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Titles Actions Overview All Actions Cosponsors Committees Related Bills Subjects Latest Summary All Summaries

Titles (3)

Short Titles

Short Titles - House of Representatives

Short Titles as Introduced

Balanced Budget Enforcement Act of 1992

Short Titles as Introduced for portions of this bill
  • Deficit Elimination Act of 1992

Official Titles

Official Titles - House of Representatives

Official Title as Introduced

To achieve a balanced Federal budget by fiscal year 1998 and each year thereafter, achieve significant deficit reduction in fiscal year 1993 and each year through 1998, establish a Board of Estimates, require the President's budget and the congressional budget process to meet specified deficit reduction and balance requirements, enforce those requirements through a multiyear congressional budget process and, if necessary, sequestration, and for other purposes.

Actions Overview (1)

07/23/1992Introduced in House

All Actions (8)

10/02/1992Subcommittee Hearings Held.
Action By: House Government Operations Subcommittee on Legislation and National Security
09/25/1992Subcommittee Hearings Held.
Action By: House Rules Subcommittee on Legislative Process
09/14/1992Referred to the Subcommittee on the Legislative Process.
Action By: Committee on Rules
07/29/1992Referred to the Subcommittee on Legislation and National Security.
Action By: Committee on Government Operations
07/23/1992Referred to the House Committee on Ways and Means.
Action By: House of Representatives
07/23/1992Referred to the House Committee on Rules.
Action By: House of Representatives
07/23/1992Referred to the House Committee on Government Operations.
Action By: House of Representatives
07/23/1992Introduced in House
Action By: House of Representatives

Committees (3)

Committees, subcommittees and links to reports associated with this bill are listed here, as well as the nature and date of committee activity and Congressional report number.

Committee / Subcommittee Date Activity Reports
House Government Operations07/23/1992 Referred to
House Government Operations Subcommittee on Legislation and National Security07/29/1992 Referred to
10/02/1992 Hearings by
House Rules07/23/1992 Referred to
House Rules Subcommittee on Legislative Process09/14/1992 Referred to
09/25/1992 Hearings by
House Ways and Means07/23/1992 Referred to

A related bill may be a companion measure, an identical bill, a procedurally-related measure, or one with text similarities. Bill relationships are identified by the House, the Senate, or CRS, and refer only to same-congress measures.

Latest Summary (1)

There is one summary for H.R.5676. View summaries

Shown Here:
Introduced in House (07/23/1992)

Balanced Budget Enforcement Act of 1992 - Title I: Balancing the Budget - Part A: Purposes - Repeals provisions of the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act) with respect to: (1) emergency powers to eliminate deficits in excess of the maximum deficit amount; (2) budgetary treatment of social security trust funds; and (3) miscellaneous and related provisions.

Declares the purpose of this Act to balance the budget by FY 1998 and each year thereafter.

Part B: The Deficit Elimination Act of 1992 - The Deficit Elimination Act of 1992 - Establishes deficit reduction targets for direct spending and receipts legislation for FY 1993 through 1998.

Establishes discretionary funding limits in terms of new budget authority for FY 1994 through 1998. Requires, whenever appropriate, that adjustments to such limits be made to reflect: (1) changes in budget accounting concepts; (2) changes in inflation for each year and outyear (any of the four fiscal years that follow the budget year); (3) renewal/replacement multiyear subsidized housing contracts; (4) emergency requirements; (5) new limits for 1998 and thereafter; and (6) any law that raises excise taxes dedicated to a transportation trust fund.

Provides that if at the start of the 1998 budget-year session the baseline assuming deficit reduction projects a deficit (or surplus) for that year, then the direct spending and receipts deficit reduction requirement for that year and the discretionary funding limit for that year shall each be changed by amounts that, when debt service effects are added, will produce a balanced budget. Requires these changes to be made through enactment of a spin-off law or, if a spin-off law is not enacted, an adjustment to the direct spending and receipts deficit reduction requirement by two-thirds of the required change (excluding debt service effects) and a one-third adjustment of the required change (excluding debt service effects) to the discretionary funding limit.

Provides for preventing deficits starting with FY 1999.

Provides for the enactment of a spin-off law through congressional budget procedures or other means to balance the budget in 1998 or prevent deficits after 1998.

Establishes a scorecard for the recording of the estimated increase or decrease in deficit reduction for the current year, the budget year, and each fiscal year through 1998 due to enactment (after August 15, 1992) of any law, or the imposition of any sequestration, or the change in the baseline which relates to certain expiring provisions of law and to veterans' compensation, affecting the level of direct spending or the level of receipts.

Requires the creation of a new scorecard for FY 1999 and thereafter for the estimated increase or decrease in the deficit or surplus for the budget year. Sets forth deficit reduction requirements for the scorecard. Provides for scoring any law that affects current-year direct spending or receipts. Divides the scorecard between changes in outlays for direct spending and changes in receipts. Excludes certain emergency legislation from the scorecard. Includes certain receipts resulting from an increase in an excise tax dedicated to a transportation fund.

Establishes a scorecard for each fiscal year starting with 1994 for discretionary appropriations amounts due to: (1) the enactment of any law in the budget-year session; (2) the enactent of any law in any previous session of Congress; or (3) the imposition of any across-the-board reduction of discretionary programs.

Sets forth the method of enforcing deficit reduction targets in direct spending programs through a targeted sequestration procedure. Requires enactment of a spin-off law to initiate such procedure.

Establishes a comprehensive sequestration procedure if such spin-off bill is not enacted. Requires under such procedure a freeze of entitlement spending and some revenue provisions in the amount needed to meet deficit targets.

Sets forth the method of sequestering discretionary programs through uniform across-the-board reductions, unless the excess of new budget authority is less than $250 million.

Lists the budget accounts or activities exempted from sequestration. Authorizes the President to exempt some or all of the budgetary resources of any military personnel account from sequestration, pending notification of the Congress. Subjects Federal administrative expenses to sequestration orders, with specified exceptions.

Provides for the permanent sequestration of direct spending and receipts and for determining applicable uniform percentages for reductions.

Sets forth the method of making reductions for: (1) the non-JOBS and JOBS portion of the Aid to Families with Dependent Children Program (AFDC) under the Social Security Act; (2) the child support enforcement program; (3) the Commodity Credit Corporation; (4) the conservation reserve program; (5) extended unemployment compensation; (6) the Federal Employees Health Benefits Fund; (7) the Federal Housing Finance Board; (8) Federal pay; (9) the guaranteed student loan program; (10) Federal insurance program; (11) the Medicaid program; (12) the Medicare program; (13) the Postal Service Fund; (14) the Department of Energy power marketing administration funds or the Tennessee Valley Authority fund; (15) the uranium enrichment program; and (16) veterans' housing loans.

Amends the Internal Revenue Code to establish the method of sequestration through tax changes. Requires an increase in the top marginal rates and modifies the indexing provision under a sequestration order. Imposes a tax surcharge on individuals and corporations.

Sets forth the timetable for estimating assumptions and filing reports and orders by the President, the Office of Management and Budget (OMB), the Congressional Budget Office (CBO) and the Board of Estimates (established by this Act). Requires the making of sequestration reports, sequestration preview reports, and low-growth reports by CBO and OMB. Establishes the administrative procedures relative to such reports.

Sets forth assumptions to be used in calculating the baseline for the budget year and each outyear with respect to direct spending and receipts and discretionary programs.

Declares that a baseline assuming deficit reduction refers to a projection of current policy baseline surpluses or deficits into the budget year and the outlays that is adjusted in aggregate by: (1) assuming compliance with basic deficit reduction targets; (2) assuming compliance with the discretionary funding limits; and (3) excluding amounts resulting from legislation designated as an emergency requirement.

Establishes as a deposit fund in the Treasury a Stabilization Reserve Fund to accumulate balances during years of comparative prosperity, which may later be used to cover the loss of receipts and the increase in outlays that occur during comparative economic distress. Requires annual surpluses to be paid into the Fund. Requires starting with FY 1999 that an additional $10 billion be paid to the Fund. Requires in each year starting with 2000 that an additional $20 billion be paid to such Fund. Prohibits Fund balances from receiving interest. Requires the enactment of a law to transfer balances to the General Fund of the Treasury.

Establishes congressional procedures in the event of a low-growth report or a declaration of war.

Establishes a Board of Estimates to choose the applicable sequestration report from OMB or CBO to submit to the President.

Provides judicial review procedures for provisions of this title.

Title II: Technical and Conforming Amendments - Makes technical and conforming amendments to the Congressional Budget and Impoundment Control Act of 1974, the Federal Credit Reform Act of 1990, the Rules of the House of Representatives, the Standing Rules of Senate, and specified other laws.

Establishes the public debt limit.