Text: H.R.4057 — 103rd Congress (1993-1994)All Information (Except Text)

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Introduced in House (03/16/1994)

 
[Congressional Bills 103th Congress]
[From the U.S. Government Printing Office]
[H.R. 4057 Introduced in House (IH)]

103d CONGRESS
  2d Session
                                H. R. 4057

 To amend the Congressional Budget and Impoundment Control Act of 1974 
 to create a deficit reduction account and to reduce the discretionary 
                spending limits, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             March 16, 1994

Mr. Schumer (for himself, Mr. Crapo, Mr. Brewster, Mr. Inglis of South 
   Carolina, Mr. Edwards of Texas, Mrs. Morella, Ms. Harman, and Mr. 
 Hastert) introduced the following bill; which was referred jointly to 
           the Committees on Government Operations and Rules

_______________________________________________________________________

                                 A BILL


 
 To amend the Congressional Budget and Impoundment Control Act of 1974 
 to create a deficit reduction account and to reduce the discretionary 
                spending limits, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Deficit Reduction Lock Box Act of 
1994''.

SEC. 2. DEFICIT REDUCTION TRUST FUND.

    (a) Establishment.--A trust fund known as the ``Deficit Reduction 
Trust Fund'' (hereinafter referred to as the ``Fund'') shall be 
established in the Treasury of the United States.
    (b) Contents.--The Fund shall consist only of amounts contained in 
the deficit reduction lock box provision of any appropriation Act. Such 
amounts shall be transferred to the Fund as specified in subsection 
(c).
    (c) Transfers of Moneys to the Fund.--Within 10 days of enactment 
of any appropriation Act which has a deficit reduction lock box 
provision, there shall be transferred from the general fund to the Fund 
an amount equal to that amount.
    (d) Use of Moneys in the Fund.--Notwithstanding any other provision 
of law, the amounts in the Fund shall not be available, in any fiscal 
year, for appropriation, obligation, expenditure, or transfer.

SEC. 3. DOWNWARD ADJUSTMENTS OF DISCRETIONARY SPENDING LIMITS.

    The discretionary spending limit for new budget authority for any 
fiscal year set forth in section 601(a)(2) of the Congressional Budget 
Act of 1974, as adjusted in strict conformance with section 251 of the 
Balanced Budget and Emergency Deficit Control Act of 1985, shall be 
reduced by the amount of budget authority transferred to the Fund for 
that fiscal year under section 2(c), as calculated by the Director of 
the Office of Management and Budget. The adjusted discretionary 
spending limit for outlays for that fiscal year as set forth in such 
section 601(a)(2) shall be reduced as a result of the reduction of such 
budget authority, as calculated by the Director of the Office of 
Management and Budget. All such reductions shall occur on the same day 
that the amounts triggering the reductions are transferred to the Fund.

SEC. 4. DEFICIT REDUCTION LOCK-BOX PROVISIONS OF APPROPRIATION 
              MEASURES.

    (a) Deficit Reduction Lock-box Provisions.--Title III of the 
Congressional Budget Act of 1974 is amended by adding at the end the 
following new section:

     ``deficit reduction lock-box provisions of appropriation bills

    ``Sec. 314. (a) Any general appropriation bill that is being marked 
up by the Committee on Appropriations (or a subcommittee thereof) of 
either House shall contain a line item entitled `Deficit Reduction 
Lock-box'. The dollar amount set forth under that heading shall be an 
amount equal to the section 602(b)(1) or section 302(b)(1) allocations, 
as the case may be, to the subcommittee of jurisdiction over the bill 
of the Committee on Appropriations minus the aggregate level of budget 
authority or outlays contained in the bill being considered.
    ``(b) Whenever a Member of either House of Congress offers an 
amendment (whether in subcommittee, committee, or on the floor) to an 
appropriation bill to reduce spending, that reduction shall be placed 
in the deficit reduction lock-box unless that Member indicates that it 
is to be utilized for another program, project, or activity covered by 
that bill. If the amendment is agreed to and the reduction was placed 
in the deficit reduction lock-box, then the line item entitled `Deficit 
Reduction Lock-box' shall be increased by the amount of that reduction.
    ``(c) It shall not be in order in the House of Representatives or 
the Senate to consider a conference report that modifies any Deficit 
Reduction Lock-box provision that is beyond the scope of that provision 
as so committed to the conference committee.''.
    (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 inserting after the item relating to section 313 the 
following new item:

``Sec. 314. Deficit reduction lock-box provisions of appropriation 
                            measures.''.

SEC. 5. CBO TRACKING.

    Section 202 of the Congressional Budget Act of 1974 is amended by 
adding at the end the following new subsection:
    ``(i) Scorekeeping Assistance.--To facilitate compliance by the 
Committees on Appropriations with section 314, the Office shall score 
all general appropriation measures as passed the House of 
Representatives and as passed the Senate and have such scorecard 
published in the Congressional Record.''.

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