Summary: H.R.3414 — 104th Congress (1995-1996)All Information (Except Text)

There is one summary for H.R.3414. Bill summaries are authored by CRS.

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Introduced in House (05/08/1996)

Amends the Balanced Budget and Emergency Deficit Control Act of 1985 to require: (1) a sequestration of five percent of the OMB (Office of Management and Budget) baseline for that fiscal year; and (2) the President to immediately fully implement the sequestration. Exempts benefits under title II (Old Age, Survivors and Disability Insurance) of the Social Security Act, retirement benefits for members of the uniformed services or U.S. officers or employees, and payments for net interest.