PUBLIC LAW 104-103—FEB. 8, 1996 110 STAT. 55 Public Law 104-103 104th Congress An Act Feb. 8, 1996 To guarantee the timely payment of social security benefits in March 1996. [H.R. 2924] Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. TIMELY PAYMENT OF MARCH 1996 SOCIAL SECURITY BENE- 31 USC 3101 FITS GUARANTEED. note. (a) FINDINGS.— (1) Congress intends to pass an increase in the public debt limit before March 1, 1996. (2) In the interim, social security beneficiaries should be assured that social security benefits will be paid on a timely basis in March 1996. (b) GUARANTEE OF SOCIAL SECURITY BENEFIT PAYMENTS.—In addition to any other authority provided by law, the Secretary of the Treasury may issue under chapter 31 of title 31, United States Code, obligations of the United States before March 1, 1996, in an amount equal to the monthly insurance benefits payable under title II of the Social Security Act in March 1996. (c) OBLIGATIONS EXEMPT FROM PUBLIC DEBT LIMIT.— (1) IN GENERAI^.—O bligations issued under subsection (b) shall not be taken into account in applying the limitation in section 3101(b) of title 31, United States Code. (2) TERMINATION OF EXEMPTION.— Paragraph (1) shall cease to apply on the earlier of— (A) the date of the enactment of the first increase in the limitation in section 3101(b) of title 31, United States Code, after the date of the enactment of this Act, or (B) March 15, 1996. Approved February 8, 1996. LEGISLATIVE HISTORY—H.R. 2924 (S. 1555): CONGRESSIONAL RECORD, Vol. 142 (1996): Feb. 1, considered and passed House and Senate. WEEKLY COMPILATION OF PRESIDENTIAL DOCUMENTS, Vol. 32 (1996): Feb. 8, Presidential statement.
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