Taxpayer Protection Lock-box Act of 1995

Summary: Taxpayer Protection Lock-box Act of 1995 - Amends the Congressional Budget Act of 1974 to require the Director of the Congressional Budget Office (CBO) to establish a ledger to be known as the "Taxpayer Protection Lock-box Ledger."  Requires the ledger to be divided into entries corresponding to the Appropriations Subcommittees. Requires each entry to consist of three parts:  (1) the House Lock-box Balance; (2) the Senate Lock-box Balance; and (3) the Joint House-Senate Lock-box Balance.  Limits components in an entry of the ledger to amounts credited to it and prohibits negative amounts from being made to the ledger.   Sets forth provisions concerning the crediting of amounts of new budget authority and outlays to the applicable entry balance. 
(Sec. 3) Requires that a running tally of the amendments adopted which reflect increases and decreases of budget authority in the bill as reported be available to Members of Congress during consideration of any appropriations bill. 
(Sec. 4) Provides for the downward adjustment of allocations of new budget authority and outlays and the most recent suballocations of new budget authority and outlays. 
(Sec. 5) Requires periodic reporting of ledger statements to be included in reports issued on congressional actions on legislation providing new budget authority or tax expenditures. 
(Sec. 6) Provides for the downward adjustment of discretionary spending limits for new budget authority and outlays.  Waives the requirement that legislation dealing with the congressional budget be handled by the Budget Committees. 
(Sec. 8) Authorizes the Director of the Office of Management and Budget (OMB) to calculate the stimulative effect of revenue reductions.  Lists the projected level of revenues for FY 1996 through 2002.  Directs the CBO Director to certify the estimates and projections of the OMB Director and conditions that if the Director cannot certify the estimates and projections, he must:  (1) notify the Congress and the President of the disagreement; and (2) submit revised estimates.  Permits the President on November 1, if the OMB Director determines that a fiscal dividend excess exists from the adjustment, to:  (1) direct the Secretary of the Treasury to pay an amount not exceeding the excess level to retire U.S. debt obligations; or (2) submit a legislative proposal to the Congress for reducing taxes by the amount of excess not dedicated for deficit reduction.  Provides for an expedited procedure for the introduction and referral to committee of the President's legislative proposal as a bill. Specifies maximum deficit amounts for FY 1996 through 2003.  Provides for a maximum deficit amount point of order in the House or the Senate.

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Taxpayer Protection Lock-box Act of 
1995''.

SEC. 2. TAXPAYER PROTECTION LOCK-BOX LEDGER.

    (a) Establishment of Ledger.--Title III of the Congressional Budget 
Act of 1974 is amended by adding at the end the following new section:

                 ``taxpayer protection lock-box ledger

    ``Sec. 314. (a) Establishment of Ledger.--The Director of the 
Congressional Budget Office (hereinafter in this section referred to as 
the `Director') shall maintain a ledger to be known as the `Taxpayer 
Protection Lock-box Ledger'. The Ledger shall be divided into entries 
corresponding to the subcommittees of the Committees on Appropriations. 
Each entry shall consist of three parts: the `House Lock-box Balance'; 
the `Senate Lock-box Balance'; and the `Joint House-Senate Lock-box 
Balance'.
    ``(b) Components of Ledger.--Each component in an entry shall 
consist only of amounts credited to it under subsection (c). No entry 
of a negative amount shall be made.
    ``(c) Credit of Amounts to Ledger.--(1) The Director shall, upon 
the engrossment of any appropriation bill by the House of 
Representatives and upon the engrossment of that bill by the Senate, 
credit to the applicable entry balance of that House amounts of new 
budget authority and outlays equal to the net amounts of reductions in 
new budget authority and in outlays resulting from amendments agreed to 
by that House to that bill.
    ``(2) The Director shall, upon the engrossment of Senate amendments 
to any appropriation bill, credit to the applicable Joint House-Senate 
Lock-box Balance the amounts of new budget authority and outlays equal 
to--
            ``(A) an amount equal to one-half of the sum of (i) the 
        amount of new budget authority in the House Lock-box Balance 
        plus (ii) the amount of new budget authority in the Senate 
        Lock-box Balance for that bill; and
            ``(B) an amount equal to one-half of the sum of (i) the 
        amount of outlays in the House Lock-box Balance plus (ii) the 
        amount of outlays in the Senate Lock-box Balance for that bill.
    ``(3) For purposes of calculating under this section the net 
amounts of reductions in new budget authority and in outlays resulting 
from amendments agreed to by the Senate on an appropriation bill, the 
amendments reported to the Senate by its Committee on Appropriations 
shall be considered to be part of the original text of the bill.
    ``(d) Definition.--As used in this section, the term `appropriation 
bill' means any general or special appropriation bill, and any bill or 
joint resolution making supplemental, deficiency, or continuing 
appropriations through the end of a fiscal year.''.
    (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. Taxpayer protection lock-box ledger.''.

SEC. 3. TALLY DURING HOUSE OR SENATE CONSIDERATION.

    There shall be available to Members in the House of Representatives 
and the Senate during consideration of any appropriations bill by the 
House and the Senate a running tally of the amendments adopted 
reflecting increases and decreases of budget authority in the bill as 
reported.

SEC. 4. DOWNWARD ADJUSTMENT OF 602(a) ALLOCATIONS AND SECTION 602(b) 
              SUBALLOCATIONS.

    (a) Allocations.--Section 602(a) of the Congressional Budget Act of 
1974 is amended by adding at the end the following new paragraph:
            ``(5) Upon the engrossment of Senate amendments to any 
        appropriation bill (as defined in section 314(d)) for a fiscal 
        year, the amounts allocated under paragraph (1) or (2) to the 
        Committee on Appropriations of each House upon the adoption of 
        the most recent concurrent resolution on the budget for that 
fiscal year shall be adjusted downward by the amounts credited to the 
applicable Joint House-Senate Lock-box Balance under section 314(c)(2). 
The revised levels of budget authority and outlays shall be submitted 
to each House by the chairman of the Committee on the Budget of that 
House and shall be printed in the Congressional Record.''.
    (b) Suballocations.--Section 602(b)(1) of the Congressional Budget 
Act of 1974 is amended by adding at the end the following new sentence: 
``Whenever an adjustment is made under subsection (a)(5) to an 
allocation under that subsection, the chairman of the Committee on 
Appropriations of each House shall make downward adjustments in the 
most recent suballocations of new budget authority and outlays under 
subparagraph (A) to the appropriate subcommittees of that committee in 
the total amounts of those adjustments under section 314(c)(2). The 
revised suballocations shall be submitted to each House by the chairman 
of the Committee on Appropriations of that House and shall be printed 
in the Congressional Record.''.

SEC. 5. PERIODIC REPORTING OF LEDGER STATEMENTS.

    Section 308(b)(1) of the Congressional Budget Act of 1974 is 
amended by adding at the end the following new sentence: ``Such reports 
shall also include an up-to-date tabulation of the amounts contained in 
the ledger and each entry established by section 314(a).''.

SEC. 6. DOWNWARD ADJUSTMENT OF DISCRETIONARY SPENDING LIMITS.

    The discretionary spending limits for new budget authority and 
outlays 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 amounts set forth in the final 
regular appropriation bill for that fiscal year or joint resolution 
making continuing appropriations through the end of that fiscal year. 
Those amounts shall be the sums of the Joint House-Senate Lock-box 
Balances for that fiscal year, as calculated under section 602(a)(5) of 
the Congressional Budget Act of 1974. That bill or joint resolution 
shall contain the following statement of law: ``As required by section 
6 of the Taxpayer Protection Lock-box Act of 1995, for fiscal year 
[insert appropriate fiscal year] and each outyear, the adjusted 
discretionary spending limit for new budget authority shall be reduced 
by $ [insert appropriate amount of reduction] and the adjusted 
discretionary limit for outlays shall be reduced by $ [insert 
appropriate amount of reduction] for the budget year and each 
outyear.'' Notwithstanding section 904(c) of the Congressional Budget 
Act of 1974, section 306 of that Act as it applies to this statement 
shall be waived. This adjustment shall be reflected in reports under 
sections 254(g) and 254(h) of the Balanced Budget and Emergency Deficit 
Control Act of 1985.

SEC. 7. EFFECTIVE DATE.

    (a) In General.--The provisions of sections 1 through 6 of this Act 
shall apply to all appropriation bills making appropriations for fiscal 
year 1996 or any subsequent fiscal year.
    (b) FY96 Application.--In the case of any appropriation bill for 
fiscal year 1996 engrossed by the House of Representatives after August 
4, 1995, and before the date of enactment of this Act, the Director of 
the Congressional Budget Office, the Director of the Office of 
Management and Budget, and the Committees on Appropriations and the 
Committees on the Budget of the House of Representatives and of the 
Senate shall, within 10 calendar days after that date of enactment of 
this Act, carry out the duties required by this Act and amendments made 
by it that occur after the date this Act was engrossed by the House of 
Representatives.
    (c) FY96 Allocations.--The duties of the Director of the 
Congressional Budget Office and of the Committees on the Budget and on 
Appropriations of the House of Representatives pursuant to this Act and 
the amendments made by it regarding appropriation bills for fiscal year 
1996 shall be based upon the revised section 602(a) allocations in 
effect on August 4, 1995.
    (d) Definition.--As used in this section, the term ``appropriation 
bill'' means any general or special appropriation bill, and any bill or 
joint resolution making supplemental, deficiency, or continuing 
appropriations through the end of a fiscal year.

SEC. 8. ADJUSTMENT FOR STIMULATIVE EFFECT OF REVENUE REDUCTIONS.

    (a) Amount of Adjustment.--
            (1) OMB.--Effective in 1996 and not later than October 15 
        of each year, the Director of OMB shall calculate stimulative 
        effect by determining the amount by which actual revenues 
        exceed the projected level of revenues set forth in paragraph 
        (2) and then estimating the amount of the excess (fiscal 
        dividend excess) attributable to provisions of the Balanced 
        Budget Act of 1995 reducing revenues.
            (2) Projected level of revenues.--The projected level of 
        revenues referred to in paragraph (1) are as follows:
                    (A) For fiscal year 1996, $1,416,000,000.
                    (B) For fiscal year 1997, $1,450,000,000.
                    (C) For fiscal year 1998, $1,518,000,000.
                    (D) For fiscal year 1999, $1,587,000,000.
                    (E) For fiscal year 2000, $1,667,000,000.
                    (F) For fiscal year 2001, $1,757,000,000.
                    (G) For fiscal year 2002, $1,853,000,000.
            (3) CBO certification.--Not later than October 20, the 
        Director of the CBO shall certify the estimates and projections 
        of the Director of OMB made under this subsection. If the 
        Director of CBO cannot certify the estimates and projections, 
        the Director shall notify Congress and the President of the 
        disagreement and submit revised estimates.
    (b) Reduction of Deficit.--If the Director of OMB determines that a 
fiscal dividend excess exists under subsection (a) and on November 1, 
the President may--
            (1) direct the Secretary of the Treasury to pay an amount 
        not to exceed the level of excess to retire debt obligations of 
        the United States; or
            (2) submit a legislative proposal to Congress for reducing 
        taxes by the amount of excess not dedicated to deficit 
        reduction to be considered by Congress as provided in 
        subsection (c).
    (c) Expedited Procedure.--
            (1) Introduction.--Not later than 3 days after the 
        President submits a legislative proposal under subsection 
        (b)(2), the Majority Leaders of the Senate and the House of 
        Representatives shall introduce the proposal in their 
        respective Houses as a bill. If the bill described in the 
        preceding sentence is not introduced as provided in the 
        preceding sentence, then, on the 4th day after the submission 
        of the legislative proposal by the President, any Member of 
        that House may introduce the bill.
            (2) Referral to committee.--A bill described in paragraph 
        (1) introduced in the House of Representatives shall be 
        referred to the Committee on Ways and Means of the House of 
        Representatives. A bill described in paragraph (1) introduced 
        in the Senate shall be referred to the Committee on Finance of 
        the Senate. If more than 1 bill is introduced as provided in 
        paragraph (1), the committee shall consider and report the 
        first bill introduced. Amendments to the bill in committee may 
        not reduce revenues in the bill below the amount proposed by 
        the President. Such a bill may not be reported before the 8th 
        day after its introduction.
            (3) Discharge of committee.--If the committee to which is 
        referred a bill described in paragraph (1) has not reported 
        such bill at the end of 15 calendar days after its 
        introduction, such committee shall be deemed to be discharged 
        from further consideration of such bill and such bill shall be 
        placed on the appropriate calendar of the House involved.
            (4) Floor consideration.--
                    (A) In general.--When the committee to which a bill 
                is referred has reported, or has been deemed to be 
                discharged (under paragraph (3)) from further 
                consideration of, a bill described in paragraph (1), it 
                is at any time thereafter in order (even though a 
                previous motion to the same effect has been disagreed 
                to) for any Member of the respective House to move to 
                proceed to the consideration of the bill, and all 
                points of order against the bill (and against 
                consideration of the bill) are waived. The motion is 
                highly privileged in the House of Representatives and 
                is privileged in the Senate and is not debatable. The 
                motion is not subject to amendment, or to a motion to 
                postpone, or to a motion to proceed to the 
                consideration of other business. A motion to reconsider 
                the vote by which the motion is agreed to or disagreed 
                to shall not be in order. If a motion to proceed to the 
                consideration of the bill is agreed to, the bill shall 
                remain the unfinished business of the respective House 
                until disposed of.
                    (B) Debate.--Consideration of the bill, and on all 
                debatable motions and appeals in connection therewith, 
                shall be limited to not more than 20 hours, which shall 
                be divided equally between those favoring and those 
                opposing the bill. A motion further to limit debate is 
                in order and not debatable. A motion to postpone, or a 
                motion to proceed to the consideration of other 
                business, or a motion to recommit the bill is not in 
                order. A motion to reconsider the vote by which the 
                bill is agreed to or disagreed to is not in order. 
                Debate on amendments to the bill shall be limited to 30 
                minutes equally divided. Amendments to the bill may not 
                reduce revenues in the bill below the amount proposed 
                by the President.
                    (C) Vote on final passage.--Immediately following 
                the conclusion of the debate on a bill described in 
                paragraph (1), and a single quorum call at the 
                conclusion of the debate if requested in accordance 
                with the rules of the appropriate House, the vote on 
                final passage of the bill shall occur.
                    (D) Rulings of the chair on procedure.--Appeals 
                from the decisions of the Chair relating to the 
                application of the rules of the Senate or the House of 
                Representatives, as the case may be, to the procedure 
                relating to a bill described in paragraph (1) shall be 
                decided without debate.
            (5) Coordination with action by other house.--If, before 
        the passage by one House of a bill of that House described in 
        paragraph (1), that House receives from the other House a bill 
        described in paragraph (1), then the following procedures shall 
        apply:
                    (A) The bill of the other House shall not be 
                referred to a committee.
                    (B) With respect to a bill described in paragraph 
                (1) of the House receiving the bill--
                            (i) the procedure in that House shall be 
                        the same as if no bill had been received from 
                        the other House; but
                            (ii) the vote on final passage shall be on 
                        the bill of the other House.
            (6) Rules of house of representatives and senate.--This 
        subsection is enacted by Congress--
                    (A) as an exercise of the rulemaking power of the 
                Senate and House of Representatives, respectively, and 
                as such it is deemed a part of the rules of each House, 
                respectively, but applicable only with respect to the 
                procedure to be followed in that House in the case of a 
                bill described in paragraph (1), and it supersedes 
                other rules only to the extent that it is inconsistent 
                with such rules; and
                    (B) with full recognition of the constitutional 
                right of either House to change the rules (so far as 
                relating to the procedure of that House) at any time, 
                in the same manner and to the same extent as in the 
                case of any other rule of that House.
    (d) Deficit Reduction if Tax Reductions Not Enacted.--If tax 
reductions are not enacted by December 31 of the year of the submission 
of a legislative proposal under subsection (b)(2), the President shall 
pay an amount equal to the amount by which revenues are not reduced to 
deficit reduction as provided in subsection (b)(1).
    (e) Definition.--For purposes of this section, the term 
``stimulative economic effect of any laws reducing revenues'' refers to 
laws that have the effect of stimulating savings, investment, job 
creation, and economic growth.
    (f) Maximum Deficit Amount.--
            (1) Levels.--Section 601(a)(1) of the Congressional Budget 
        Act of 1974 is amended to read as follows:
            ``(1) Maximum deficit amount.--The term `maximum deficit 
        amount' means--
                    ``(A) with respect to fiscal year 1996, 
                $166,000,000,000;
                    ``(B) with respect to fiscal year 1997, 
                $168,000,000,000;
                    ``(C) with respect to fiscal year 1998, 
                $135,000,000,000;
                    ``(D) with respect to fiscal year 1999, 
                $133,000,000,000;
                    ``(E) with respect to fiscal year 2000, 
                $88,000,000,000;
                    ``(F) with respect to fiscal year 2001, 
                $32,000,000,000;
                    ``(E) with respect to fiscal year 2002, a surplus 
                of $13,000,000,000; and
                    ``(F) with respect to fiscal year 2003 and fiscal 
                years thereafter, zero.''.
            (2) MDA point of order.--Section 605(b) of the 
        Congressional Budget Act of 1974 is amended to read as follows:
    ``(b) Maximum Deficit Point of Order.--
            ``(1) In general.--It shall not be in order in the House of 
        Representatives or the Senate to consider any bill, joint 
        resolution, amendment, or conference report that includes any 
        provision that would result in a deficit for a fiscal year that 
        exceeds the maximum deficit amount for such fiscal year.
            ``(2) Waiver or suspension.--This subsection may be waived 
        or suspended in the House of Representatives or the Senate only 
        by the affirmative vote of three-fifths of the Members, duly 
        chosen and sworn.''.
            (3) Sixty vote point of order.--Section 904 of the 
        Congressional Budget Act of 1974 is amended--
            (A) in the second sentence of subsection (c) by inserting 
        ``605(b),'' after ``601(b), ''; and
            (B) in the third sentence of subsection (d) by inserting 
        ``605(b),'' after ``601(b), ''.
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