S.149 - Balanced Budget Implementation Act104th Congress (1995-1996)
|Sponsor:||Sen. Gramm, Phil [R-TX] (Introduced 01/04/1995)|
|Committees:||Senate - Budget; Governmental Affairs|
|Latest Action:||01/09/1995 Star Print ordered on the bill.|
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Subject — Policy Area:
- Economics and Public Finance
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Summary: S.149 — 104th Congress (1995-1996)All Bill Information (Except Text)
Introduced in Senate (01/04/1995)
TABLE OF CONTENTS:
Title I: Joint Budget Resolution
Title II: Zero Based Budgeting and Decennial Sunsetting
Title III: Spending Caps on the Growth of Entitlements for
Fiscal Years 1996 through 2002
Title IV: Balanced Budget by Fiscal Year 2002
Balanced Budget Implementation Act - Title I: Joint Budget Resolution - Amends the Congressional Budget Act of 1974 to reform the budget process by requiring a joint resolution on the budget instead of the concurrent resolution on the budget.
Title II: Zero Based Budgeting and Decennial Sunsetting - Terminates spending authority for unearned entitlements and high-cost discretionary spending programs for FY 1996, and discretionary spending programs (not including high-cost programs) for FY 1997, unless such spending is reauthorized after the date of enactment of this Act.
(Sec. 202) Establishes a point of order against legislation that appropriates funds, which may be waived by a three-fifths vote of each House of Congress.
(Sec. 203) Requires the reauthorization of discretionary spending authority and unearned entitlements every ten years beginning in the first decennial census year after 2000.
Title III: Spending Caps on the Growth of Entitlements for Fiscal Years 1996 through 2002 - Declares that for FY 1996 through 2002 the total level of entitlement and mandatory spending, excluding social security, shall not exceed the total level for the previous fiscal year increased by the consumer price index and growth in eligible population. Requires sequestration as necessary to reduce spending. Provides for making uniform reductions with limitations. Lists programs and activities exempt from sequestration and sets forth exceptions, limitations, and special rules.
(Sec. 304) Establishes a point of order against entitlement programs which may be waived by a three-fifths vote of each House.
Title IV: Balanced Budget by Fiscal Year 2002 - Requires reduction of the maximum deficit amount to zero by FY 2002. Allows a waiver or suspension on the prohibition on exceeding such amount by a three-fifths vote of both Houses.
(Sec. 402) Allows a waiver or suspension on exceeding the public debt limit by a three-fifths vote of both Houses.
Excludes social security from the budget process.
(Sec. 403) Establishes a point of order against any joint resolution on the budget that would decrease the excess of social security revenues over social security outlays in any fiscal year covered by the joint resolution.
Authorizes the Congress to adopt budget procedures to eliminate the non-social security deficit by not later than September 30, 2007.
(Sec. 404) Establishes discretionary spending caps for FY 1996 through 2002.
(Sec. 405) Amends the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act) to require look-back sequestration in the last quarter of each fiscal year.