Balanced Budget Act of 1997/Title X/Subtitle A

SUBTITLE A — Amendments to the Congressional Budget and Impoundment Control Act of 1974

Sec. 10101. Amendment to Section 3.

Section 3(9) of the Congressional Budget and Impoundment Control Act of 1974 is amended to read as follows:

``(9) The term ``entitlement authority´´ means—

``(A) the authority to make payments (including loans and grants), the budget authority for which is not provided for in advance by appropriation Acts, to any person or government if, under the provisions of the law containing that authority, the United States is obligated to make such payments to persons or governments who meet the requirements established by that law; and

``(B) the food stamp program.´´.

Sec. 10102. Amendments to Section 201.

(a) TERM OF OFFICE.—

The first sentence of section 201(a)(3) of the Congressional Budget Act of 1974 is amended to read as follows: ``The term of office of the Director shall be 4 years and shall expire on January 3 of the year preceding each Presidential election.´´.

(b) CONFORMING CHANGE.—

Section 201(e) of the Congressional Budget Act of 1974 is amended by inserting ``and´´ before ``the Library´´, by striking ``and the Office of Technology Assessment,´´, by inserting ``and´´ before ``the Librarian´´, and by striking ``, and the Technology Assessment Board´´.

(c) REDESIGNATION OF EXECUTED PROVISION.—

Section 201 of the Congressional Budget Act of 1974 is amended by redesignating subsection (g) (relating to revenue estimates) as subsection (f).

Sec. 10103. Amendments to Section 202.

(a) ASSISTANCE TO BUDGET COMMITTEES.—

The first sentence of section 202(a) of the Congressional Budget Act of 1974 is amended by inserting ``primary´´ before ``duty´´.

(b) ELIMINATION OF EXECUTED PROVISION.—

Section 202 of the Congressional Budget Act of 1974 is amended by striking subsection (e) and by redesignating subsections (f), (g), and (h) as subsections (e), (f), and (g), respectively.

(c) REPORTING REQUIREMENT.—

The first sentence of section 202(e)(1) of the Congressional Budget Act of 1974 (as redesignated) is amended by—

(1) striking ``and´´ before ``(B)´´; and

(2) inserting before the period the following: ``, and (C) a statement of the levels of budget authority and outlays for each program assumed to be extended in the baseline, as provided in section 257(b)(2)(A) and for excise taxes assumed to be extended under section 257(b)(2)(C) of the Balanced Budget and Emergency Deficit Control Act of 1985´´.

Sec. 10104. Amendment to Section 300.

(a) TIMETABLE.—

The item relating to February 25 in the timetable set forth in section 300 of the Congressional Budget Act of 1974 is amended by striking ``February 25´´ and inserting ``Not later than 6 weeks after President submits budget´´.

(b) CONFORMING AMENDMENTS.—

(1) Clause 4(g) of rule X of the Rules of the House of Representatives is amended by striking ``on or before February 25 of each year´´ and inserting ``not later than 6 weeks after the President submits his budget´´.

(2) Clause 3(c) of rule XLVIII of the Rules of the House of Representatives is amended by striking ``On or before March 15 of each year´´ and inserting ``Within 6 weeks after the President submits a budget under section 1105(a) of title 31, United States Code´´ and by striking ``section 301(c)´´ and inserting ``section 301(d)´´.

Sec. 10105. Amendments to Section 301.

(a) TERMS OF BUDGET RESOLUTIONS.—

Section 301(a) of the Congressional Budget Act of 1974 is amended by striking ``, and planning levels for each of the two ensuing fiscal years,´´ and inserting ``and for at least each of the 4 ensuing fiscal years´´.

(b) CONTENTS OF BUDGET RESOLUTIONS.—

Paragraphs (1) and (4) of section 301(a) of the Congressional Budget Act of 1974 are amended by striking ``, budget outlays, direct loan obligations, and primary loan guarantee commitments´´ each place it appears and inserting ``and outlays´´.

(c) ADDITIONAL MATTERS.—

Section 301(b) of the Congressional Budget Act of 1974 is amended by—

(1) striking paragraph (7) and inserting the following:

``(7) set forth procedures in the Senate whereby committee allocations, aggregates, and other levels can be revised for legislation if that legislation would not increase the deficit, or would not increase the deficit when taken with other legislation enacted after the adoption of the resolution, for the first fiscal year or the total period of fiscal years covered by the resolution;´´;

(2) in paragraph 8, striking the period and inserting ``; and´´; and

(3) adding the following new paragraph:

``(9) set forth direct loan obligation and primary loan guarantee commitment levels.´´.

(d) VIEWS AND ESTIMATES.—

The first sentence of section 301(d) of the Congressional Budget Act of 1974 is amended by inserting ``or at such time as may be requested by the Committee on the Budget,´´ after ``Code,´´.

(e) HEARINGS AND REPORT.—

Section 301(e) of the Congressional Budget Act of 1974 is amended—

(1) by striking ``In developing´´ and inserting the following:

``(1) IN GENERAL.— In developing´´; and

(2) by striking the sentence beginning with ``The report accompanying´´ and all that follows through the end of the subsection and inserting the following:

``(2) REQUIRED CONTENTS OF REPORT.— The report accompanying the resolution shall include—

``(A) a comparison of the levels of total new budget authority, total outlays, total revenues, and the surplus or deficit for each fiscal year set forth in the resolution with those requested in the budget submitted by the President;

``(B) with respect to each major functional category, an estimate of total new budget authority and total outlays, with the estimates divided between discretionary and mandatory amounts;

``(C) the economic assumptions that underlie each of the matters set forth in the resolution and any alternative economic assumptions and objectives the committee considered;

``(D) information, data, and comparisons indicating the manner in which, and the basis on which, the committee determined each of the matters set forth in the resolution;

``(E) the estimated levels of tax expenditures (the tax expenditures budget) by major items and functional categories for the President's budget and in the resolution; and

``(F) allocations described in section 302(a).

``(3) ADDITIONAL CONTENTS OF REPORT.— The report accompanying the resolution may include—

``(A) a statement of any significant changes in the proposed levels of Federal assistance to State and local governments;

``(B) an allocation of the level of Federal revenues recommended in the resolution among the major sources of such revenues;

``(C) information, data, and comparisons on the share of total Federal budget outlays and of gross domestic product devoted to investment in the budget submitted by the President and in the resolution;

``(D) the assumed levels of budget authority and outlays for public buildings, with a division between amounts for construction and repair and for rental payments; and

``(E) other matters, relating to the budget and to fiscal policy, that the committee deems appropriate.´´.

(f) SOCIAL SECURITY CORRECTIONS.—

(1) Section 301(i) of the Congressional Budget Act of 1974 is amended by—

(A) inserting ``SOCIAL SECURITY POINT OF ORDER.— ´´ after ``(i)´´; and

(B) striking ``as reported to the Senate´´ and inserting ``(or amendment, motion, or conference report on the resolution)´´; and

(2) Section 22 of House Concurrent Resolution 218 (103d Congress) is repealed.

Sec. 10106. Amendments to Section 302.

(a) ALLOCATIONS AND SUBALLOCATIONS.—

Section 302 of the Congressional Budget Act of 1974 is amended by striking subsections (a) and (b) and inserting the following:

``(a) COMMITTEE SPENDING ALLOCATIONS.—

``(1) ALLOCATION AMONG COMMITTEES.— The joint explanatory statement accompanying a conference report on a concurrent resolution on the budget shall include an allocation, consistent with the resolution recommended in the conference report, of the levels for the first fiscal year of the resolution, for at least each of the ensuing 4 fiscal years, and a total for that period of fiscal years (except in the case of the Committee on Appropriations only for the fiscal year of that resolution) of—

``(A) total new budget authority; and

``(B) total outlays;

``among each committee of the House of Representatives or the Senate that has jurisdiction over legislation providing or creating such amounts.

``(2) NO DOUBLE COUNTING.— In the House of Representatives, any item allocated to one committee may not be allocated to another committee.

``(3) FURTHER DIVISION OF AMOUNTS.—

``(A) IN THE SENATE.— In the Senate, the amount allocated to the Committee on Appropriations shall be further divided among the categories specified in section 250(c)(4) of the Balanced Budget and Emergency Deficit Control Act of 1985 and shall not exceed the limits for each category set forth in section 251(c) of that Act.

``(B) IN THE HOUSE.— In the House of Representatives, the amounts allocated to each committee for each fiscal year, other than the Committee on Appropriations, shall be further divided between amounts provided or required by law on the date of filing of that conference report and amounts not so provided or required. The amounts allocated to the Committee on Appropriations shall be further divided—

``(i) between discretionary and mandatory amounts or programs, as appropriate; and

``(ii) consistent with the categories specified in section 250(c)(4) of the Balanced Budget and Emergency Deficit Control Act of 1985.

``(4) AMOUNTS NOT ALLOCATED.— In the House of Representatives or the Senate, if a committee receives no allocation of new budget authority or outlays, that committee shall be deemed to have received an allocation equal to zero for new budget authority or outlays.

``(5) ADJUSTING ALLOCATION OF DISCRETIONARY SPENDING IN THE HOUSE OF REPRESENTATIVES.—

``(A) If a concurrent resolution on the budget is not adopted by April 15, the chairman of the Committee on the Budget of the House of Representatives shall submit to the House, as soon as practicable, an allocation under paragraph (1) to the Committee on Appropriations consistent with the discretionary spending levels in the most recently agreed to concurrent resolution on the budget for the appropriate fiscal year covered by that resolution.

``(B) As soon as practicable after an allocation under paragraph (1) is submitted under this section, the Committee on Appropriations shall make suballocations and report those suballocations to the House of Representatives.

``(b) SUBALLOCATIONS BY APPROPRIATIONS COMMITTEES.— As soon as practicable after a concurrent resolution on the budget is agreed to, the Committee on Appropriations of each House (after consulting with the Committee on Appropriations of the other House) shall suballocate each amount allocated to it for the budget year under subsection (a) among its subcommittees. Each Committee on Appropriations shall promptly report to its House suballocations made or revised under this subsection. The Committee on Appropriations of the House of Representatives shall further divide among its subcommittees the divisions made under subsection (a)(3)(B) and promptly report those divisions to the House.´´.

(b) POINT OF ORDER.—

Section 302(c) of the Congressional Budget Act of 1974 is amended to read as follows:

``(c) POINT OF ORDER.— After the Committee on Appropriations has received an allocation pursuant to subsection (a) for a fiscal year, it shall not be in order in the House of Representatives or the Senate to consider any bill, joint resolution, amendment, motion, or conference report within the jurisdiction of that committee providing new budget authority for that fiscal year, until that committee makes the suballocations required by subsection (b).´´.

(c) ENFORCEMENT OF POINT OF ORDER.—

(1) IN THE HOUSE.—

Section 302(f)(1) of the Congressional Budget Act of 1974 is amended by—

(A) striking ``providing new budget authority for such fiscal year or new entitlement authority effective during such fiscal year´´ and inserting ``providing new budget authority for any fiscal year´´; and

(B) striking ``appropriate allocation made pursuant to subsection (b)´´ and all that follows through ``exceeded.´´ and inserting ``applicable allocation of new budget authority made under subsection (a) or (b) for the first fiscal year or the total of fiscal years to be exceeded.´´.

(2) IN THE SENATE.—

Section 302(f)(2) of the Congressional Budget Act of 1974 is amended to read as follows:

``(2) IN THE SENATE.— After a concurrent resolution on the budget is agreed to, it shall not be in order in the Senate to consider any bill, joint resolution, amendment, motion, or conference report that would cause—

``(A) in the case of any committee except the Committee on Appropriations, the applicable allocation of new budget authority or outlays under subsection (a) for the first fiscal year or the total of fiscal years to be exceeded; or

``(B) in the case of the Committee on Appropriations, the applicable suballocation of new budget authority or outlays under subsection (b) to be exceeded.´´.

(d) PAY-AS-YOU-GO EXCEPTION IN THE HOUSE.—

Section 302(g) of the Congressional Budget Act of 1974 is amended to read as follows:

``(g) PAY-AS-YOU-GO EXCEPTION IN THE HOUSE.—

``(1) IN GENERAL.—

`` (A) Subsection (f)(1) and, after April 15, section 303(a) shall not apply to any bill or joint resolution, as reported, amendment thereto, or conference report thereon if, for each fiscal year covered by the most recently agreed to concurrent resolution on the budget—

``(i) the enactment of that bill or resolution as reported;

``(ii) the adoption and enactment of that amendment; or

``(iii) the enactment of that bill or resolution in the form recommended in that conference report,

``would not increase the deficit, and, if the sum of any revenue increases provided in legislation already enacted during the current session (when added to revenue increases, if any, in excess of any outlay increase provided by the legislation proposed for consideration) is at least as great as the sum of the amount, if any, by which the aggregate level of Federal revenues should be increased as set forth in that concurrent resolution and the amount, if any, by which revenues are to be increased pursuant to pay-as-you-go procedures under section 301(b)(8), if included in that concurrent resolution.

``(B) Section 311(a), as that section applies to revenues, shall not apply to any bill, joint resolution, amendment thereto, or conference report thereon if, for each fiscal year covered by the most recently agreed to concurrent resolution on the budget—

``(i) the enactment of that bill or resolution as reported;

``(ii) the adoption and enactment of that amendment; or

``(iii) the enactment of that bill or resolution in the form recommended in that conference report,

``would not increase the deficit, and, if the sum of any outlay reductions provided in legislation already enacted during the current session (when added to outlay reductions, if any, in excess of any revenue reduction provided by the legislation proposed for consideration) is at least as great as the sum of the amount, if any, by which the aggregate level of Federal outlays should be reduced as required by that concurrent resolution and the amount, if any, by which outlays are to be reduced pursuant to pay-as-you-go procedures under section 301(b)(8), if included in that concurrent resolution.

``(2) REVISED ALLOCATIONS.—

``(A) As soon as practicable after Congress agrees to a bill or joint resolution that would have been subject to a point of order under subsection (f)(1) but for the exception provided in paragraph (1)(A) or would have been subject to a point of order under section 311(a) but for the exception provided in paragraph (1)(B), the chairman of the committee on the Budget of the House of Representatives shall file with the House appropriately revised allocations under section 302(a) and revised functional levels and budget aggregates to reflect that bill.

``(B) Such revised allocations, functional levels, and budget aggregates shall be considered for the purposes of this Act as allocations, functional levels, and budget aggregates contained in the most recently agreed to concurrent resolution on the budget.´´.

Sec. 10107. Amendments to Section 303.

(a) IN GENERAL.—

Section 303 of the Congressional Budget Act of 1974 is amended to read as follows:

``SEC. 303. CONCURRENT RESOLUTION ON THE BUDGET MUST BE ADOPTED BEFORE BUDGET-RELATED LEGISLATION IS CONSIDERED

``(a) IN GENERAL.— Until the concurrent resolution on the budget for a fiscal year has been agreed to, it shall not be in order in the House of Representatives, with respect to the first fiscal year covered by that resolution, or the Senate, with respect to any fiscal year covered by that resolution, to consider any bill or joint resolution, amendment or motion thereto, or conference report thereon that—

``(1) first provides new budget authority for that fiscal year;

``(2) first provides an increase or decrease in revenues during that fiscal year;

``(3) provides an increase or decrease in the public debt limit to become effective during that fiscal year;

``(4) in the Senate only, first provides new entitlement authority for that fiscal year; or

``(5) in the Senate only, first provides for an increase or decrease in outlays for that fiscal year.

``(b) EXCEPTIONS IN THE HOUSE.— In the House of Representatives, subsection (a) does not apply—

``(1)(A) to any bill or joint resolution, as reported, providing advance discretionary new budget authority that first becomes available for the first or second fiscal year after the budget year; or

``(B) to any bill or joint resolution, as reported, first increasing or decreasing revenues in a fiscal year following the fiscal year to which the concurrent resolution applies;

``(2) after May 15, to any general appropriation bill or amendment thereto; or

``(3) to any bill or joint resolution unless it is reported by a committee.

``(c) APPLICATION TO APPROPRIATION MEASURES IN THE SENATE.—

``(1) IN GENERAL.— Until the concurrent resolution on the budget for a fiscal year has been agreed to and an allocation has been made to the Committee on Appropriations of the Senate under section 302(a) for that year, it shall not be in order in the Senate to consider any appropriation bill or joint resolution, amendment or motion thereto, or conference report thereon for that year or any subsequent year.

``(2) EXCEPTION.— Paragraph (1) does not apply to appropriations legislation making advance appropriations for the first or second fiscal year after the year the allocation referred to in that paragraph is made.´´.

(b) CONFORMING AMENDMENT.—

The item relating to section 303 in the table of contents set forth in section 1(b) of the Congressional Budget and Impoundment Control Act of 1974 is amended to read as follows:

``Sec. 303. Concurrent resolution on the budget must be adopted before budget-related legislation is considered.´´.

Sec. 10108. Amendment to Section 304.

Section 304 of the Congressional Budget Act of 1974 is amended by—

(1) striking ``(a) IN GENERAL.— ´´; and

(2) striking subsection (b).

Sec. 10109. Amendment to Section 305.

(a) BUDGET ACT.—

Section 305(a)(1) of the Congressional Budget Act of 1974 is amended to read as follows:

``(1) When a concurrent resolution on the budget has been reported by the Committee on the Budget of the House of Representatives and has been referred to the appropriate calendar of the House, it shall be in order on any day thereafter, subject to clause 2(l)(6) of rule XI of the Rules of the House of Representatives, to move to proceed to the consideration of the concurrent resolution. The motion is highly privileged and is not debatable. An amendment to the motion is not in order and it is not in order to move to reconsider the vote by which the motion is agreed to or disagreed to.´´.

(b) CONFORMING AMENDMENT IN THE HOUSE.—

The first sentence of clause 2(l)(6) of rule XI of the Rules of the House of Representatives is amended by striking ``, or as provided by section 305(a)(1)´´ and all that follows thereafter through ``under that section)´´.

Sec. 10110. Amendments to Section 308.

Section 308 of the Congressional Budget Act of 1974 is amended—

(1)(A) in the heading of subsection (a), by striking ``, NEW SPENDING AUTHORITY, OR NEW CREDIT AUTHORITY,´´;

(B) in subsection (a)(1), by striking subparagraph (B) and by redesignating subparagraphs (C) and (D) as subparagraphs (B) and (C), respectively;

(C) in subsection (a)(1)(B) (as redesignated), by striking ``spending authority´´ through ``commitments´´ and inserting ``revenues, or tax expenditures´´; and

(D) in paragraphs (1) and (2) of subsection (a), by striking ``, new spending authority described in section 401(c)(2), or new credit authority,´´ each place it appears;

(2) in subsection (b)(1), by striking ``, new spending authority described in section 401(c)(2), or new credit authority,´´;

(3) in subsection (c), by inserting ``and´´ after the semicolon at the end of paragraph (3), by striking ``; and´´ at the end of paragraph (4) and inserting a period; and by striking paragraph (5); and

(4) by inserting ``joint´´ before ``resolution´´ each place it appears except when ``concurrent´´, ``such´´, or ``reconciliation´´ precedes ``resolution´´ and, in subsection (b)(1), by inserting ``joint´´ before ``resolutions´´ each place it appears.

Sec. 10111. Amendments to Section 310.

Section 310(c)(1)(A) of the Congressional Budget Act of 1974 is amended—

(1) by striking ``20 percent´´ the first place it appears and all that follows thereafter through ``, and´´ and inserting the following:

``(I) in the Senate, 20 percent of the total of the amounts of the changes such committee was directed to make under paragraphs (1) and (2) of such subsection; or

``(II) in the House of Representatives, 20 percent of the sum of the absolute value of the changes the committee was directed to make under paragraph (1) and the absolute value of the changes the committee was directed to make under paragraph (2); and´´; and

(2) by striking ``20 percent´´ the second place it appears and all that follows thereafter through ``; and´´ and inserting the following:

``(I) in the Senate, 20 percent of the total of the amounts of the changes such committee was directed to make under paragraphs (1) and (2) of such subsection; or

``(II) in the House of Representatives, 20 percent of the sum of the absolute value of the changes the committee was directed to make under paragraph (1) and the absolute value of the changes the committee was directed to make under paragraph (2); and´´.

Sec. 10112. Amendments to Section 311.

(a) IN GENERAL.—

Section 311 of the Congressional Budget Act of 1974 is amended to read as follows:

``SEC. 311. BUDGET-RELATED LEGISLATION MUST BE WITHIN APPROPRIATE LEVELS

``(a) ENFORCEMENT OF BUDGET AGGREGATES.—

``(1) IN THE HOUSE OF REPRESENTATIVES.— Except as provided by subsection (c), after the Congress has completed action on a concurrent resolution on the budget for a fiscal year, it shall not be in order in the House of Representatives to consider any bill, joint resolution, amendment, motion, or conference report providing new budget authority or reducing revenues, if—

``(A) the enactment of that bill or resolution as reported;

``(B) the adoption and enactment of that amendment; or

``(C) the enactment of that bill or resolution in the form recommended in that conference report;

``would cause the level of total new budget authority or total outlays set forth in the applicable concurrent resolution on the budget for the first fiscal year to be exceeded, or would cause revenues to be less than the level of total revenues set forth in that concurrent resolution for the first fiscal year or for the total of that first fiscal year and the ensuing fiscal years for which allocations are provided under section 302(a), except when a declaration of war by the Congress is in effect.

``(2) IN THE SENATE.— After a concurrent resolution on the budget is agreed to, it shall not be in order in the Senate to consider any bill, joint resolution, amendment, motion, or conference report that—

``(A) would cause the level of total new budget authority or total outlays set forth for the first fiscal year in the applicable resolution to be exceeded; or

``(B) would cause revenues to be less than the level of total revenues set forth for that first fiscal year or for the total of that first fiscal year and the ensuing fiscal years in the applicable resolution for which allocations are provided under section 302(a).

``(3) ENFORCEMENT OF SOCIAL SECURITY LEVELS IN THE SENATE.— After a concurrent resolution on the budget is agreed to, it shall not be in order in the Senate to consider any bill, joint resolution, amendment, motion, or conference report that would cause a decrease in social security surpluses or an increase in social security deficits relative to the levels set forth in the applicable resolution for the first fiscal year or for the total of that fiscal year and the ensuing fiscal years for which allocations are provided under section 302(a).

``(b) SOCIAL SECURITY LEVELS.—

``(1) IN GENERAL.— For purposes of subsection (a)(3), social security surpluses equal the excess of social security revenues over social security outlays in a fiscal year or years with such an excess and social security deficits equal the excess of social security outlays over social security revenues in a fiscal year or years with such an excess.

``(2) TAX TREATMENT.— For purposes of subsection (a)(3), no provision of any legislation involving a change in chapter 1 of the Internal Revenue Code of 1986 shall be treated as affecting the amount of social security revenues or outlays unless that provision changes the income tax treatment of social security benefits.

``(c) EXCEPTION IN THE HOUSE OF REPRESENTATIVES.— Subsection (a)(1) shall not apply in the House of Representatives to any bill, joint resolution, or amendment that provides new budget authority for a fiscal year or to any conference report on any such bill or resolution, if—

``(1) the enactment of that bill or resolution as reported;

``(2) the adoption and enactment of that amendment; or

``(3) the enactment of that bill or resolution in the form recommended in that conference report;

``would not cause the appropriate allocation of new budget authority made pursuant to section 302(a) for that fiscal year to be exceeded.´´.

(b) TABLE OF CONTENTS.—

The table of contents set forth in section 1(b) of the Congressional Budget and Impoundment Control Act of 1974 is amended by striking the item relating to section 311 and inserting the following:

``Sec. 311. Budget-related legislation must be within appropriate levels.´´.

Sec. 10113. Amendment to Section 312.

(a) IN GENERAL.—

Section 312 of the Congressional Budget Act of 1974 is amended to read as follows:

``SEC. 312. DETERMINATIONS AND POINTS OF ORDER

``(a) BUDGET COMMITTEE DETERMINATIONS.— For purposes of this title and title IV, the levels of new budget authority, outlays, direct spending, new entitlement authority, and revenues for a fiscal year shall be determined on the basis of estimates made by the Committee on the Budget of the House of Representatives or the Senate, as applicable.

``(b) DISCRETIONARY SPENDING POINT OF ORDER IN THE SENATE.—

``(1) IN GENERAL.— Except as otherwise provided in this subsection, it shall not be in order in the Senate to consider any bill or resolution (or amendment, motion, or conference report on that bill or resolution) that would exceed any of the discretionary spending limits in section 251(c) of the Balanced Budget and Emergency Deficit Control Act of 1985.

``(2) EXCEPTIONS.— This subsection shall not apply if a declaration of war by the Congress is in effect or if a joint resolution pursuant to section 258 of the Balanced Budget and Emergency Deficit Control Act of 1985 has been enacted.

``(c) MAXIMUM DEFICIT AMOUNT POINT OF ORDER IN THE SENATE.— It shall not be in order in the Senate to consider any concurrent resolution on the budget for a fiscal year, or to consider any amendment to that concurrent resolution, or to consider a conference report on that concurrent resolution, if—

``(1) the level of total outlays for the first fiscal year set forth in that concurrent resolution or conference report exceeds; or

``(2) the adoption of that amendment would result in a level of total outlays for that fiscal year that exceeds;

``the recommended level of Federal revenues for that fiscal year, by an amount that is greater than the maximum deficit amount, if any, specified in the Balanced Budget and Emergency Deficit Control Act of 1985 for that fiscal year.

``(d) TIMING OF POINTS OF ORDER IN THE SENATE.— A point of order under this Act may not be raised against a bill, resolution, amendment, motion, or conference report while an amendment or motion, the adoption of which would remedy the violation of this Act, is pending before the Senate.

``(e) POINTS OF ORDER IN THE SENATE AGAINST AMENDMENTS BETWEEN THE HOUSES.— Each provision of this Act that establishes a point of order against an amendment also establishes a point of order in the Senate against an amendment between the Houses. If a point of order under this Act is raised in the Senate against an amendment between the Houses and the point of order is sustained, the effect shall be the same as if the Senate had disagreed to the amendment.

``(f) EFFECT OF A POINT OF ORDER IN THE SENATE.— In the Senate, if a point of order under this Act against a bill or resolution is sustained, the Presiding Officer shall then recommit the bill or resolution to the committee of appropriate jurisdiction for further consideration.´´.

(b) TECHNICAL AND CONFORMING AMENDMENTS.—

(1) IN GENERAL.—

Section 313 of the Congressional Budget Act of 1974 is amended—

(A) by striking ``(c) When´´ and inserting ``(d) CONFERENCE REPORTS.— When´´; and

(B) by striking subsection (e) and redesignating subsection (d) as subsection (e).

(2) TABLE OF CONTENTS.—

The item relating to section 312 in the table of contents set forth in section 1(b) of the Congressional Budget and Impoundment Control Act of 1974 is amended by striking ``Effect of points´´ and inserting ``Determinations and points´´.

Sec. 10114. Adjustments.

(a) IN GENERAL.—

Title III of the Congressional Budget Act of 1974 is amended by adding at the end the following new section:

``SEC. 314. ADJUSTMENTS

``(a) ADJUSTMENTS.—

``(1) IN GENERAL.— After the reporting of a bill or joint resolution, the offering of an amendment thereto, or the submission of a conference report thereon, the chairman of the Committee on the Budget of the House of Representatives or the Senate shall make the adjustments set forth in paragraph (2) for the amount of new budget authority in that measure (if that measure meets the requirements set forth in subsection (b)) and the outlays flowing from that budget authority.

``(2) MATTERS TO BE ADJUSTED.— The adjustments referred to in paragraph (1) are to be made to—

``(A) the discretionary spending limits, if any, set forth in the appropriate concurrent resolution on the budget;

``(B) the allocations made pursuant to the appropriate concurrent resolution on the budget pursuant to section 302(a); and

``(C) the budgetary aggregates as set forth in the appropriate concurrent resolution on the budget.

``(b) AMOUNTS OF ADJUSTMENTS.— The adjustment referred to in subsection (a) shall be—

``(1) an amount provided and designated as an emergency requirement pursuant to section 251(b)(2)(A) or 252(e) of the Balanced Budget and Emergency Deficit Control Act of 1985;

``(2) an amount provided for continuing disability reviews subject to the limitations in section 251(b)(2)(C) of that Act;

``(3) for any fiscal year through 2002, an amount provided that is the dollar equivalent of the Special Drawing Rights with respect to—

``(A) an increase in the United States quota as part of the International Monetary Fund Eleventh General Review of Quotas (United States Quota); or

``(B) any increase in the maximum amount available to the Secretary of the Treasury pursuant to section 17 of the Bretton Woods Agreements Act, as amended from time to time (New Arrangements to Borrow);

``(4) an amount provided not to exceed $1,884,000,000 for the period of fiscal years 1998 through 2000 for arrearages for international organizations, international peacekeeping, and multilateral development banks; or

``(5) an amount provided for an earned income tax credit compliance initiative but not to exceed—

``(A) with respect to fiscal year 1998, $138,000,000 in new budget authority;

``(B) with respect to fiscal year 1999, $143,000,000 in new budget authority;

``(C) with respect to fiscal year 2000, $144,000,000 in new budget authority;

``(D) with respect to fiscal year 2001, $145,000,000 in new budget authority; and

``(E) with respect to fiscal year 2002, $146,000,000 in new budget authority.

``(c) APPLICATION OF ADJUSTMENTS.— The adjustments made pursuant to subsection (a) for legislation shall—

``(1) apply while that legislation is under consideration;

``(2) take effect upon the enactment of that legislation; and

``(3) be published in the Congressional Record as soon as practicable.

``(d) REPORTING REVISED SUBALLOCATIONS.— Following any adjustment made under subsection (a), the Committees on Appropriations of the Senate and the House of Representatives may report appropriately revised suballocations under section 302(b) to carry out this section.

``(e) DEFINITIONS FOR CDRS.— As used in subsection (b)(2)—

``(1) the term ``continuing disability reviews´´ shall have the same meaning as provided in section 251(b)(2)(C)(ii) of the Balanced Budget and Emergency Deficit Control Act of 1985; and

``(2) the term ``new budget authority´´ shall have the same meaning as the term ``additional new budget authority´´ and the term ``outlays´´ shall have the same meaning as ``additional outlays´´ in that section.´´.

(b) TABLE OF CONTENTS.—

The table of contents set forth in section 1(b) of the Congressional Budget and Impoundment Control Act of 1974 is amended by adding after the item relating to section 313 the following new item:

``Sec. 314. Adjustments.´´.

Sec. 10115. Effect of Adoption of a Special Order of Business in the House of Representatives.

(a) EFFECT OF POINTS OF ORDER.—

Title III of the Congressional Budget Act of 1974 is amended by adding after section 314 the following new section:

``SEC. 315. EFFECT OF ADOPTION OF A SPECIAL ORDER OF BUSINESS IN THE HOUSE OF REPRESENTATIVES

``For purposes of a reported bill or joint resolution considered in the House of Representatives pursuant to a special order of business, the term ``as reported´´ in this title or title IV shall be considered to refer to the text made in order as an original bill or joint resolution for the purpose of amendment or to the text on which the previous question is ordered directly to passage, as the case may be.´´.

(b) CONFORMING AMENDMENT.—

The table of contents set forth in section 1(b) of the Congressional Budget and Impoundment Control Act of 1974 is amended by adding after the item relating to section 314 the following new item:

``Sec. 315. Effect of adoption of a special order of business in the House of Representatives.´´.

Sec. 10116. Amendment to Section 401 and Repeal of Section 402.

(a) SECTION 401.—

(1) CONTROLS.—

Section 401 of the Congressional Budget Act of 1974 is amended by—

(A) striking the heading and inserting the following:

``BUDGET-RELATED LEGISLATION NOT SUBJECT TO APPROPRIATIONS´´; AND

(B) striking subsection (a) and inserting the following:

``(a) CONTROLS ON CERTAIN BUDGET-RELATED LEGISLATION NOT SUBJECT TO APPROPRIATIONS.— It shall not be in order in either the House of Representatives or the Senate to consider any bill or joint resolution (in the House of Representatives only, as reported), amendment, motion, or conference report that provides—

``(1) new authority to enter into contracts under which the United States is obligated to make outlays;

``(2) new authority to incur indebtedness (other than indebtedness incurred under chapter 31 of title 31 of the United States Code) for the repayment of which the United States is liable; or

``(3) new credit authority;

``unless that bill, joint resolution, amendment, motion, or conference report also provides that the new authority is to be effective for any fiscal year only to the extent or in the amounts provided in advance in appropriation Acts.´´.

(2) POINT OF ORDER.—

Section 401(b) of the Congressional Budget Act of 1974 is amended—

(A) by inserting ``new´´ before ``entitlement´´ in the heading;

(B) by striking paragraph (1) and inserting the following:

``(1) POINT OF ORDER.— It shall not be in order in either the House of Representatives or the Senate to consider any bill or joint resolution (in the House of Representatives only, as reported), amendment, motion, or conference report that provides new entitlement authority that is to become effective during the current fiscal year.´´; and

(C) in paragraph (2)—

(i) by striking ``new spending authority described in subsection (c)(2)(C)´´ and inserting ``new entitlement authority´´; and

(ii) by striking ``of that House´´ and inserting ``of the Senate or may then be referred to the Committee on Appropriations of the House, as the case may be,´´.

(3) DEFINITIONS.—

Section 401 of the Congressional Budget Act of 1974 is amended by striking subsection (c).

(4) EXCEPTIONS.—

Section 401(d) of the Congressional Budget Act of 1974 is amended—

(A) in paragraph (1), by striking ``new spending authority if the budget authority for outlays which result from such new spending authority is derived´´ and inserting ``new authority described in those subsections if outlays from that new authority will flow´´;

(B) by striking paragraph (2) and redesignating paragraph (3) as paragraph (2); and

(C) in paragraph (2), as redesignated, by striking ``new spending authority´´ and inserting ``new authority described in those subsections´´.

(5) REDESIGNATION.—

Subsection (d) of section 401 of the Congressional Budget Act of 1974 is redesignated as subsection (c).

(6) CONFORMING AMENDMENTS.—

(A) Clause 1(b)(4) of rule X of the Rules of the House of Representatives is amended to read as follows:

``(4) The amount of new authority to enter into contracts under which the United States is obligated to make outlays, the budget authority for which is not provided in advance by appropriation Acts; new authority to incur indebtedness (other than indebtedness in incurred under chapter 31 of title 31 of the United States Code) for the repayment of which the United States is liable, the budget authority for which is not provided in advance by appropriation Acts; new entitlement authority as defined in section 3(9) of the Congressional Budget Act of 1974, including bills and resolutions (reported by other committees) which provide new entitlement authority as defined in section 3(9) of the Congressional Budget Act of 1974 and are referred to the committee under clause 4(a); authority to forego the collection by the United States of proprietary offsetting receipts, the budget authority for which is not provided in advance by appropriation Acts to offset such foregone receipts; and authority to make payments by the United States (including loans, grants, and payments from revolving funds) other than those covered by this subparagraph, the budget authority for which is not provided in advance by appropriation Acts.´´.

(B) Clause 4(a)(2) of rule X of the Rules of the House of Representatives is amended by striking ``new spending authority described in section 401(c)(2)(C)´´ and inserting ``new entitlement authority as defined in section 3(9)´´ and by striking ``total amount of new spending authority´´ and inserting ``total amount of new entitlement authority´´.

(C) Clause 2(l)(3) of rule XI of the Rules of the House of Representatives is amended by striking ``new spending authority as described in section 401(c)(2)´´ and by inserting ``new entitlement authority as defined in section 3(9)´´.

(b) REPEALER OF SECTION 402.—

Section 402 of the Congressional Budget Act of 1974 is repealed.

(c) CONFORMING AMENDMENTS.—

(1) REDESIGNATION.—

Sections 403 through 407 of the Congressional Budget Act of 1974 are redesignated as sections 402 through 406, respectively.

(2) GAO ANALYSIS.—

Section 404 (as redesignated) of the Congressional Budget Act of 1974 is amended by striking ``spending authority as described by section 401(c)(2) and which provide permanent appropriations,´´ and inserting ``mandatory spending´´.

(3) TABLE OF CONTENTS.—

The table of contents set forth in section 1(b) of the Congressional Budget and Impoundment Control Act of 1974 is amended by—

(A) striking the item for section 401 and inserting the following:

``Sec. 401. Budget-related legislation not subject to appropriations.´´; and

(B) striking the item relating to section 402 and redesignating the items relating to sections 403 through 407 as the items relating to sections 402 through 406, respectively.

(4) CONFORMING AMENDMENTS.—

(A) Clause 2(l)(3) of rule XI of the Rules of the House of Representatives is amended by striking ``section 403´´ and inserting ``section 402´´.

(B) Clause 7(d) of rule XIII of the Rules of the House of Representatives is amended by striking ``section 403´´ and inserting ``section 402´´.

Sec. 10117. Amendments to Title V.

(a) SECTION 502.—

Section 502 of the Federal Credit Reform Act of 1990 is amended as follows:

(1) In the second sentence of paragraph (1), insert ``and financing arrangements that defer payment for more than 90 days, including the sale of a government asset on credit terms´´ before the period.

(2) In paragraph (5)(A), insert ``or modification thereof´´ before the first comma.

(3) In paragraph (5), strike subparagraphs (B) and (C) and insert the following:

``(B) The cost of a direct loan shall be the net present value, at the time when the direct loan is disbursed, of the following estimated cash flows:

``(i) loan disbursements;

``(ii) repayments of principal; and

``(iii) payments of interest and other payments by or to the Government over the life of the loan after adjusting for estimated defaults, prepayments, fees, penalties, and other recoveries;

``including the effects of changes in loan terms resulting from the exercise by the borrower of an option included in the loan contract.

``(C) The cost of a loan guarantee shall be the net present value, at the time when the guaranteed loan is disbursed, of the following estimated cash flows:

``(i) payments by the Government to cover defaults and delinquencies, interest subsidies, or other payments; and

``(ii) payments to the Government including origination and other fees, penalties and recoveries;

``including the effects of changes in loan terms resulting from the exercise by the guaranteed lender of an option included in the loan guarantee contract, or by the borrower of an option included in the guaranteed loan contract.´´.

(4) In paragraph (5), amend subparagraph (D) to read as follows:

``(D) The cost of a modification is the difference between the current estimate of the net present value of the remaining cash flows under the terms of a direct loan or loan guarantee contract, and the current estimate of the net present value of the remaining cash flows under the terms of the contract, as modified.´´.

(5) In paragraph (5)(E), insert ``the cash flows of´´ after ``to´´.

(6) In paragraph (5), by adding at the end the following:

``(F) When funds are obligated for a direct loan or loan guarantee, the estimated cost shall be based on the current assumptions, adjusted to incorporate the terms of the loan contract, for the fiscal year in which the funds are obligated.´´.

(7) Redesignate paragraph (9) as paragraph (11) and after paragraph (8) add the following new paragraphs:

``(9) The term ``modification´´ means any Government action that alters the estimated cost of an outstanding direct loan (or direct loan obligation) or an outstanding loan guarantee (or loan guarantee commitment) from the current estimate of cash flows. This includes the sale of loan assets, with or without recourse, and the purchase of guaranteed loans. This also includes any action resulting from new legislation, or from the exercise of administrative discretion under existing law, that directly or indirectly alters the estimated cost of outstanding direct loans (or direct loan obligations) or loan guarantees (or loan guarantee commitments) such as a change in collection procedures.

``(10) The term ``current´´ has the same meaning as in section 250(c)(9) of the Balanced Budget and Emergency Deficit Control Act of 1985.´´.

(b) SECTION 504.—

Section 504 of the Federal Credit Reform Act of 1990 is amended as follows:

(1) Amend subsection (b)(1) to read as follows:

``(1) new budget authority to cover their costs is provided in advance in an appropriations Act;´´.

(2) In subsection (b)(2), strike ``is enacted´´ and insert ``has been provided in advance in an appropriations Act´´.

(3) In subsection (c), strike ``Subsection (b)´´ and insert ``Subsections (b) and (e)´´.

(4) In subsection (d)(1), strike ``directly or indirectly alter the costs of outstanding direct loans and loan guarantees´´ and insert ``modify outstanding direct loans (or direct loan obligations) or loan guarantees (or loan guarantee commitments)´´.

(5) Amend subsection (e) to read as follows:

``(e) MODIFICATIONS.— An outstanding direct loan (or direct loan obligation) or loan guarantee (or loan guarantee commitment) shall not be modified in a manner that increases its costs unless budget authority for the additional cost has been provided in advance in an appropriations Act.´´.

(c) SECTION 505.—

Section 505 of the Federal Credit Reform Act of 1990 is amended as follows:

(1) In subsection (c), by inserting before the period at the end of the second sentence the following: ``, except that the rate of interest charged by the Secretary on lending to financing accounts (including amounts treated as lending to financing accounts by the Federal Financing Bank (hereinafter in this subsection referred to as the ``Bank´´) pursuant to section 406(b)) and the rate of interest paid to financing accounts on uninvested balances in financing accounts shall be the same as the rate determined pursuant to section 502(5)(E). For guaranteed loans financed by the Bank and treated as direct loans by a Federal agency pursuant to section 406(b), any fee or interest surcharge (the amount by which the interest rate charged exceeds the rate determined pursuant to section 502(5)(E)) that the Bank charges to a private borrower pursuant to section 6(c) of the Federal Financing Bank Act of 1973 shall be considered a cash flow to the Government for the purposes of determining the cost of the direct loan pursuant to section 502(5). All such amounts shall be credited to the appropriate financing account. The Bank is authorized to require reimbursement from a Federal agency to cover the administrative expenses of the Bank that are attributable to the direct loans financed for that agency. All such payments by an agency shall be considered administrative expenses subject to section 504(g). This subsection shall apply to transactions related to direct loan obligations or loan guarantee commitments made on or after October 1, 1991´´.

(2) In subsection (c), by striking ``supercede´´ and inserting ``supersede´´.

(3) By amending subsection (d) to read as follows:

``(d) AUTHORIZATION FOR LIQUIDATING ACCOUNTS.—

``(1) Amounts in liquidating accounts shall be available only for payments resulting from direct loan obligations or loan guarantee commitments made prior to October 1, 1991, for—

``(A) interest payments and principal repayments to the Treasury or the Federal Financing Bank for amounts borrowed;

``(B) disbursements of loans;

``(C) default and other guarantee claim payments;

``(D) interest supplement payments;

``(E) payments for the costs of foreclosing, managing, and selling collateral that are capitalized or routinely deducted from the proceeds of sales;

``(F) payments to financing accounts when required for modifications;

``(G) administrative expenses, if—

``(i) amounts credited to the liquidating account would have been available for administrative expenses under a provision of law in effect prior to October 1, 1991; and

``(ii) no direct loan obligation or loan guarantee commitment has been made, or any modification of a direct loan or loan guarantee has been made, since September 30, 1991; or

``(H) such other payments as are necessary for the liquidation of such direct loan obligations and loan guarantee commitments.

``(2) Amounts credited to liquidating accounts in any year shall be available only for payments required in that year. Any unobligated balances in liquidating accounts at the end of a fiscal year shall be transferred to miscellaneous receipts as soon as practicable after the end of the fiscal year.

``(3) If funds in liquidating accounts are insufficient to satisfy obligations and commitments of such accounts, there is hereby provided permanent, indefinite authority to make any payments required to be made on such obligations and commitments.´´.

(d) SECTION 506.—

Section 506 of the Federal Credit Reform Act of 1990 is amended—

(1) by striking ``(a) IN GENERAL.— ´´;

(2) by striking ``(1)´´ and inserting the following:

``(a) IN GENERAL.— ´´;

(3) by striking ``(2) The´´ and inserting the following:

``(b) STUDY.— The´´;

(4) by striking ``(3)´´ and inserting the following:

``(c) ACCESS TO DATA.— ´´; and

(5) in subsection (c) (as redesignated) by striking ``paragraph (2)´´ and inserting ``subsection (b)´´.

Sec. 10118. Repeal of Title VI.

(a) REPEALER.—

Title VI of the Congressional Budget Act of 1974 is repealed.

(b) CONFORMING AMENDMENTS.—

(1) The items relating to title VI of the table of contents set forth in section 1(b) of the Congressional Budget and Impoundment Control Act of 1974 are repealed.

(2) Clause 4(h) of rule X of the Rules of the House of Representatives is amended by striking ``section 302 or section 602 (in the case of fiscal years 1991 through 1995)´´ and inserting ``section 302´´.

Sec. 10119. Amendments to Section 904.

(a) CONFORMING AMENDMENT.—

Section 904(a) of the Congressional Budget Act of 1974 is amended by striking ``(except section 905)´´ and by striking ``V, and VI (except section 601(a))´´ and inserting ``and V´´.

(b) WAIVERS.—

Section 904(c) of the Congressional Budget Act of 1974 is amended to read as follows:

``(c) WAIVERS.—

``(1) PERMANENT.— Sections 305(b)(2), 305(c)(4), 306, 310(d)(2), 313, 904(c), and 904(d) of this Act may be waived or suspended in the Senate only by the affirmative vote of three-fifths of the Members, duly chosen and sworn.

``(2) TEMPORARY.— Sections 301(i), 302(c), 302(f), 310(g), 311(a), 312(b), and 312(c) of this Act and sections 258(a)(4)(C), 258A(b)(3)(C)(I), 258B(f)(1), 258B(h)(1), 258(h)(3), 258C(a)(5), and 258C(b)(1) of the Balanced Budget and Emergency Deficit Control Act of 1985 may be waived or suspended in the Senate only by the affirmative vote of three-fifths of the Members, duly chosen and sworn.´´.

(c) APPEALS.—

Section 904(d) of the Congressional Budget Act of 1974 is amended to read as follows:

``(d) APPEALS.—

``(1) PROCEDURE.— Appeals in the Senate from the decisions of the Chair relating to any provision of title III or IV or section 1017 shall, except as otherwise provided therein, be limited to 1 hour, to be equally divided between, and controlled by, the mover and the manager of the resolution, concurrent resolution, reconciliation bill, or rescission bill, as the case may be.

``(2) PERMANENT.— An affirmative vote of three-fifths of the Members, duly chosen and sworn, shall be required in the Senate to sustain an appeal of the ruling of the Chair on a point of order raised under sections 305(b)(2), 305(c)(4), 306, 310(d)(2), 313, 904(c), and 904(d) of this Act.

``(3) TEMPORARY.— An affirmative vote of three-fifths of the Members, duly chosen and sworn, shall be required in the Senate to sustain an appeal of the ruling of the Chair on a point of order raised under sections 301(i), 302(c), 302(f), 310(g), 311(a), 312(b), and 312(c) of this Act and sections 258(a)(4)(C), 258A(b)(3)(C)(I), 258B(f)(1), 258B(h)(1), 258(h)(3), 258C(a)(5), and 258C(b)(1) of the Balanced Budget and Emergency Deficit Control Act of 1985.´´.

(d) EXPIRATION OF SUPERMAJORITY VOTING REQUIREMENTS.—

Section 904 of the Congressional Budget Act of 1974 is amended by adding at the end the following:

``(e) EXPIRATION OF CERTAIN SUPERMAJORITY VOTING REQUIREMENTS.— Subsections (c)(2) and (d)(3) shall expire on September 30, 2002.´´.

Sec. 10120. Repeal of Sections 905 and 906.

(a) REPEALER.—

Sections 905 and 906 of the Congressional Budget Act of 1974 are repealed.

(b) CONFORMING AMENDMENTS.—

The table of contents set forth in section 1(b) of the Congressional Budget and Impoundment Control Act of 1974 is amended by striking the items relating to sections 905 and 906.

Sec. 10121. Amendments to Sections 1022 and 1024.

(a) SECTION 1022.—

Section 1022(b)(1)(F) of the Congressional Budget and Impoundment Control Act of 1974 is amended by striking ``section 601´´ and inserting ``section 251(c) of the Balanced Budget and Emergency Deficit Control Act of 1985´´.

(b) SECTION 1024.—

Section 1024(a)(1)(B) of the Congressional Budget and Impoundment Control Act of 1974 is amended by striking ``section 601(a)(2)´´ and inserting ``section 251(c) of the Balanced Budget and Emergency Deficit Control Act of 1985´´.

Sec. 10122. Amendment to Section 1026.

Section 1026(7)(A)(iv) of the Congressional Budget and Impoundment Control Act of 1974 is amended by striking ``; and´´ and inserting ``; or´´.

Sec. 10123. Senate Task Force on Consideration of Budget Measures.

(a) APPOINTMENT OF MEMBERS.—

The Majority Leader and Minority Leader of the Senate shall each appoint 3 Senators to serve on a bipartisan task force to study the floor procedures for the consideration of budget resolutions and reconciliation bills in the Senate as provided in sections 305(b) and 310(e) of the Congressional Budget Act of 1974.

(b) REPORT OF THE TASK FORCE.—

The task force shall submit its report to the Senate not later than October 8, 1997.