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Prohibits the use by the Treasury of amounts borrowed from the social security trust funds to pay for other Government expenditures in a fiscal year, unless, during the nine month period immediately preceding the year, the Congress has enacted legislation explicitly affirming that the Treasury will repay these funds.
Amends Federal law to require the President to include in each budget: (1) the total amount the Treasury has borrowed from the social security trust funds; and (2) explanations of repayment plans and the impact any legislation enacted in the preceding year will have on them.
Requires the Secretary to affirm annually that the Treasury will honor the securities in such trust funds.
Allows any individual credited with wages or self-employment income under Medicare to bring an action in an appropriate Federal district court to enjoin any act or practice: (1) by which the Secretary contests an obligation issued for purchase by either social security trust fund; or (2) which constitutes a failure to provide for redemption of the obligation in accordance with its terms or to otherwise honor the full faith and credit of the United States supporting such obligation.
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