A bill to secure America's future economy through reform of the Federal budget process.

S.

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

                             ``emergencies

    ``Sec. 317.  (a) Adjustments.--
            ``(1) In general.--After the reporting of a bill or joint 
        resolution or the submission of a conference report thereon 
        that provides budget authority for any emergency as identified 
        pursuant to subsection (d)--
                    ``(A) the chairman of the Committee on the Budget 
                of the House of Representatives or the Senate shall 
                determine and certify, pursuant to the guidelines 
                referred to in section 504 of the SAFE Budget Process 
                Reform Act of 2007, the portion (if any) of the amount 
                so specified that is for an emergency within the 
                meaning of section 3(12); and
                    ``(B) such chairman shall make the adjustment set 
                forth in paragraph (2) for the amount of new budget 
                authority (or outlays) in that measure and the outlays 
                flowing from that budget authority.
            ``(2) Matters to be adjusted.--The adjustments referred to 
        in paragraph (1) are to be made to the allocations made 
        pursuant to the appropriate concurrent resolution on the budget 
        pursuant to section 302(a) and shall be in an amount not to 
        exceed the amount reserved for emergencies pursuant to the 
        requirements of subsection (b).
    ``(b) Reserve Fund for Emergencies.--
            ``(1) Amounts.--The amount set forth in the reserve fund 
        for emergencies for budget authority and outlays for a fiscal 
        year pursuant to section 301(a)(4) shall equal--
                    ``(A) the average of the enacted levels of budget 
                authority for emergencies in the 5 fiscal years 
                preceding the current year; and
                    ``(B) the average of the levels of outlays for 
                emergencies in the 5 fiscal years preceding the current 
                year flowing from the budget authority referred to in 
                subparagraph (A), but only in the fiscal year for which 
                such budget authority first becomes available for 
                obligation.
            ``(2) Average levels.--For purposes of paragraph (1), the 
        amount used for a fiscal year to calculate the average of the 
        enacted levels when one or more of such 5 preceding fiscal 
        years is any of fiscal years 2002 through 2006 is as follows: 
        the amount of enacted levels of budget authority and the amount 
        of new outlays flowing therefrom for emergencies, but only in 
        the fiscal year for which such budget authority first becomes 
        available for obligation for each of such 5 fiscal years, which 
        shall be determined by the Committees on the Budget of the 
        Senate and the House of Representatives after receipt of a 
        report on such matter transmitted to such committees by the 
        Director of the Congressional Budget Office 6 months after the 
        date of enactment of this section and thereafter in February of 
        each calendar year.
            ``(3) Special rule for overseas contingency operations.--
                    ``(A) In general.--This paragraph shall apply in 
                lieu of paragraph (1) in the case of a bill or joint 
                resolution reported by the Committee on Appropriations 
                that provides budget authority for any emergency that 
                is a threat to national security and the funding of 
                which carries out a military operation authorized by a 
                declaration of war or a joint resolution authorizing 
                the use of military force (or economic assistance 
                funding in furtherance of such operation).
                    ``(B) Amounts.--The amount set forth in the reserve 
                fund for operations described in subparagraph (A) for 
                budget authority and outlays for a fiscal year pursuant 
                to section 301(a)(4) shall equal the amount requested 
                for such operations by the budget submission required 
                by section 1105 of title 31 for that fiscal year.
    ``(c) Emergencies in Excess of Amounts in Reserve Fund.--
            ``(1) In general.--A bill or joint resolution reported by 
        the Committee on Appropriations or any other committee that 
        provides budget authority for any emergency and is accompanied 
        by a report, pursuant to subsection (d), that identifies any 
        provision that increases outlays or provides budget authority 
        (and the outlays flowing therefrom) for such emergency shall be 
        subject to paragraph (2) if the enactment of the bill or joint 
        resolution which would cause--
                    ``(A) in the case of the Committee on 
                Appropriations, the total amount of budget authority or 
                outlays provided for emergencies for the budget year in 
                the concurrent resolution on the budget (pursuant to 
                section 301(a)(4)) to be exceeded; or
                    ``(B) in the case of any other committee, the total 
                amount of budget authority or outlays provided for 
                emergencies for the budget year or the total of the 
                fiscal years in the concurrent resolution on the budget 
                (pursuant to section 301(a)(4)) to be exceeded.
            ``(2) Conditions.--The conditions referred to in paragraph 
        (1) are as follows:
                    ``(A) Such bill or joint resolution shall be 
                referred to the Committee on the Budget of the House or 
                the Senate, as the case may be, with instructions to 
                report it without amendment, other than that specified 
                in subparagraph (B), within 5 legislative days of the 
                day in which it is reported from the originating 
                committee. If the Committee on the Budget of either 
                House fails to report a bill or joint resolution 
                referred to it under this subparagraph within such 5-
                day period, the committee shall be automatically 
                discharged from further consideration of such bill or 
                joint resolution and such bill or joint resolution 
                shall be placed on the appropriate calendar.
                    ``(B) An amendment to such a bill or joint 
                resolution referred to in this subsection shall only 
                consist of an exemption from section 251 or 252 (as 
                applicable) of the Balanced Budget and Emergency 
                Deficit Control Act of 1985 of all or any part of the 
                provisions that provide budget authority (and the 
                outlays flowing therefrom) for such emergency if the 
                committee determines, pursuant to the guidelines 
                referred to in section 504 of the SAFE Budget Process 
                Reform Act of 2007, that such budget authority is for 
                an emergency within the meaning of section 3(12).
                    ``(C) If such a bill or joint resolution is 
                reported with an amendment specified in subparagraph 
                (B) by the Committee on the Budget of the Senate or the 
                House of Representatives, then the budget authority and 
                resulting outlays that are the subject of such 
                amendment shall not be included in any determinations 
                under section 302(f) or 311(a) for any bill, joint 
                resolution, amendment, motion, or conference report.
    ``(d) Committee Notification of Emergency Legislation.--Whenever 
the Committee on Appropriations or any other committee of either House 
(including a committee of conference) reports any bill or joint 
resolution that provides budget authority for any emergency, the report 
accompanying that bill or joint resolution (or the joint explanatory 
statement of managers in the case of a conference report on any such 
bill or joint resolution) shall identify all provisions that provide 
budget authority and the outlays flowing therefrom for such emergency 
and include a statement of the reasons why such budget authority meets 
the definition of an emergency pursuant to the guidelines referred to 
in section 504 of the SAFE Budget Process Reform Act of 2007.''.
    (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 316 the 
following new item:

``Sec. 317. Emergencies.''.

SEC. 507. APPLICATION OF SECTION 306 TO EMERGENCIES IN EXCESS OF 
              AMOUNTS IN RESERVE FUND.

    Section 306 of the Congressional Budget Act of 1974 is amended by 
inserting at the end the following new sentence: ``No amendment 
reported by the Committee on the Budget (or from the consideration of 
which such committee has been discharged) pursuant to section 317(c) 
may be amended.''.

SEC. 508. UP-TO-DATE TABULATIONS.

    Section 308(b)(2) of the Congressional Budget Act of 1974 is 
amended by striking ``and'' at the end of subparagraph (B), by striking 
the period at the end of subparagraph (C) and inserting ``; and'', and 
by adding at the end the following new subparagraph:
                    ``(D) shall include an up-to-date tabulation of 
                amounts remaining in the reserve fund for 
                emergencies.''.

SEC. 509. PROHIBITION ON AMENDMENTS TO EMERGENCY RESERVE FUND.

    (a) Point of Order.--Section 305 of the Congressional Budget Act of 
1974 is amended by adding at the end the following new subsection:
    ``(e) Point of Order Regarding Emergency Reserve Fund.--It shall 
not be in order in the Senate or in the House of Representatives to 
consider an amendment to a concurrent resolution on the budget which 
changes the amount of budget authority and outlays set forth in section 
301(a)(4) for emergency reserve fund.''.
    (b) Technical Amendment.--(1) Section 904(c)(1) of the 
Congressional Budget Act of 1974 is amended by inserting ``305(e),'' 
after ``305(c)(4),''.
    (2) Section 904(d)(2) of the Congressional Budget Act of 1974 is 
amended by inserting ``305(e),'' after ``305(c)(4),''.

SEC. 510. EFFECTIVE DATE.

    The amendments made by this title shall apply to fiscal year 2008 
and subsequent fiscal years, but such amendments shall take effect only 
after the enactment of legislation changing or extending for any fiscal 
year the discretionary spending limits set forth in section 251 of the 
Balanced Budget and Emergency Deficit Control Act of 1985 or 
legislation reducing the amount of any sequestration under section 252 
of such Act by the amount of any reserve for any emergencies.

Summary: Securing America's Future Economy Budget Process Reform Act, or SAFE Budget Process Reform Act - Amends the Congressional Budget Act of 1974 (CBA) to require adoption of a joint resolution by the House and Senate to extend discretionary spending caps in the Balanced Budget and Emergency Deficit Control Act of 1985 . Amends the Gramm-Rudman-Hollings Act to extend Pay-As-You-Go requirements, and certain deficit control rules. Makes it out of order in the Senate to consider direct spending or revenue legislation that would cause a deficit or increase the deficit for any one of three applicable time periods. Amends CBA to require the Congressional Budget Office (CBO) to prepare an estimate for legislation reported from committee or placed on the Senate Legislative Calendar, including related amendments or conference reports, on whether the measure would cause a net increase in direct spending in excess of $5 billion in any of the five 10-year periods beginning with the budget year. Federal Insurance Budgeting Act of 2005 - Requires that, starting FY2012, the President's budget submission to Congress be based upon the risk-assumed cost of federal insurance programs for accrual budgeting purposes. Amends cost requirements of federal insurance programs. Requires agencies responsible for federal insurance programs to develop models to estimate their risk-assumed cost by year. Amends CBA to revise the federal and congressional budget processes by establishing a two-year budgeting and appropriations cycle and timetable. Defines the budget biennium as the two consecutive fiscal years beginning on October 1 of any odd-numbered year. Establishes the Commission on Federal Budget Concepts. Repeals Gramm-Rudman-Hollings Act requirements for emergency adjustments to spending legislation. Amends CBA to prescribe requirements for such adjustments, including a reserve fund for emergencies.