Omnibus Reconciliation Act of 1981: legislative history and summary of OASDI and Medicare provisions.

In this article, the Commissioner of Social Security traces the legislative development and summarizes the final form of changes in the Old-Age, Survivors, and Disability Insurance (OASDI) and Medicare programs incorporated in the Omnibus Budget Reconciliation Act of 1981 (Public Law 97-35). This legislation, signed into law by President Reagan on August 13, contains a major portion of his Program for Economic Recovery, announced to the Nation in February. The final section of the article shows that, although the Social Security and Medicare provisions in Public Law 97-35 will have a favorable effect on the overall financial status of the OASDI and Hospital Insurance Trust Funds, these changes will not be sufficient to restore the financial soundness of the programs in the near term or over the long range.