104th Congress > Senate > Vote 562

Date: November 02, 1995

Result: 53-42 (Motion Rejected)

Clerk session vote number: 562

Vote Subject Matter: Government Management / Budget Special Interest

Sponsor: McCAIN, John Sidney, III (R-AZ)

Bill number: S1372

Question: On the Motion

Description: A bill to amend the Social Security Act to increase the earnings limit, and for other purposes.

Bill summary: Senior Citizens' Freedom to Work Act - Amends title II (Old Age, Survivors and Disability Insurance) (OASDI) of the Social Security Act to increase the monthly exempt amount, under the earnings test, for individuals who have attained retirement age. Sets forth the schedule of monthly adjustments increasing from $1,208 for taxable year 1996 to $2,500 for taxable year 2002. Subjects such increased amounts to current law cost-of-living adjustments after 2002. Requires the Managing Trustee of the Federal Old-Age and Survivors Insurance Trust Fund to increase by a specified percentage per year the rate of interest borne by public-debt obligations issued for purchase by the OASDI trust funds between September 30, 1995, and October 1, 2002. Provides that each nonexempt account within the discretionary spending category for each of FY 1996 through 2002 shall be reduced, if necessary, by the uniform percentage necessary to offset the Federal Old-Age and Survivors Insurance Trust Fund shortfall resulting from the amendments of this Act increasing the monthly exempt amount. Directs the Comptroller General to analyze and report to the Congress on the dynamic effect of the revision of the social security earnings limit made by this Act and a calculation of its true effect on the Federal budget.

Bill titles: A bill to amend the Social Security Act to increase the earnings limit, and for other purposes.

Links for more info on the vote: congress.gov

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