H.R.4057 - Deficit Reduction Lock Box Act of 1994103rd Congress (1993-1994)
|Sponsor:||Rep. Schumer, Charles E. [D-NY-9] (Introduced 03/16/1994)|
|Committees:||House - Government Operations; Rules|
|Latest Action:||House - 03/21/1994 Referred to the Subcommittee on Legislation and National Security. (All Actions)|
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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.''. <all>