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103D CONGRESS

1ST SESSION H. R. 3205

To amend the Congressional Budget and Impoundment Control Act of 1974

to create a deficit reduction account and to reduce the discretionary

spending limits, and for other purposes.

IN THE HOUSE OF REPRESENTATIVES

SEPTEMBER 30, 1993

Mr. SCHUMER (for himself, Mr. BREWSTER, Mr. EDWARDS of Texas, and Ms.

HARMAN) introduced the following bill; which was referred jointly to the

Committees on Government Operations and Rules

A BILL

To amend the Congressional Budget and Impoundment Control Act of 1974 to create a deficit reduction account

and to reduce the discretionary spending limits, and for

other purposes.

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled,

3 SECTION 1. SHORT TITLE.

4 This Act may be cited as the ‘‘Deficit Reduction Lock

5 Box Act of 1993’’.

6 SEC. 2. DEFICIT REDUCTION TRUST FUND.

7 (a) ESTABLISHMENT.—A trust fund known as the

8 ‘‘Deficit Reduction Trust Fund’’ (hereinafter referred to
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1 as the ‘‘Fund’’) shall be established in the Treasury of

2 the United States.

3 (b) CONTENT.—The Fund shall consist only of

4 amounts contained in the deficit reduction lock box provi5 sion of any appropriation Act. Such amounts shall be

6 transferred to the Fund as specified in subsection (c).

7 (c) TRANSFERS OF MONEYS TO THE FUND.—Within

8 10 days of enactment of any appropriation Act which has

9 a deficit reduction lock box provision, there shall be trans10 ferred from the general fund to the Fund an amount equal

11 to that amount.

12 (d) USE OF MONEYS IN THE FUND.—Notwithstand13 ing any other provision of law, the amounts in the Fund

14 shall not be available, in any fiscal year, for appropriation,

15 obligation, expenditure, or transfer, but may be used ex16 clusively to pay Treasury debt obligations when they ma17 ture.

18 (e) PRESIDENT’S BUDGET SUBMISSION.—Section

19 1105(a) of title 31, United States Code, is amended by

20 adding at the end thereof:

21 ‘‘(29) information about, and a separate state22 ment of amounts in, the Deficit Reduction Trust

23 Fund.’’.
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1 SEC. 3. DOWNWARD ADJUSTMENTS OF DISCRETIONARY

2 SPENDING LIMITS.

3 The discretionary spending limits (new budget au4 thority and outlays) for any fiscal year set forth in section

5 601(a)(2) of the Congressional Budget Act of 1974, as

6 adjusted in strict conformance with section 251 of the Bal7 anced Budget and Emergency Deficit Control Act of 1985,

8 shall be reduced, as calculated by the Director of the Of9 fice of Management and Budget, in amounts equal to the

10 amounts transferred to the Fund for that fiscal year under

11 section 1(c). Such reductions shall occur on the same day

12 that the amounts triggering the reductions are transferred

13 to the Fund.

14 SEC. 4. DEFICIT REDUCTION LOCK-BOX PROVISIONS OF AP15 PROPRIATION MEASURES.

16 (a) DEFICIT REDUCTION LOCK-BOX PROVISIONS.—

17 Title III of the Congressional Budget Act of 1974 is

18 amended by adding at the end the following new section:

19 ‘‘DEFICIT REDUCTION LOCK-BOX PROVISIONS OF

20 APPROPRIATION BILLS

21 ‘‘SEC. 314. (a) Any general appropriation bill that

22 is being marked-up by the Committee on Appropriations

23 (or a subcommittee thereof) of either House shall contain

24 a line item entitled ‘Deficit Reduction Lock-box’. The dol25 lar amount set forth under that heading shall be an

26 amount equal to the section 602(B)(1) or section
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1 302(b)(1) allocations, as the case may be, to the sub2 committee of jurisdiction over the bill of the Committee

3 on Appropriations minus the aggregate level of outlays

4 contained in the bill being considered.

5 ‘‘(b) Whenever a Member of either House of Congress

6 offers an amendment (whether in subcommittee, commit7 tee, or on the floor) to an appropriation bill to reduce

8 spending, that Member shall indicate whether that reduc9 tion should be placed in the deficit reduction lock-box or

10 is to be utilized for another program, project, or activity

11 covered by that bill. If the amendment is agreed to and

12 the Member indicated that the reduction was to be placed

13 in the deficit reduction lock-box, then the line item entitled

14 ‘Deficit Reduction Lock-box’ shall be increased by the

15 amount of that reduction.

16 ‘‘(c) It shall not be in order in the House of Rep17 resentatives or the Senate to consider a conference report

18 that modifies any Deficit Reduction Lock-box provision

19 that is beyond the scope of that provision as so committed

20 to the conference committee.’’.

21 (b) CONFORMING AMENDMENT.—The table of con22 tents set forth in section 1(b) of the Congressional Budget

23 and Impoundment Control Act of 1974 is amended by in24 serting after the item relating to section 313 the following

25 new item:

‘‘Sec. 314. Deficit reduction lock-box provisions of appropriation measures.’’.
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