J.
Res. 51, increasing the statutory limit on the public debt; as follows:

At the appropriate place, insert:

SEC. ____. TELL THE TRUE COST OF TAX BILLS.

(a) In General.--If the Joint Committee on Taxation
prepares an estimate of any applicable proposed change in
Federal revenue law, the committee shall include with such
estimate an estimate of the decrease in Federal revenues
which--
(1) in the case of an applicable proposed change described
in subsection (b)(1), would have occurred without regard to
the reduction or termination described in such subsection
during the portion of the period covered by the estimate
after the reduction or termination, and
(2) in the case of an applicable proposed change described
in subsection (b)(2), will occur during the 10-fiscal year
period beginning with the fiscal year following the first
fiscal year in which the proposed change becomes fully
effective.
(b) Applicable Proposed Change.--For purposes of this
section, the term ``applicable proposed change'' means any of
the following proposed changes in Federal revenue law:
(1) Sunset or reduced changes.--Any proposed change which--
(A) when fully effective will have an estimated decrease in
Federal revenues of more than $1,000,000,000 in each fiscal
year, and
(B) provides for the termination of such change, or a
reduction in such revenue decrease, on or before the close of
the period covered by the estimate which the Joint Committee
on Taxation is otherwise preparing for such proposed change.
(2) Delay in full effect.--Any proposed change which--
(A) becomes fully effective at any time during the last 4
years of the period covered by the estimate which the Joint
Committee on Taxation is otherwise preparing for such
proposed change, and
(B) when fully effective will have an estimated decrease in
Federal revenues of more than $1,000,000,000 in each fiscal
year.
______

SA 839. Mr. DURBIN proposed an amendment to the joint resolution H.J.
Res. 51, increasing the statutory limit on the public debt; as follows:

At the end of the resolution, insert the following:

SEC. ____. CBO REPORT ON DEBT IMPACT OF BUDGET RESOLUTION.

Section 301 of the Congressional Budget Act of 1974 (2
U.S.C. 632) is amended by adding at the end the following:
``(j) CBO Debt Impact Report.--Each budget resolution
reported out by the Committee on the Budget of the House of
Representatives or the Senate shall be accompanied by a
report from CBO containing CBO's best estimate of the
following:
``(1) The amount of new debt subject to limit, in aggregate
and divided by the most recent estimate of the United States
population, according to the Bureau of the Census, that would
be created if the budget resolution is adhered to, assuming
reserve funds are spent and reconciliation instructions are
fully complied with.
``(2) The amount of new debt subject to limit, if any, in
aggregate and divided by the most recent estimate of the
United States population, according to the Bureau of the
Census, that would have been created if the budget resolution
simply reflected the CBO baseline without policy changes.
``(3) The difference between paragraphs (1) and (2).
``(4) Of the amount determined in paragraph (3)--
``(A) the amount of new debt subject to limit, in aggregate
and divided by the most recent estimate of the United States
population, according to the Bureau of the Census, that is
attributable to tax changes; and
``(B) the amount of new debt subject to limit, in aggregate
and divided by the most recent estimate of the United States
population, according to the Bureau of the Census, that is
attributable to policy changes other than tax changes.''.

____________________