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[Congressional Bills 103th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3205 Introduced in House (IH)]

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.

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

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Deficit Reduction Lock Box Act of 
1993''.

SEC. 2. DEFICIT REDUCTION TRUST FUND.

    (a) Establishment.--A trust fund known as the ``Deficit Reduction 
Trust Fund'' (hereinafter referred to as the ``Fund'') shall be 
established in the Treasury of the United States.
    (b) Content.--The Fund shall consist only of amounts contained in 
the deficit reduction lock box provision of any appropriation Act. Such 
amounts shall be transferred to the Fund as specified in subsection 
(c).
    (c) Transfers of Moneys to the Fund.--Within 10 days of enactment 
of any appropriation Act which has a deficit reduction lock box 
provision, there shall be transferred from the general fund to the Fund 
an amount equal to that amount.
    (d) Use of Moneys in the Fund.--Notwithstanding any other provision 
of law, the amounts in the Fund shall not be available, in any fiscal 
year, for appropriation, obligation, expenditure, or transfer, but may 
be used exclusively to pay Treasury debt obligations when they mature.
    (e) President's Budget Submission.--Section 1105(a) of title 31, 
United States Code, is amended by adding at the end thereof:
            ``(29) information about, and a separate statement of 
        amounts in, the Deficit Reduction Trust Fund.''.

SEC. 3. DOWNWARD ADJUSTMENTS OF DISCRETIONARY SPENDING LIMITS.

    The discretionary spending limits (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, as calculated by the Director of the 
Office of Management and Budget, in amounts equal to the amounts 
transferred to the Fund for that fiscal year under section 1(c). Such 
reductions shall occur on the same day that the amounts triggering the 
reductions are transferred to the Fund.

SEC. 4. DEFICIT REDUCTION LOCK-BOX PROVISIONS OF APPROPRIATION 
              MEASURES.

    (a) Deficit Reduction Lock-box Provisions.--Title III of the 
Congressional Budget Act of 1974 is amended by adding at the end the 
following new section:

     ``deficit reduction lock-box provisions of appropriation bills

    ``Sec. 314. (a) Any general appropriation bill that is being 
marked-up by the Committee on Appropriations (or a subcommittee 
thereof) of either House shall contain a line item entitled `Deficit 
Reduction Lock-box'. The dollar amount set forth under that heading 
shall be an amount equal to the section 602(B)(1) or section 302(b)(1) 
allocations, as the case may be, to the subcommittee of jurisdiction 
over the bill of the Committee on Appropriations minus the aggregate 
level of outlays contained in the bill being considered.
    ``(b) Whenever a Member of either House of Congress offers an 
amendment (whether in subcommittee, committee, or on the floor) to an 
appropriation bill to reduce spending, that Member shall indicate 
whether that reduction should be placed in the deficit reduction lock-
box or is to be utilized for another program, project, or activity 
covered by that bill. If the amendment is agreed to and the Member 
indicated that the reduction was to be placed in the deficit reduction 
lock-box, then the line item entitled `Deficit Reduction Lock-box' 
shall be increased by the amount of that reduction.
    ``(c) It shall not be in order in the House of Representatives or 
the Senate to consider a conference report that modifies any Deficit 
Reduction Lock-box provision that is beyond the scope of that provision 
as so committed to the conference committee.''.
    (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. Deficit reduction lock-box provisions of appropriation 
                            measures.''.

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