GovTrack’s Bill Summary
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Library of Congress Summary
The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.
TABLE OF CONTENTS:
Requirement that President Submit and Budget Committees Report Budgets that Achieve a Balanced Budget by Fiscal Year 2000 Title II: Joint Budget Resolutions Title III: Categorical Sequestration and Pay-As-You-Go Title IV: The Budget Baseline Health Care Reform Budget Enforcement Act of 1993
Requirement That President Submit and Budget Committees Report Budgets That Achieve a Balanced Budget by Fiscal Year 2000
Amends Federal law to require any budget submitted by the President to the Congress for FY 1994 through 2000 be a budget for that fiscal year and the four ensuing fiscal years that provides for a balanced budget by FY 2000 and subsequent fiscal years. Requires that such budgets be within categorical targets. Amends the Congressional Budget Act of 1974 to require the reporting of balanced budgets by the congressional budget committees.
Joint Budget Resolutions
Replaces the concurrent resolution on the budget with a joint resolution on the budget. Makes it out of order in the House and Senate to consider any appropriation or authorizing legislation for a fiscal year covered by a joint resolution on the budget before that joint resolution is enacted.
Categorical Sequestration and Pay-As-You-Go
Establishes direct spending and discretionary spending targets (replaces maximum deficit amounts) for FY 1994 through 2000. Amends the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act) to require adjustments to discretionary spending targets to include expiring housing contracts and emergencies. Establishes a reconciliation process for the congressional committees on Appropriations to avoid sequestration. Prohibits the House or Senate from considering legislation to reduce revenues unless such legislation reduces any combination of entitlement targets or discretionary spending targets in order to make such legislation deficit-neutral. Provides for permanent sequestration of direct spending, eliminating excess direct spending, and a reconciliation process to avoid sequestration. Designates benefits payable under the old-age, survivors and disability insurance program under title II (Old Age, Survivors and Disability Insurance) (OASDI) of the Social Security Act as the only program exempt from reduction from any sequestration order. Repeals other exceptions, limitations, and special rules.
The Budget Baseline
Amends Federal law to require both the President and the Congress to draft a budget based on estimates of current fiscal year spending, proposing increases or decreases based on this level (rather than on an estimated baseline). Amends the Congressional Budget Act of 1974 to require the Congressional Budget Office to use such a current fiscal year baseline in its report to the congressional budget committees, projecting growth for entitlement and discretionary spending based on current fiscal year spending.
House Republican Conference Summary
The summary below was written by the House Republican Conference, which is the caucus of Republicans in the House of Representatives.
No summary available.
House Democratic Caucus Summary
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