Restore Fiscal Discipline and Safeguard Social Security Act of 2002

This bill proposes to raise the national debt limit to $6.1 trillion while establishing strict new rules to prevent future deficit spending. It would require the President to submit a plan to balance the federal budget by 2007—specifically excluding Social Security funds from the calculation—to ensure that payroll taxes are not used to fund other government programs.

For the average citizen, this legislation aims to protect the long-term solvency of Social Security by making it harder for Congress to pass budgets that reduce benefits or rely on Social Security surpluses to cover general government expenses. By implementing "pay-as-you-go" style restrictions, the bill seeks to stabilize the national debt and ensure that federal spending does not exceed incoming revenue, except during times of war or economic recession.