Home > 105th Congressional Bills > S. 1246 (is) To reform the financing of Federal elections. ...S. 1246 (is) To reform the financing of Federal elections. ...
105th CONGRESS
1st Session
S. 1245
To establish procedures to ensure a balanced Federal budget by fiscal
year 2002 and to create a tax cut reserve fund to protect revenues
generated by economic growth.
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
October 1, 1997
Mr. Brownback introduced the following bill; which was read twice and
referred jointly pursuant to the order of August 4, 1977, as modified
by the order of April 11, 1986, to the Committees on the Budget and
Governmental Affairs, with instructions that if one committee reports,
the other committee have thirty days to report or be discharged
_______________________________________________________________________
A BILL
To establish procedures to ensure a balanced Federal budget by fiscal
year 2002 and to create a tax cut reserve fund to protect revenues
generated by economic growth.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE; PURPOSE.
(a) Short Title.--This Act may be cited as the ``Economic Growth
and Debt Reduction Act''.
(b) Purpose.--The purpose of this Act is--
(1) to ensure a balanced Federal budget by fiscal year
2002;
(2) to create a mechanism to monitor total costs of direct
spending programs, and, in the event that actual or projected
costs exceed targeted levels, to require the President and
Congress to address adjustments in direct spending; and
(3) to ensure that windfall revenues are used to promote
economic growth through lower taxes.
SEC. 2. ESTABLISHMENT OF DIRECT SPENDING AND REVENUE TARGETS.
For purposes of this Act--
(1) the initial direct spending targets for each of fiscal
years 1998 through 2002 shall equal total outlays for all
direct spending except net interest as provided in H. Con. Res.
84, the concurrent resolution on the budget for fiscal year
1998; and
(2) the revenue targets are the revenue amounts provided in
H. Con. Res. 84, the concurrent resolution on the budget for
fiscal year 1998.
SEC. 3. ANNUAL REVIEW OF DIRECT SPENDING AND RECEIPTS BY PRESIDENT.
As part of each budget submitted under section 1105(a) of title 31,
United States Code, the President shall provide an annual review of
direct spending and receipts, which shall include--
(1) information on total outlays for programs covered by
the direct spending targets, including actual outlays for the
prior fiscal year and projected outlays for the current fiscal
year and the 5 succeeding fiscal years; and
(2) any amount by which revenues for a budget year and any
outyears through fiscal year 2002 exceed the revenue target in
section 2(2).
SEC. 4. ECONOMIC GROWTH PROTECTION.
(a) Inclusion on Scorecard.--The Office of Management and Budget
shall include the amount of any changes in revenues determined pursuant
to section 3(2) as a deficit decrease under the estimates and reports
required by section 252(b) and section 254 of the Balanced Budget and
Emergency Deficit Control Act of 1985.
(b) Use of Revenues Exceeding Target.--Any amount not to exceed the
amount of deficit decrease determined under section 3(2) may only be
offset by legislation decreasing revenues.
SEC. 5. SPECIAL DIRECT SPENDING MESSAGE BY PRESIDENT.
(a) Trigger.--If the information submitted by the President under
section 3(1) indicates--
(1) that actual outlays for direct spending in the prior
fiscal year exceeded the applicable direct spending target; or
(2) that outlays for direct spending for the current or
budget year are projected to exceed the applicable direct
spending targets,
the President shall include in his budget a special direct spending
message meeting the requirements of subsection (b).
(b) Contents.--The special direct spending message shall include--
(1) an analysis of the variance in direct spending over the
direct spending targets; and
(2) the President's recommendations for eliminating
overages, if any, in the prior, current, or budget year.
(c) Proposed Special Direct Spending Resolution.--The special
direct spending message shall include the text of a special direct
spending resolution implementing the President's recommendations
through reconciliation directives instructing the appropriate
committees of the House of Representatives and Senate to determine and
recommend changes in laws within their jurisdictions. If the President
recommends no reductions pursuant to (b)(2)(C), the special direct
spending message shall include the text of a special resolution
concurring in the President's recommendation of no legislative action.
SEC. 6. REQUIRED RESPONSE BY CONGRESS.
(a) In General.--It shall not be in order in the House of
Representatives or the Senate to consider a concurrent resolution on
the budget unless that concurrent resolution fully eliminates the
entirety of any overage contained in the applicable report of the
President under section 5 through reconciliation directives.
(b) Waiver and Suspension.--This section may be waived or suspended
in the Senate only by the affirmative vote of three-fifths of the
Members, duly chosen and sworn. This section shall be subject to the
provisions of section 258 of the Balanced Budget and Emergency Deficit
Control Act of 1985.
(c) Appeals.--Appeals in the Senate from the decisions of the Chair
relating to any provision of this section shall be limited to 1 hour,
to be equally divided between, and controlled by, the appellant and the
manager of the bill or joint resolution, as the case may be. An
affirmative vote of three-fifths of the Members of the Senate, duly
chosen and sworn, shall be required in the Senate to sustain an appeal
of the ruling of the Chair on a point of order raised under this
section.
SEC. 7. RELATIONSHIP TO BALANCED BUDGET AND EMERGENCY DEFICIT CONTROL
ACT.
Reductions in outlays resulting from legislation reported pursuant
to section 6 shall not be taken into account for purposes of any budget
enforcement procedures under the Balanced Budget and Emergency Deficit
Control Act of 1985 and the Congressional Budget Act of 1974.
SEC. 8. ESTIMATING MARGIN.
For any fiscal year for which the overage is less than one-half of
1 percent of the direct spending target for that year, the procedures
set forth in sections 5 and 6 shall not apply.
SEC. 9. EFFECTIVE DATE.
This Act shall apply to direct spending targets and revenues for
fiscal years 1998 through 2002 and shall expire at the end of fiscal
year 2002.
<all>
Pages: 1 Other Popular 105th Congressional Bills Documents:
|
| GovRecords.org presents information on various agencies of the United States Government. Even though all information is believed to be credible and accurate, no guarantees are made on the complete accuracy of our government records archive. Care should be taken to verify the information presented by responsible parties. Please see our reference page for congressional, presidential, and judicial branch contact information. GovRecords.org values visitor privacy. Please see the privacy page for more information. |

![]() |