2 USC Sec. 900 01/03/2012 (112-90) -EXPCITE- TITLE 2 – THE CONGRESS MAXIMUM DEFICIT

2 USC Sec. 900 01/03/2012 (112-90)

-EXPCITE-

TITLE 2 – THE CONGRESS

CHAPTER 20 – EMERGENCY POWERS TO ELIMINATE BUDGET DEFICITS

SUBCHAPTER I – ELIMINATION OF DEFICITS IN EXCESS OF MAXIMUM DEFICIT

AMOUNT

-HEAD-

Sec. 900. Statement of budget enforcement through sequestration;

definitions

-STATUTE-

(a) Omitted

(b) General statement of budget enforcement through sequestration

This subchapter provides for budget enforcement as called for in

House Concurrent Resolution 84 (105th Congress, 1st session).

(c) Definitions

As used in this subchapter:

(1) The terms “budget authority”, “new budget authority”,

“outlays”, and “deficit” have the meanings given to such terms in

section 3 of the Congressional Budget and Impoundment Control Act

of 1974 [2 U.S.C. 622] and “discretionary spending limit” shall

mean the amounts specified in section 901 of this title.

(2) The terms “sequester” and “sequestration” refer to or mean

the cancellation of budgetary resources provided by discretionary

appropriations or direct spending law.

(3) The term “breach” means, for any fiscal year, the amount

(if any) by which new budget authority or outlays for that year

(within a category of discretionary appropriations) is above that

category’s discretionary spending limit for new budget authority

or outlays for that year, as the case may be.

(4)(A) The term “nonsecurity category” means all discretionary

appropriations not included in the security category defined in

subparagraph (B).

(B) The term “security category” includes discretionary

appropriations associated with agency budgets for the Department

of Defense, the Department of Homeland Security, the Department

of Veterans Affairs, the National Nuclear Security

Administration, the intelligence community management account (95-

0401-0-1-054), and all budget accounts in budget function 150

(international affairs).

(C) The term “discretionary category” includes all

discretionary appropriations.

(5) The term “baseline” means the projection (described in

section 907 of this title) of current-year levels of new budget

authority, outlays, receipts, and the surplus or deficit into the

budget year and the outyears.

(6) The term “budgetary resources” means new budget authority,

unobligated balances, direct spending authority, and obligation

limitations.

(7) The term “discretionary appropriations” means budgetary

resources (except to fund direct-spending programs) provided in

appropriation Acts.

(8) The term “direct spending” means –

(A) budget authority provided by law other than appropriation

Acts;

(B) entitlement authority; and

(C) the Supplemental Nutrition Assistance Program.

(9) The term “current” means, with respect to OMB estimates

included with a budget submission under section 1105(a) of title

31, the estimates consistent with the economic and technical

assumptions underlying that budget and with respect to estimates

made after that budget submission that are not included with it,

estimates consistent with the economic and technical assumptions

underlying the most recently submitted President’s budget.

(10) The term “real economic growth”, with respect to any

fiscal year, means the growth in the gross national product

during such fiscal year, adjusted for inflation, consistent with

Department of Commerce definitions.

(11) The term “account” means an item for which appropriations

are made in any appropriation Act and, for items not provided for

in appropriation Acts, such term means an item for which there is

a designated budget account identification code number in the

President’s budget.

(12) The term “budget year” means, with respect to a session of

Congress, the fiscal year of the Government that starts on

October 1 of the calendar year in which that session begins.

(13) The term “current year” means, with respect to a budget

year, the fiscal year that immediately precedes that budget year.

(14) The term “outyear” means a fiscal year one or more years

after the budget year.

(15) The term “OMB” means the Director of the Office of

Management and Budget.

(16) The term “CBO” means the Director of the Congressional

Budget Office.

(17) As used in this subchapter, all references to entitlement

authority shall include the list of mandatory appropriations

included in the joint explanatory statement of managers

accompanying the conference report on the Balanced Budget Act of

1997.

(18) The term “deposit insurance” refers to the expenses of the

Federal deposit insurance agencies, and other Federal agencies

supervising insured depository institutions, resulting from full

funding of, and continuation of, the deposit insurance guarantee

commitment in effect under current estimates.

(19) The term “asset sale” means the sale to the public of any

asset (except for those assets covered by title V of the

Congressional Budget Act of 1974 [2 U.S.C. 661 et seq.]), whether

physical or financial, owned in whole or in part by the United

States.

(20) The term “emergency” means a situation that –

(A) requires new budget authority and outlays (or new budget

authority and the outlays flowing therefrom) for the prevention

or mitigation of, or response to, loss of life or property, or

a threat to national security; and

(B) is unanticipated.

(21) The term “unanticipated” means that the underlying

situation is –

(A) sudden, which means quickly coming into being or not

building up over time;

(B) urgent, which means a pressing and compelling need

requiring immediate action;

(C) unforeseen, which means not predicted or anticipated as

an emerging need; and

(D) temporary, which means not of a permanent duration.

-SOURCE-

(Pub. L. 99-177, title II, Sec. 250, as added Pub. L. 101-508,

title XIII, Sec. 13101(a), Nov. 5, 1990, 104 Stat. 1388-574, and

Pub. L. 99-177, title II, Sec. 250(c)(21), formerly Sec. 257(12),

as added Pub. L. 100-119, title I, Sec. 102(b)(7), Sept. 29, 1987,

101 Stat. 774, renumbered Sec. 250(c)(21), Pub. L. 101-508, title

XIII, Sec. 13101(b), Nov. 5, 1990, 104 Stat. 1388-589; amended Pub.

L. 105-33, title X, Secs. 10202, 10204(a)(2), 10208(a)(2), Aug. 5,

1997, 111 Stat. 697, 702, 708; Pub. L. 105-178, title VIII, Sec.

8101(c), (f), June 9, 1998, 112 Stat. 489; Pub. L. 105-206, title

IX, Sec. 9013(b), July 22, 1998, 112 Stat. 865; Pub. L. 106-291,

title VIII, Sec. 801(c), Oct. 11, 2000, 114 Stat. 1028; Pub. L. 108-

88, Sec. 10(c), Sept. 30, 2003, 117 Stat. 1127; Pub. L. 108-310,

Sec. 10(c), Sept. 30, 2004, 118 Stat. 1160; Pub. L. 109-59, title

VIII, Sec. 8001(b), Aug. 10, 2005, 119 Stat. 1915; Pub. L. 111-139,

title I, Sec. 9(a), Feb. 12, 2010, 124 Stat. 21; Pub. L. 112-25,

title I, Sec. 102, Aug. 2, 2011, 125 Stat. 245.)

-REFTEXT-

REFERENCES IN TEXT

House Concurrent Resolution 84, referred to in subsec. (b), is H.

Con. Res. 84, June 5, 1997, 111 Stat. 2710, which is not classified

to the Code.

The Balanced Budget Act of 1997, referred to in subsec. (c)(17),

is Pub. L. 105-33, Aug. 5, 1997, 111 Stat. 251. For complete

classification of this Act to the Code, see Tables.

The Congressional Budget Act of 1974, referred to in subsec.

(c)(19), is titles I through IX of Pub. L. 93-344, July 12, 1974,

88 Stat. 297, as amended. Title V of the Act, known as the Federal

Credit Reform Act of 1990, was added by Pub. L. 101-508, title

XIII, Sec. 13201(a), Nov. 5, 1990, 104 Stat. 1388-609, and is

classified generally to subchapter III (Sec. 661 et seq.) of

chapter 17A of this title. For complete classification of this Act

to the Code, see Short Title note set out under section 621 of this

title and Tables.

-COD-

CODIFICATION

Subsection (a) of this section, which provided a partial table of

contents for this subchapter was omitted from the Code.

Pub. L. 101-508, Sec. 13101(b), transferred section 257(12) of

Pub. L. 99-177, which was classified to section 907(12) of this

title, to subsec. (c)(21) (now (c)(19)) of this section.

-MISC1-

AMENDMENTS

2011 – Subsec. (c)(4). Pub. L. 112-25, Sec. 102(1), added par.

(4) and struck out former par. (4) which defined the terms

“category”, “highway category”, “mass transit category”,

“conservation spending category”, “Federal and State Land and Water

Conservation Fund sub-category”, “State and Other Conservation sub-

category”, “Urban and Historic Preservation sub-category”,

“Payments in Lieu of Taxes sub-category”, “Federal Deferred

Maintenance sub-category”, and “Coastal Assistance sub-category”

and provided a special rule for outlays in excess of the

discretionary spending limit for the highway or mass transit

category.

Subsec. (c)(8)(C). Pub. L. 112-25, Sec. 102(2), substituted “the

Supplemental Nutrition Assistance Program” for “the food stamp

program”.

Subsec. (c)(14). Pub. L. 112-25, Sec. 102(3), added par. (14) and

struck out former par. (14) which read as follows: “The term

‘outyear’ means, with respect to a budget year, any of the first 4

fiscal years that follow the budget year.”

Subsec. (c)(20), (21). Pub. L. 112-25, Sec. 102(4), added pars.

(20) and (21).

2010 – Subsec. (c)(18). Pub. L. 111-139 substituted “the expenses

of the Federal deposit insurance agencies” for “the expenses the

Federal deposit insurance agencies”.

2005 – Subsec. (c)(4)(B). Pub. L. 109-59, Sec. 8001(b)(1)(A),

substituted “the Safe, Accountable, Flexible, Efficient

Transportation Equity Act: A Legacy for Users:” for “the

Transportation Equity Act for the 21st Century and the Surface

Transportation Extension Act of 2004, Part V and the Surface

Transportation Extension Act of 2003:” in introductory provisions.

Subsec. (c)(4)(B)(v) to (vii). Pub. L. 109-59, Sec.

8001(b)(1)(B), added cls. (v) to (vii).

Subsec. (c)(4)(C). Pub. L. 109-59, Sec. 8001(b)(2), added heading

and text of subpar. (C) and struck out former subpar. (C) which

provided that the term “mass transit category” referred to the

budget accounts as listed in cls. (i) to (vi) that were subject to

the obligation limitations on contract authority provided in the

Transportation Equity Act for the 21st Century, the Surface

Transportation Extension Act of 2004, Part V, and the Surface

Transportation Extension Act of 2003, or for which appropriations

were provided pursuant to authorizations contained in those Acts,

with certain exceptions, and that such term also referred to the

Washington Metropolitan Transit Authority account (69-1128-0-1-401)

only for fiscal year 1999 only for appropriations provided pursuant

to authorizations contained in section 14 of Public Law 96-184 and

Public Law 101-551.

2004 – Subsec. (c)(4)(B). Pub. L. 108-310, Sec. 10(c)(1),

inserted “and the Surface Transportation Extension Act of 2004,

Part V” after “Century”.

Subsec. (c)(4)(C). Pub. L. 108-310, Sec. 10(c)(2)(A), inserted

“and the Surface Transportation Extension Act of 2004, Part V”

after “provided in the Transportation Equity Act for the 21st

Century”.

Pub. L. 108-310, Sec. 10(c)(2)(B), which directed the

substitution of “those Acts” for “that Act”, could not be executed

because the words “that Act” did not appear subsequent to amendment

by Pub. L. 108-88. See 2003 Amendment note below.

2003 – Subsec. (c)(4)(B). Pub. L. 108-88, Sec. 10(c)(1), inserted

“and the Surface Transportation Extension Act of 2003” after

“Century”.

Subsec. (c)(4)(C). Pub. L. 108-88, Sec. 10(c)(2), inserted “and

the Surface Transportation Extension Act of 2003” after “Century”

the first place it appears and substituted “those Acts” for “that

Act”.

2000 – Subsec. (c)(4)(E) to (K). Pub. L. 106-291 added subpars.

(E) to (K).

1998 – Subsec. (c)(4). Pub. L. 105-178, Sec. 8101(c), designated

existing provisions as subpar. (A) and added subpars. (B) to (D).

Subsec. (c)(4)(C). Pub. L. 105-178, Sec. 8101(f), as added by

Pub. L. 105-206, Sec. 9013(b), in introductory provisions,

substituted “Century or” for “Century and” and “as amended by the

Transportation Equity Act for the 21st Century” for “as amended by

this section”, and inserted concluding provisions.

1997 – Subsec. (a). Pub. L. 105-33, Secs. 10204(a)(2),

10208(a)(2), amended table of contents. See Codification note

above.

Subsec. (b). Pub. L. 105-33, Sec. 10202(a), substituted present

text for former text which read as follows: “This subchapter

provides for the enforcement of the deficit reduction assumed in

House Concurrent Resolution 310 (101st Congress, second session)

and the applicable deficit targets for fiscal years 1991 through

1995. Enforcement, as necessary, is to be implemented through

sequestration –

“(1) to enforce discretionary spending levels assumed in that

resolution (with adjustments as provided hereinafter);

“(2) to enforce the requirement that any legislation increasing

direct spending or decreasing revenues be on a pay-as-you-go

basis; and

“(3) to enforce the deficit targets specifically set forth in

the Congressional Budget and Impoundment Control Act of 1974

(with adjustments as provided hereinafter);

applied in the order set forth above.”

Subsec. (c)(1). Pub. L. 105-33, Sec. 10202(b)(1), struck out

“(but including the treatment specified in section 907(b)(3) of

this title of the Hospital Insurance Trust Fund) and the terms

‘maximum deficit amount’ ” before “and ‘discretionary” and

substituted “section 901” for “section 601 of that Act as adjusted

under sections 901 and 903”.

Subsec. (c)(4). Pub. L. 105-33, Sec. 10202(b)(2), added par. (4)

and struck out former par. (4) which read as follows: “The term

‘category’ means:

“(A) For fiscal years 1991, 1992, and 1993, any of the

following subsets of discretionary appropriations: defense,

international, or domestic. Discretionary appropriations in each

of the three categories shall be those so designated in the joint

statement of managers accompanying the conference report on the

Omnibus Budget Reconciliation Act of 1990. New accounts or

activities shall be categorized in consultation with the

Committees on Appropriations and the Budget of the House of

Representatives and the Senate.

“(B) For fiscal years 1994 and 1995, all discretionary

appropriations.

Contributions to the United States to offset the cost of Operation

Desert Shield shall not be counted within any category.”

Subsec. (c)(6). Pub. L. 105-33, Sec. 10202(b)(3), added par. (6)

and struck out former par. (6) which read as follows: “The term

‘budgetary resources’ means –

“(A) with respect to budget year 1991, new budget authority;

unobligated balances; new loan guarantee commitments or

limitations; new direct loan obligations, commitments, or

limitations; direct spending authority; and obligation

limitations; or

“(B) with respect to budget year 1992, 1993, 1994, or 1995, new

budget authority; unobligated balances; direct spending

authority; and obligation limitations.”

Subsec. (c)(9). Pub. L. 105-33, Sec. 10202(b)(4), substituted

“that budget submission that are not included with it” for

“submission of the fiscal year 1992 budget that are not included

with a budget submission”.

Subsec. (c)(14). Pub. L. 105-33, Sec. 10202(b)(5), inserted

“first 4” before “fiscal years” and struck out “through fiscal year

1995” after “the budget year”.

Subsec. (c)(17). Pub. L. 105-33, Sec. 10202(b)(6), (7),

redesignated par. (18) as (17), substituted “Balanced Budget Act of

1997” for “Omnibus Budget Reconciliation Act of 1990”, and struck

out former par. (17) which read as follows: “For purposes of

sections 902 and 903 of this title, legislation enacted during the

second session of the One Hundred First Congress shall be deemed to

have been enacted before November 5, 1990.”

Subsec. (c)(18). Pub. L. 105-33, Sec. 10202(b)(6), (8),

redesignated par. (19) as (18) and substituted “the Federal deposit

insurance agencies, and other Federal agencies supervising insured

depository institutions, resulting from full funding of, and

continuation of, the deposit insurance guarantee commitment in

effect under current estimates.” for “of the Federal Deposit

Insurance Corporation and the funds it incorporates, the Resolution

Trust Corporation, the National Credit Union Administration and the

funds it incorporates, the Office of Thrift Supervision, the

Comptroller of the Currency Assessment Fund, and the RTC Office of

Inspector General.” Former par. (18) redesignated (17).

Subsec. (c)(19). Pub. L. 105-33, Sec. 10202(b)(9), added par.

(19) and struck out former par. (19) which read as follows: “The

sale of an asset means the sale to the public of any asset, whether

physical or financial, owned in whole or in part by the United

States. The term ‘prepayment of a loan’ means payments to the

United States made in advance of the schedules set by law or

contract when the financial asset is first acquired, such as the

prepayment to the Federal Financing Bank of loans guaranteed by the

Rural Electrification Administration. If a law or contract allows a

flexible payment schedule, the term ‘in advance’ shall mean in

advance of the slowest payment schedule allowed under such law or

contract.”

Pub. L. 105-33, Sec. 10202(b)(6), redesignated par. (21) as (19).

Former par. (19) redesignated (18).

Subsec. (c)(20). Pub. L. 105-33, Sec. 10202(b)(6), struck out

par. (20) which read as follows: “The term ‘composite outlay rate’

means the percent of new budget authority that is converted to

outlays in the fiscal year for which the budget authority is

provided and subsequent fiscal years, as follows:

“(A) For the international category, 46 percent for the first

year, 20 percent for the second year, 16 percent for the third

year, and 8 percent for the fourth year.

“(B) For the domestic category, 53 percent for the first year,

31 percent for the second year, 12 percent for the third year,

and 2 percent for the fourth year.”

Subsec. (c)(21). Pub. L. 105-33, Sec. 10202(b)(6), redesignated

par. (21) as (19).

1990 – Subsec. (c)(21). Pub. L. 101-508, Sec. 13101(b),

redesignated section 907(12) of this title as par. (21).

EFFECTIVE DATE OF 1998 AMENDMENT

Title IX of Pub. L. 105-206 effective simultaneously with

enactment of Pub. L. 105-178 and to be treated as included in Pub.

L. 105-178 at time of enactment, and provisions of Pub. L. 105-178,

as in effect on day before July 22, 1998, that are amended by title

IX of Pub. L. 105-206 to be treated as not enacted, see section

9016 of Pub. L. 105-206, set out as a note under section 101 of

Title 23, Highways.

EFFECTIVE AND TERMINATION DATES

Pub. L. 103-66, title XIV, Sec. 14002(c)(3)(A), Aug. 10, 1993,

107 Stat. 684, which provided that, notwithstanding section 275(b)

of Pub. L. 99-177, formerly set out below, sections 900, 901, 902,

and 904 to 908 of this title were to expire on Sept. 30, 1998, was

repealed by Pub. L. 105-33, title X, Sec. 10212(b), Aug. 5, 1997,

111 Stat. 712.

Pub. L. 99-177, title II, Sec. 275, Dec. 12, 1985, 99 Stat. 1100,

as amended by Pub. L. 100-119, title I, Sec. 106(c), title II, Sec.

210(b), Sept. 29, 1987, 101 Stat. 780, 787; Pub. L. 101-508, title

XIII, Secs. 13112(b), 13208(b), Nov. 5, 1990, 104 Stat. 1388-608,

1388-619; Pub. L. 105-33, title X, Sec. 10212(a), Aug. 5, 1997, 111

Stat. 712, which provided that, except as otherwise provided in

section 275, amendments by title II of Pub. L. 99-177 were

effective Dec. 12, 1985, and applicable to fiscal years beginning

after Sept. 30, 1985; that amendment by section 201(a)(2) of Pub.

L. 99-177 (amending section 622(2) of this title), and amendment by

section 201(b) of Pub. L. 99-177 (insofar as it relates to section

633(c), (f), and (g) of this title and to section 641(c), (d), and

(g) of this title), were effective Apr. 15, 1986; that amendment by

section 212 of Pub. L. 99-177 (amending section 652 of this title)

was effective Feb. 1, 1986; that sections 251, 253, 258B, and

271(b) of Pub. L. 99-177 (sections 901, 903, and 907c of this title

and provisions set out as a note below), and sections 1105(f) and

1106(c) of title 31, United States Code, were to expire Sept. 30,

2002; that the remaining sections of part C of title II of Pub. L.

99-177 (enacting this subchapter) were to expire Sept. 30, 2006;

and that amendments by part D of title II of Pub. L. 99-177

(amending section 911 of Title 42, The Public Health and Welfare,

and enacting provisions set out as a note under section 911 of

Title 42) were applicable as provided in that part, was repealed by

Pub. L. 112-25, title I, Sec. 104(a), Aug. 2, 2011, 125 Stat. 246.

SHORT TITLE OF 2011 AMENDMENT

Pub. L. 112-25, Sec. 1(a), Aug. 2, 2011, 125 Stat. 240, provided

that: “This Act [enacting section 901a of this title and section

3101A of Title 31, Money and Finance, amending this section and

sections 622, 645, 901, and 904 of this title, sections 1070a and

1087e of Title 20, Education, and section 3101 of Title 31,

enacting provisions set out as notes under this section and

sections 631 and 902 of this title and section 1089 of Title 20,

amending provisions set out as a note under section 621 of this

title, and repealing provisions set out as a note under this

section] may be cited as the ‘Budget Control Act of 2011’.”

SHORT TITLE OF 1997 AMENDMENT

Pub. L. 105-33, title X, Sec. 10001(a), Aug. 5, 1997, 111 Stat.

677, provided that: “This title [enacting sections 645 and 645a of

this title, amending this section, sections 601, 602, 622, 631 to

636, 639, 641 to 644, 651, 654, 661a, 661c to 661e, 691a, 691c,

691e, 901, 902, 904 to 907, and 922 of this title, section 1105 of

Title 31, Money and Finance, and section 911 of Title 42, The

Public Health and Welfare, repealing sections 652, 665 to 665e,

901a, and 908 of this title and section 14212 of Title 42, enacting

provisions set out as notes under this section and section 902 of

this title, amending provisions set out as notes under this section

and section 621 of this title, and repealing provisions set out as

notes under this section and sections 621, 631, and 665 of this

title] may be cited as the ‘Budget Enforcement Act of 1997’.”

SHORT TITLE OF 1990 AMENDMENT

Pub. L. 101-508, title XIII, Sec. 13001(a), Nov. 5, 1990, 104

Stat. 1388-573, provided that: “This title [enacting this section

and sections 643, 661 to 661f, 665 to 665e, and 907a to 907d of

this title, amending sections 601, 602, 622, 631 to 637, 639, 641,

642, 644, 651, 652, and 901 to 907 of this title, section 1022 of

Title 15, Commerce and Trade, sections 1105, 1341, and 1342 of

Title 31, Money and Finance, and section 401 of Title 42, The

Public Health and Welfare, transferring section 921 of this title

to section 601(g) of this title, repealing section 909 of this

title, enacting provisions set out as notes under this section and

sections 621, 622, 632, 633, 665, and 902 of this title, and

amending provisions set out as notes under this section and

sections 621 and 632 of this title] may be cited as the ‘Budget

Enforcement Act of 1990’.”

SHORT TITLE OF 1987 AMENDMENT

Pub. L. 100-119, title I, Sec. 101(b), Sept. 29, 1987, 101 Stat.

754, provided that: “This title [enacting section 908 of this

title, amending sections 622, 632, 642, 901 to 907, and 922 of this

title and section 1105 of Title 31, Money and Finance, enacting

provisions set out as notes under section 1395ww of Title 42, The

Public Health and Welfare, and amending provisions set out as notes

under section 901 of this title and sections 1320b-8 and 1395ww of

Title 42] may be cited as the ‘Balanced Budget and Emergency

Deficit Control Reaffirmation Act of 1987’.”

SHORT TITLE

Pub. L. 99-177, title II, Sec. 200(a), Dec. 12, 1985, 99 Stat.

1038, provided that: “This title [enacting this chapter and

sections 654 to 656 of this title, amending sections 602, 622, 631

to 642, and 651 to 653 of this title, sections 1104 to 1106 and

1109 of Title 31, Money and Finance, and section 911 of Title 42,

The Public Health and Welfare, repealing section 661 of this title,

enacting provisions set out as notes under this section and section

911 of Title 42, and amending provisions set out as a note under

section 621 of this title] may be cited as the ‘Balanced Budget and

Emergency Deficit Control Act of 1985’.”

SEVERABILITY

Pub. L. 112-25, Sec. 2, Aug. 2, 2011, 125 Stat. 240, provided

that: “If any provision of this Act [see Short Title of 2011

Amendment note above], or any application of such provision to any

person or circumstance, is held to be unconstitutional, the

remainder of this Act and the application of this Act to any other

person or circumstance shall not be affected.”

JOINT SELECT COMMITTEE ON DEFICIT REDUCTION

Pub. L. 112-25, title IV, Aug. 2, 2011, 125 Stat. 259, provided

that:

“SEC. 401. ESTABLISHMENT OF JOINT SELECT COMMITTEE.

“(a) Definitions. – In this title:

“(1) Joint committee. – The term ‘joint committee’ means the

Joint Select Committee on Deficit Reduction established under

subsection (b)(1).

“(2) Joint committee bill. – The term ‘joint committee bill’

means a bill consisting of the proposed legislative language of

the joint committee recommended under subsection (b)(3)(B) and

introduced under section 402(a).

“(b) Establishment of Joint Select Committee. –

“(1) Establishment. – There is established a joint select

committee of Congress to be known as the ‘Joint Select Committee

on Deficit Reduction’.

“(2) Goal. – The goal of the joint committee shall be to reduce

the deficit by at least $1,500,000,000,000 over the period of

fiscal years 2012 to 2021.

“(3) Duties. –

“(A) In general. –

“(i) Improving the short-term and long-term fiscal

imbalance. – The joint committee shall provide

recommendations and legislative language that will

significantly improve the short-term and long-term fiscal

imbalance of the Federal Government.

“(ii) Recommendations of committees. – Not later than

October 14, 2011, each committee of the House of

Representatives and the Senate may transmit to the joint

committee its recommendations for changes in law to reduce

the deficit consistent with the goal described in paragraph

(2) for the joint committee’s consideration.

“(B) Report, recommendations, and legislative language. –

“(i) In general. – Not later than November 23, 2011, the

joint committee shall vote on –

“(I) a report that contains a detailed statement of the

findings, conclusions, and recommendations of the joint

committee and the estimate of the Congressional Budget Office

required by paragraph (5)(D)(ii); and

“(II) proposed legislative language to carry out such

recommendations as described in subclause (I), which shall

include a statement of the deficit reduction achieved by the

legislation over the period of fiscal years 2012 to 2021.

Any change to the Rules of the House of Representatives or the

Standing Rules of the Senate included in the report or

legislative language shall be considered to be merely

advisory.

“(ii) Approval of report and legislative language. – The

report of the joint committee and the proposed legislative

language described in clause (i) shall require the approval

of a majority of the members of the joint committee.

“(iii) Additional views. – A member of the joint committee

who gives notice of an intention to file supplemental,

minority, or additional views at the time of final joint

committee vote on the approval of the report and legislative

language under clause (ii) shall be entitled to 3 calendar

days in which to file such views in writing with the staff

director of the joint committee. Such views shall then be

included in the joint committee report and printed in the

same volume, or part thereof, and their inclusion shall be

noted on the cover of the report. In the absence of timely

notice, the joint committee report may be printed and

transmitted immediately without such views.

“(iv) Transmission of report and legislative language. – If

the report and legislative language are approved by the joint

committee pursuant to clause (ii), then not later than

December 2, 2011, the joint committee shall submit the joint

committee report and legislative language described in clause

(i) to the President, the Vice President, the Speaker of the

House of Representatives, and the majority and minority

Leaders of each House of Congress.

“(v) Report and legislative language to be made public. –

Upon the approval or disapproval of the joint committee

report and legislative language pursuant to clause (ii), the

joint committee shall promptly make the full report and

legislative language, and a record of the vote, available to

the public.

“(4) Membership. –

“(A) In general. – The joint committee shall be composed of

12 members appointed pursuant to subparagraph (B).

“(B) Appointment. – Members of the joint committee shall be

appointed as follows:

“(i) The majority leader of the Senate shall appoint three

members from among Members of the Senate.

“(ii) The minority leader of the Senate shall appoint three

members from among Members of the Senate.

“(iii) The Speaker of the House of Representatives shall

appoint three members from among Members of the House of

Representatives.

“(iv) The minority leader of the House of Representatives

shall appoint three members from among Members of the House

of Representatives.

“(C) Co-chairs. –

“(i) In general. – There shall be two Co-Chairs of the

joint committee. The majority leader of the Senate shall

appoint one Co-Chair from among the members of the joint

committee. The Speaker of the House of Representatives shall

appoint the second Co-Chair from among the members of the

joint committee. The Co-Chairs shall be appointed not later

than 14 calendar days after the date of enactment of this Act

[Aug. 2, 2011].

“(ii) Staff director. – The Co-Chairs, acting jointly,

shall hire the staff director of the joint committee.

“(D) Date. – Members of the joint committee shall be

appointed not later than 14 calendar days after the date of

enactment of this Act.

“(E) Period of appointment. – Members shall be appointed for

the life of the joint committee. Any vacancy in the joint

committee shall not affect its powers, but shall be filled not

later than 14 calendar days after the date on which the vacancy

occurs, in the same manner as the original designation was

made. If a member of the joint committee ceases to be a Member

of the House of Representatives or the Senate, as the case may

be, the member is no longer a member of the joint committee and

a vacancy shall exist.

“(5) Administration. –

“(A) In general. – To enable the joint committee to exercise

its powers, functions, and duties, there are authorized to be

disbursed by the Senate the actual and necessary expenses of

the joint committee approved by the co-chairs, subject to the

rules and regulations of the Senate.

“(B) Expenses. – In carrying out its functions, the joint

committee is authorized to incur expenses in the same manner

and under the same conditions as the Joint Economic Committee

is authorized by section 11[(d)] of Public Law 79-304 (15

U.S.C. 1024(d)).

“(C) Quorum. – Seven members of the joint committee shall

constitute a quorum for purposes of voting, meeting, and

holding hearings.

“(D) Voting. –

“(i) Proxy voting. – No proxy voting shall be allowed on

behalf of the members of the joint committee.

“(ii) Congressional budget office estimates. – The

Congressional Budget Office shall provide estimates of the

legislation (as described in paragraph (3)(B)) in accordance

with sections 308(a) and 201(f) of the Congressional Budget

Act of 1974 (2 U.S.C. 639(a) and 601(f)) (including estimates

of the effect of interest payment on the debt). In addition,

the Congressional Budget Office shall provide information on

the budgetary effect of the legislation beyond the year 2021.

The joint committee may not vote on any version of the

report, recommendations, or legislative language unless such

estimates are available for consideration by all members of

the joint committee at least 48 hours prior to the vote as

certified by the Co-Chairs.

“(E) Meetings. –

“(i) Initial meeting. – Not later than 45 calendar days

after the date of enactment of this Act [Aug. 2, 2011], the

joint committee shall hold its first meeting.

“(ii) Agenda. – The Co-Chairs of the joint committee shall

provide an agenda to the joint committee members not less

than 48 hours in advance of any meeting.

“(F) Hearings. –

“(i) In general. – The joint committee may, for the purpose

of carrying out this section, hold such hearings, sit and act

at such times and places, require attendance of witnesses and

production of books, papers, and documents, take such

testimony, receive such evidence, and administer such oaths

as the joint committee considers advisable.

“(ii) Hearing procedures and responsibilities of co-chairs.

“(I) Announcement. – The Co-Chairs of the joint committee

shall make a public announcement of the date, place, time,

and subject matter of any hearing to be conducted, not less

than 7 days in advance of such hearing, unless the Co-Chairs

determine that there is good cause to begin such hearing at

an earlier date.

“(II) Written statement. – A witness appearing before the

joint committee shall file a written statement of proposed

testimony at least 2 calendar days before the appearance of

the witness, unless the requirement is waived by the Co-

Chairs, following their determination that there is good

cause for failure to comply with such requirement.

“(G) Technical assistance. – Upon written request of the Co-

Chairs, a Federal agency shall provide technical assistance to

the joint committee in order for the joint committee to carry

out its duties.

“(c) Staff of Joint Committee. –

“(1) In general. – The Co-Chairs of the joint committee may

jointly appoint and fix the compensation of staff as they deem

necessary, within the guidelines for employees of the Senate and

following all applicable rules and employment requirements of the

Senate.

“(2) Ethical standards. – Members on the joint committee who

serve in the House of Representatives shall be governed by the

ethics rules and requirements of the House. Members of the Senate

who serve on the joint committee and staff of the joint committee

shall comply with the ethics rules of the Senate.

“(d) Termination. – The joint committee shall terminate on

January 31, 2012.

“SEC. 402. EXPEDITED CONSIDERATION OF JOINT COMMITTEE

RECOMMENDATIONS.

“(a) Introduction. – If approved by the majority required by

section 401(b)(3)(B)(ii), the proposed legislative language

submitted pursuant to section 401(b)(3)(B)(iv) shall be introduced

in the Senate (by request) on the next day on which the Senate is

in session by the majority leader of the Senate or by a Member of

the Senate designated by the majority leader of the Senate and

shall be introduced in the House of Representatives (by request) on

the next legislative day by the majority leader of the House or by

a Member of the House designated by the majority leader of the

House.

“(b) Consideration in the House of Representatives. –

“(1) Referral and reporting. – Any committee of the House of

Representatives to which the joint committee bill is referred

shall report it to the House without amendment not later than

December 9, 2011. If a committee fails to report the joint

committee bill within that period, it shall be in order to move

that the House discharge the committee from further consideration

of the bill. Such a motion shall not be in order after the last

committee authorized to consider the bill reports it to the House

or after the House has disposed of a motion to discharge the

bill. The previous question shall be considered as ordered on the

motion to its adoption without intervening motion except 20

minutes of debate equally divided and controlled by the proponent

and an opponent. If such a motion is adopted, the House shall

proceed immediately to consider the joint committee bill in

accordance with paragraphs (2) and (3). A motion to reconsider

the vote by which the motion is disposed of shall not be in

order.

“(2) Proceeding to consideration. – After the last committee

authorized to consider a joint committee bill reports it to the

House or has been discharged (other than by motion) from its

consideration, it shall be in order to move to proceed to

consider the joint committee bill in the House. Such a motion

shall not be in order after the House has disposed of a motion to

proceed with respect to the joint committee bill. The previous

question shall be considered as ordered on the motion to its

adoption without intervening motion. A motion to reconsider the

vote by which the motion is disposed of shall not be in order.

“(3) Consideration. – The joint committee bill shall be

considered as read. All points of order against the joint

committee bill and against its consideration are waived. The

previous question shall be considered as ordered on the joint

committee bill to its passage without intervening motion except 2

hours of debate equally divided and controlled by the proponent

and an opponent and one motion to limit debate on the joint

committee bill. A motion to reconsider the vote on passage of the

joint committee bill shall not be in order.

“(4) Vote on passage. – The vote on passage of the joint

committee bill shall occur not later than December 23, 2011.

“(c) Expedited Procedure in the Senate. –

“(1) Committee consideration. – A joint committee bill

introduced in the Senate under subsection (a) shall be jointly

referred to the committee or committees of jurisdiction, which

committees shall report the bill without any revision and with a

favorable recommendation, an unfavorable recommendation, or

without recommendation, not later than December 9, 2011. If any

committee fails to report the bill within that period, that

committee shall be automatically discharged from consideration of

the bill, and the bill shall be placed on the appropriate

calendar.

“(2) Motion to proceed. – Notwithstanding Rule XXII of the

Standing Rules of the Senate, it is in order, not later than 2

days of session after the date on which a joint committee bill is

reported or discharged from all committees to which it was

referred, for the majority leader of the Senate or the majority

leader’s designee to move to proceed to the consideration of the

joint committee bill. It shall also be in order for any Member of

the Senate to move to proceed to the consideration of the joint

committee bill at any time after the conclusion of such 2-day

period. A motion to proceed is in order even though a previous

motion to the same effect has been disagreed to. All points of

order against the motion to proceed to the joint committee bill

are waived. The motion to proceed is not debatable. The motion is

not subject to a motion to postpone. A motion to reconsider the

vote by which the motion is agreed to or disagreed to shall not

be in order. If a motion to proceed to the consideration of the

joint committee bill is agreed to, the joint committee bill shall

remain the unfinished business until disposed of.

“(3) Consideration. – All points of order against the joint

committee bill and against consideration of the joint committee

bill are waived. Consideration of the joint committee bill and of

all debatable motions and appeals in connection therewith shall

not exceed a total of 30 hours which shall be divided equally

between the Majority and Minority Leaders or their designees. A

motion further to limit debate on the joint committee bill is in

order, shall require an affirmative vote of three-fifths of the

Members duly chosen and sworn, and is not debatable. Any

debatable motion or appeal is debatable for not to exceed 1 hour,

to be divided equally between those favoring and those opposing

the motion or appeal. All time used for consideration of the

joint committee bill, including time used for quorum calls and

voting, shall be counted against the total 30 hours of

consideration.

“(4) No amendments. – An amendment to the joint committee bill,

or a motion to postpone, or a motion to proceed to the

consideration of other business, or a motion to recommit the

joint committee bill, is not in order.

“(5) Vote on passage. – If the Senate has voted to proceed to

the joint committee bill, the vote on passage of the joint

committee bill shall occur immediately following the conclusion

of the debate on a joint committee bill, and a single quorum call

at the conclusion of the debate if requested. The vote on passage

of the joint committee bill shall occur not later than December

23, 2011.

“(6) Rulings of the chair on procedure. – Appeals from the

decisions of the Chair relating to the application of the rules

of the Senate, as the case may be, to the procedure relating to a

joint committee bill shall be decided without debate.

“(d) Amendment. – The joint committee bill shall not be subject

to amendment in either the House of Representatives or the Senate.

“(e) Consideration by the Other House. –

“(1) In general. – If, before passing the joint committee bill,

one House receives from the other a joint committee bill –

“(A) the joint committee bill of the other House shall not be

referred to a committee; and

“(B) the procedure in the receiving House shall be the same

as if no joint committee bill had been received from the other

House until the vote on passage, when the joint committee bill

received from the other House shall supplant the joint

committee bill of the receiving House.

“(2) Revenue measure. – This subsection shall not apply to the

House of Representatives if the joint committee bill received

from the Senate is a revenue measure.

“(f) Rules to Coordinate Action With Other House. –

“(1) Treatment of joint committee bill of other house. – If the

Senate fails to introduce or consider a joint committee bill

under this section, the joint committee bill of the House shall

be entitled to expedited floor procedures under this section.

“(2) Treatment of companion measures in the senate. – If

following passage of the joint committee bill in the Senate, the

Senate then receives the joint committee bill from the House of

Representatives, the House-passed joint committee bill shall not

be debatable. The vote on passage of the joint committee bill in

the Senate shall be considered to be the vote on passage of the

joint committee bill received from the House of Representatives.

“(3) Vetoes. – If the President vetoes the joint committee

bill, debate on a veto message in the Senate under this section

shall be 1 hour equally divided between the majority and minority

leaders or their designees.

“(g) Loss of Privilege. – The provisions of this section shall

cease to apply to the joint committee bill if –

“(1) the joint committee fails to vote on the report or

proposed legislative language required under section

401(b)(3)(B)(i) not later than November 23, 2011; or

“(2) the joint committee bill does not pass both Houses not

later than December 23, 2011.

“SEC. 403. FUNDING.

“Funding for the joint committee shall be derived in equal

portions from –

“(1) the applicable accounts of the House of Representatives;

and

“(2) the contingent fund of the Senate from the appropriations

account ‘Miscellaneous Items’, subject to the rules and

regulations of the Senate.

“SEC. 404. RULEMAKING.

“The provisions of this title are enacted by Congress –

“(1) as an exercise of the rulemaking power of the House of

Representatives and the Senate, respectively, and as such they

shall be considered as part of the rules of each House,

respectively, or of that House to which they specifically apply,

and such rules shall supersede other rules only to the extent

that they are inconsistent therewith; and

“(2) with full recognition of the constitutional right of

either House to change such rules (so far as relating to such

House) at any time, in the same manner, and to the same extent as

in the case of any other rule of such House.”

HABITAT CONSERVATION ACTIVITIES CONSIDERED WITHIN COASTAL

ASSISTANCE SUB-CATEGORY

Pub. L. 108-7, div. B, title II, Sec. 214, Feb. 20, 2003, 117

Stat. 82, provided that:

“(a) Hereafter, habitat conservation activities, enforcement and

surveillance – cooperative enforcement and vessel monitoring, stock

assessments – data collection, and highly migratory shark fishery

research under the heading, ‘National Oceanic and Atmospheric

Administration, Operations, Research and Facilities’, shall be

considered to be within the ‘Coastal Assistance sub-category’ in

[former] section 250(c)(4)(K) of the Balanced Budget and Emergency

Deficit Control Act of 1985, as amended [former 2 U.S.C.

900(c)(4)(K)].

“(b) For fiscal year 2004 and thereafter, response and

restoration activities, Cooperative Research, Protected Species

activities, Endangered Species Act – Marine Mammals, Sea Turtles

and Other Species, Endangered Species Act – Right Whales, Marine

Mammal Protection, and Sea Grant (except for the fellowship

program) under the heading, ‘National Oceanic and Atmospheric

Administration, Operations, Research, and Facilities’, shall be

considered to be within the ‘Coastal Assistance sub-category’ in

[former] section 250(c)(4)(K) of the Balanced Budget and Emergency

Deficit Control Act of 1985, as amended [former 2 U.S.C.

900(c)(4)(K)].

“(c) All references to outlays in title VIII of Public Law 106-

291 [amending this section and section 901 of this title] are

repealed.”

Similar provisions were contained in the following prior

appropriation act:

Pub. L. 107-77, title II, Nov. 28, 2001, 115 Stat. 775.

PURPOSE OF SUBTITLE B OF TITLE X OF PUB. L. 105-33

Section 10201 of title X of Pub. L. 105-33 provided that: “The

purpose of this subtitle [subtitle B (Secs. 10201-10213) of title X

of Pub. L. 105-33, amending this section, sections 901, 902, 904 to

907, and 922 of this title, section 1105 of Title 31, Money and

Finance, and section 911 of Title 42, The Public Health and

Welfare, repealing sections 901a and 908 of this title and section

14212 of Title 42, enacting provisions set out as a note under

section 902 of this title, and amending and repealing provisions

set out as notes under this section] is to extend discretionary

spending limits and pay-as-you-go requirements.”

RESTRICTION ON ELIMINATION OR REDUCTION OF PROGRAMS RELATING TO

ENERGY AND WATER DEVELOPMENT

Pub. L. 102-377, title V, Sec. 503, Oct. 2, 1992, 106 Stat. 1342,

provided that: “None of the programs, projects or activities as

defined in the reports accompanying this Act or subsequent Energy

and Water Development Appropriations Acts, may be eliminated or

disproportionately reduced due to the application of ‘Savings and

Slippage’, ‘general reduction’, or the provision of Public Law 99-

177 [see Short Title note above] or Public Law 100-119 [see

section 213 of Pub. L. 100-119 set out below] unless such reports

expressly provide otherwise.”

WAIVERS AND SUSPENSIONS IN THE SENATE

Pub. L. 99-177, title II, Sec. 271(b), Dec. 12, 1985, 99 Stat.

1094, as amended by Pub. L. 100-119, title II, Sec. 211, Sept. 29,

1987, 101 Stat. 787, provided that: “Sections 301(i), 302(c),

302(f), 304(b), 310(d), 310(g), and 311(a) of the Congressional

Budget Act of 1974 [sections 632(i), 633(c), 633(f), former 635(b),

641(d), 641(g), and 642(a) of this title] may be waived or

suspended in the Senate only by the affirmative vote of three-

fifths of the Members, duly chosen and sworn. This subsection

shall not apply to any joint resolution reported or discharged

pursuant to section 254(a) of this joint resolution [section 904(a)

of this title].”

APPEALS OF RULINGS

Pub. L. 99-177, title II, Sec. 271(c), as added by Pub. L. 100-

119, title II, Sec. 210(a), Sept. 29, 1987, 101 Stat. 787,

provided that: “An affirmative vote of three-fifths of the Members

of the Senate, 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 section 301(i), 302(c), 302(f), 304(b), 306,

310(d), 310(g), or 311(a) of the Congressional Budget Act of 1974

[sections 632(i), 633(c), 633(f), 635(b), 637, 641(d), 641(g), or

642(a) of this title].”

EXERCISE OF CONGRESSIONAL RULEMAKING POWER

Pub. L. 103-66, title XIV, Sec. 14004, Aug. 10, 1993, 107 Stat.

685, provided that: “The Congress enacts the provisions of this

part [probably should be “this title”, amending sections 665, 901,

902, and 904 of this title, enacting provisions set out as notes

under this section and section 902 of this title, and amending

provisions set out as notes under section 665 of this title] –

“(1) as an exercise of the rule-making power of the Senate and

the House of Representatives, respectively, and as such these

provisions shall be considered as part of the rules of each

House, respectively, or of that House to which they specifically

apply, and such rules shall supersede other rules only to the

extent that they are inconsistent therewith; and

“(2) with full recognition of the constitutional right of

either House to change such rules (so far as relating to such

House) at any time, in the same manner, and to the same extent as

in the case of any other rule of such House.”

Section 13305 of title XIII of Pub. L. 101-508 provided that:

“This title and the amendments made by it [see Short Title of 1990

Amendment note above] are enacted by the Congress –

“(1) as an exercise of the rulemaking power of the House of

Representatives and the Senate, respectively, and as such they

shall be considered as a part of the rules of each House,

respectively, or of that House to which they specifically apply,

and such rules shall supersede other rules only to the extent

that they are inconsistent therewith; and

“(2) with full recognition of the constitutional right of

either House to change such rules (so far as relating to such

House) at any time, in the same manner, and to the same extent as

in the case of any other rule of such House.”

Section 213 of Pub. L. 100-119 provided that: “This Act and the

amendments made by this Act [enacting sections 908 and 909 of this

title, amending sections 622, 632, 635, 636, 642, 683, 684, 687,

901 to 907, and 922 of this title and sections 1105 and 3101 of

Title 31, Money and Finance, enacting provisions set out as notes

under sections 602, 621, 686, and 901 of this title and section

1395ww of Title 42, The Public Health and Welfare, amending

provisions set out as notes under section 901 of this title and

sections 1320b-8 and 1395ww of Title 42, and repealing provisions

set out as a note under section 653 of this title], other than

those relating to the activities of the executive and judicial

branches of the Government, are enacted by Congress –

“(1) as an exercise of the rulemaking power of the House of

Representatives and the Senate, respectively, and as such they

shall be considered as part of the rules of each House,

respectively, or of that House to which they specifically apply,

and such rules shall supersede other rules only to the extent

that they are inconsistent therewith; and

“(2) with full recognition of the constitutional right of

either House to change such rules (so far as relating to such

House) at any time, in the same manner and to the same extent as

in the case of any other rule of such House.”

Section 271(d), formerly section 271(c), of Pub. L. 99-177, as

redesignated by Pub. L. 100-119, title II, Sec. 210(a), Sept. 29,

1987, 101 Stat. 787, provided that: “The provisions of this title

[see Short Title note above], other than those relating to the

activities of the executive and judicial branches of the

Government, are enacted by the Congress –

“(1) as an exercise of the rulemaking power of the House of

Representatives and the Senate, respectively, and as such they

shall be considered as part of the rules of each House,

respectively, or of that House to which they specifically apply,

and such rules shall supersede other rules only to the extent

that they are inconsistent therewith; and

“(2) with full recognition of the constitutional right of

either House to change such rules (so far as relating to such

House) at any time, in the same manner and to the same extent as

in the case of any other rule of such House.”

RESTORATION OF TRUST FUND INVESTMENTS; FUNDS BORROWED OR NOT

INVESTED DURING DELAYS IN RAISING PUBLIC DEBT LIMIT

For provisions restoring various trust and retirement funds

administered by the Secretary of the Treasury to the position in

which they would have been if debt limit increases had been

delayed, including transferring amounts to the funds to compensate

those funds for current and prospective losses arising from

premature redemption of some long term securities when the debt

limit was reached, see notes set out under section 3101 of Title

31, Money and Finance.

-EXEC-

EXECUTIVE ORDER NO. 12857

Ex. Ord. No. 12857, Aug. 4, 1993, 58 F.R. 42181, which provided

for direct spending targets for fiscal years 1994 through 1997,

expired at the end of fiscal year 1997.

EX. ORD. NO. 12858. DEFICIT REDUCTION FUND

Ex. Ord. No. 12858, Aug. 4, 1993, 58 F.R. 42185, provided:

By the authority vested in me as President of the United States

by the Constitution and the laws of the United States of America,

including sections 1104 and 1105 of title 31, United States Code,

it is hereby ordered as follows:

Section 1. Purpose. It is essential to guarantee that the net

deficit reduction achieved by the Omnibus Budget Reconciliation Act

of 1993 [Pub. L. 103-66, see Tables for classification] is

dedicated exclusively to reducing the deficit.

Sec. 2. Deficit Reduction Fund.

(a) Establishment of the Fund. There is established a separate

account in the Treasury, known as the Deficit Reduction Fund, which

shall receive the net deficit reduction achieved by the Omnibus

Budget Reconciliation Act of 1993 [Pub. L. 103-66, see Tables for

classification] as called for in subsection (b) of this order.

(b) Amounts in Fund. Beginning upon enactment of the Omnibus

Budget Reconciliation Act of 1993 [Aug. 10, 1993], the Deficit

Reduction Fund shall receive any increases in total revenues

resulting from enactment of such Act on a daily basis. In addition,

on a daily basis, the Secretary of the Treasury shall enter into

such account an amount equivalent to the net deficit reduction

achieved as a result of all spending reductions resulting from such

Act. The cumulative fiscal year amounts for the combination of all

such revenue increases and spending reductions shall be equal to:

(1) for fiscal year 1994, $60,292,000,000;

(2) for fiscal year 1995, $70,437,000,000;

(3) for fiscal year 1996, $92,061,000,000;

(4) for fiscal year 1997, $125,881,000,000;

(5) for fiscal year 1998, $146,939,000,000.

Within 30 days of enactment of the Omnibus Budget Reconciliation

Act of 1993, the foregoing amounts may be adjusted by the Director

of the Office of Management and Budget to reflect the final scoring

of such Act.

(c) Status of Amounts in Fund. (i) The amounts in the Deficit

Reduction Fund shall be used exclusively to redeem maturing debt

obligations of the Treasury of the United States held by foreign

governments in the amounts specified in subsection (b).

(ii) The amounts in the Deficit Reduction Fund as set forth in

subsection (b) that result from increases in total revenues and

spending reductions shall not be available for new spending or to

finance measures that increase the deficit for purposes of budget

enforcement procedures under the Balanced Budget and Emergency

Deficit Control Act of 1985 (2 U.S.C. 901-922 [900-922]).

(d) Effect on Other Funds. Establishment of and transfers to the

Deficit Reduction Fund shall not affect trust fund transfers that

may be authorized or required by provisions of the Omnibus

Reconciliation Act of 1993 or any other provision of law.

Sec. 3. Requirement for the President To Report Annually on the

Status of the Fund. The Director of the Office of Management and

Budget shall include in the President’s Budget transmitted under

section 1105 of title 31, United States Code, information about the

Deficit Reduction Fund, including a separate statement of amounts

in and Federal debt redeemed by that Fund.

Sec. 4. Implementation. The Secretary of the Treasury and the

Director of the Office of Management and Budget shall each take

such actions as may be necessary, within their respective

authorities, promptly to carry out this order.

Sec. 5. Effective Date. This order shall take effect upon

enactment of the Omnibus Budget Reconciliation Act of 1993 [Aug.

10, 1993].

William J. Clinton.

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