Summary: H.R.3929 — 101st Congress (1989-1990)All Information (Except Text)

There is one summary for H.R.3929. Bill summaries are authored by CRS.

Shown Here:
Introduced in House (01/31/1990)

Budget Process Reform Act of 1990 - Title I: Repeal of Part C of the Balanced Budget and Emergency Deficit Control Act of 1985 and Amendments Relating to the President's Budget - Amends the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act) to repeal provisions concerning: (1) emergency powers to eliminate deficits in excess of maximum deficit amounts, including sequestration; and (2) prohibitions against the Presidents budget exceeding the maximum deficit amount.

Title II: Permanent Amendments to the Congressional Budget and Impoundment Control Act of 1974 - Amends the Congressional Budget and Impoundment Control Act of 1974 to revise the congressional budget process, including the budget timetable. Removes prohibitions against exceeding the maximum deficit amount through the concurrent resolution on the budget. Excludes from budget totals: (1) government-sponsored enterprises; and (2) changes in the level of new budget authority, new spending requirements, outlays, or revenues resulting from new timing shifts.

Provides for credit and deposit insurance accounting.

Amends the Congressional Budget Act of 1974 to revise provisions regarding fiscal procedures and to add procedures governing contract or borrowing authority, direct loan obligations or loan guarantee commitments, and offsetting collections.

Requires the Congressional Budget Office to use revenue estimates prepared by the Joint Committee on Taxation, if timely received for purposes of providing information on legislation affecting income, payroll, excise, estate or gift taxes.

Requires the Congressional Budget Office to include in its report to the Budget Committees five-year projections of fiscal spending, revenues, and tax expenditures.

Title III: Debt Legislation - Requires conference reports on concurrent resolutions on the budget to be considered first in the House of Representatives.

Title IV: Pay-As-You-Go - Pay-As-You-Go Act of 1990 - Provides for calculating the baseline (a projection of base-year levels of new budget authority, outlays, revenues, and the surplus or deficit into the budget year and the outyears based on laws enacted before the beginning of the budget year), the budget base during the deficit reduction period, and the budget base during the budget neutrality period.

Establishes the budget year deficit requirement for FY 1991, 1992, and 1993. Sets forth multiyear requirements for the deficit reduction period. Requires the Congress to use baseline and budget base estimates prepared by the Congressional Budget Office.

Requires the President's budget to meet deficit requirements set forth under this Act.

Title V: Conforming Amendments - Makes amendments to Federal law, the Standing Rules of the Senate, and the Rules of the House of Representatives to conform to provisions of this Act.