Summary: H.R.863 — 103rd Congress (1993-1994)All Information (Except Text)

There is one summary for H.R.863. Bill summaries are authored by CRS.

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Introduced in House (02/04/1993)

Invest in the Deficit Act of 1993 - Declares that whenever a law is enacted that provides new revenue or an asset of the United States is sold to the public, all such revenue and proceeds sales shall be dedicated to the reduction of any annual Federal budget deficit.

Amends the Congressional Budget Act of 1974 to increase the maximum deficit amounts for FY 1994 and 1995 and to establish such amounts for FY 1996 through 1998.

Repeals discretionary spending limits for FY 1994 and 1995. Establishes such limits for FY 1994 through 1998 for the defense, international, and domestic categories. Requires adjustments to the international and domestic categories to be made in strict conformance with enforcement provisions of the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act).