Summary
Social Security Surplus Protection Act of 2007 - Amends title II (Old Age, Survivors and Disability Insurance) of the Social Security Act to direct the Managing Trustee to ensure that amounts in either the Federal Old-Age and Survivors Insurance Trust Fund or the Federal Disability Insurance Trust Fund (Social Security Trust Funds) equivalent to the annual surplus for such Fund for any calendar year are made available to the Social Security Surplus Investment Board (SSSIB) on a timely basis for purposes of investment.
Requires the Managing Trustee also to ensure that Trust Fund assets are available for payment of benefits.
Establishes the SSSIB in the executive branch to provide for the investment of such amounts.
Amends the Congressional Budget Act of 1974 to make it out of order in the House of Representatives or the Senate to consider any concurrent resolution on the budget (or any amendment to it or conference report on it) that would set forth a deficit for any fiscal year for which there is a projected net surplus in the Social Security Trust Funds.
Makes it out of order in the House of Representatives or the Senate to consider any bill, joint resolution, amendment, motion, or conference report if its enactment would cause a deficit for any fiscal year for which there is a projected net surplus in the Trust Funds.
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