Bob Dole: “What this does do is it makes certain there will be timely payments made. There will not be any delay of payments of…”

“What this does do is it makes certain there will be timely payments made. There will not be any delay of payments of Social Security. Bill ensures the timely payment of the March Social Security benefit payments and allows these checks to be mailed and cashed without any delay. Bill provides temporary relief from the current $4.9 trillion limit, and creates new legal borrowing authority not subject to the debt limit until March 15, 1996. The amount of this new legal borrowing authority is equal to the amount of the full Social Security benefit payments for March (approximately $28 billion). By creating new borrowing authority, this bill also allows full payment of all other U.S. Government obligations due on March 1, 1996, including veterans benefits, Medicare payments and military and civil service retirement payments.”