SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Capital Budgeting Act of 1993''.

SEC. 2. STATEMENT OF FINDINGS AND PURPOSE.

    (a) Statement of Finding.--The Congress finds that--
            (1) the objective of enhancing long-term economic growth is 
        not well served by a budget process focused on short-term 
        results,
            (2) long-term economic growth depends not only upon a 
        stable social, political, and economic environment and a higher 
        level of national savings, but also upon a sound public 
        infrastructure, an educated citizenry and workforce, an 
        investment in research and the discovery of knowledge, and the 
        harnessing of inventive genius into the workplace and 
        marketplace,
            (3) the existing presentation of the Federal Budget 
        obscures the distinctions between long-term capital 
        investments, expenditures of a developmental character, and 
        current operational spending, and
            (4) the public interest will be served by a Federal Budget 
        presentation which presents information showing long-term 
        effects of expenditures.
    (b) Purpose.--It is the purpose of this Act to require that the 
unified budget present--
            (1) an operating budget, and
            (2) an investment budget divided into--
                    (A) federally-owned capital, and
                    (B) developmental investments,
        for each of the 3 major components of the budget (general, 
        trust, and enterprise funds) in order to ensure a continued 
        focus on the Government's total financial operations, while 
        providing better and more relevant information upon which to 
        base both overall fiscal policy as well as program priorities 
        within the Federal Budget.

SEC. 3. CAPITAL AND OPERATING BUDGETS.

    (a) In General.--Title 31, United States Code, is amended by 
inserting after section 1105 the following new section:

``SEC. 1105A. CAPITAL AND OPERATING BUDGETS.

    ``(a)(1) The budget of the United States submitted by the President 
under section 1105 of this title shall be a unified budget composed 
of--
            ``(A) an operating budget, and
            ``(B) an investment budget divided into federally-owned 
        capital and developmental investments.
    ``(2) Operating and investment budgets shall be presented 
separately for unified funds, general funds, trust funds, and 
enterprise funds.
    ``(b)(1) Actual, estimated, and proposed amounts shall be presented 
for unified funds, general funds, trust funds, and enterprise funds, 
and, at a minimum, shall contain:
            ``(A) For the operating budget:
                    ``(i) Operating revenues.
                    ``(ii) Operating expenses.
                    ``(iii) Operating surplus/deficit before interfund 
                transfers.
                    ``(iv) Interfund transfers.
                    ``(v) Operating surplus/deficit.
                    ``(vi) Federal expenditures financing the operating 
                expenses of State and local governments.
            ``(B) For the investment budget:
                    ``(i) For federally-owned capital: the office 
                buildings, equipment, and other assets that are owned 
                by the Government for use in its operations together 
                with a showing how such assets will improve the 
                efficiency and effectiveness with which government 
                agencies carry out their missions.
                    ``(ii) For developmental investments (including 
                grants and loans to non-Federal entities for improving 
                physical infrastructure, research and development, and 
                investment in human capital through education and 
                training): the amounts to be invested together with a 
                projection of how such investments will improve the 
                prospects for higher rates of economic growth on the 
                future.
    ``(2) For both categories of investment budgets, the following 
information will be presented:
            ``(A) Investment funds together with investment revenues.
            ``(B) Financing requirements before interfund transfers.
            ``(C) Interfund transfers.
            ``(D) Projected effects upon economic growth.
    ``(3) The investment budget shall represent only the major 
activities, projects, and programs which support the acquisition, 
construction, alteration, and rehabilitation of such investment assets 
and the major programs and activities which support nonmilitary 
research and development, education, and job training. All other 
activities, projects, and programs shall be represented in the 
operating budget.''.
    (b) Clerical Amendment.--The table of sections for chapter 11 of 
title 31, United States Code, is amended by inserting after the item 
relating to section 1105 the following new item:

``1105A. Capital and operating budgets.''
Capital Budgeting Act of 1993 - Amends Federal law to require that the budget the President submits to the Congress be a unified budget comprising an operating budget and an investment budget (divided into federally-owned capital and developmental inestments), each presented separately for unified funds, general funds, trust funds, and enterprise funds.
Capital Budgeting Act of 1993