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[Congressional Bills 103th Congress]
[From the U.S. Government Publishing Office]
[S. 2273 Referral Instructions Senate (RIS)]

103d CONGRESS
  2d Session
                                S. 2273

  To reduce Government spending by $100,000,000,000 each fiscal year 
              until a balanced Federal budget is achieved.

_______________________________________________________________________

                   IN THE SENATE OF THE UNITED STATES

                 July 1 (legislative day, June 7), 1994

 Mr. Hollings introduced the following bill; which was read twice and 
   referred jointly pursuant to the order of August 4, 1977, to the 
 Committees on the Budget and Governmental Affairs, with instructions 
 that if one Committee reports, the other Committee has thirty days to 
                        report or be discharged

_______________________________________________________________________

                                 A BILL

 
  To reduce Government spending by $100,000,000,000 each fiscal year 
              until a balanced Federal budget is achieved.

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

SECTION 1. STATEMENT OF PURPOSE.

    Effective beginning with fiscal year 1995, the Congress shall 
reduce Government spending by $100,000,000,000 each fiscal year until a 
balanced Federal budget is achieved.

SEC. 2. BUDGET OUTLAY REDUCTIONS PERMANENT.

    All obligational authority reduced pursuant to this Act shall be 
done in a manner that shall make such reductions permanent.

SEC. 3. ADDITIONAL ENFORCEMENT PROVISIONS.

    (a) Sequester.--
            (1) If the full amount of savings required by this Act have 
        not been achieved in a session of Congress, the Director of the 
        Office of Management and Budget shall notify Congress within 10 
        calendar days after the end of the session of Congress of the 
        amount of savings that has not been achieved as required by 
        this Act.
            (2) Within 15 calendar days after the Congress adjourns and 
        on the same day as any sequestration under the Balanced Budget 
        and Emergency Deficit Control Act of 1985, there shall be a 
        sequestration of the amount of additional required savings that 
        has not been achieved as required by this Act. The 
        sequestration shall be achieved by sequestering one-half the 
        amount pursuant to section 251 of the Balanced Budget and 
        Emergency Deficit Control Act of 1985 and one-half the amount 
        pursuant to section 252 of the Balanced Budget and Emergency 
        Deficit Control Act of 1985.
    (b) Paygo Scorecard.--No reductions in direct spending pursuant to 
this Act shall be treated as a net deficit decrease for purposes of 
section 252 of the Balanced Budget and Emergency Deficit Control Act of 
1985.
    (c) Discretionary Spending Limits.--When OMB submits a 
sequestration report under section 254(g) or (h) of the Balanced Budget 
and Emergency Deficit Control Act of 1985, OMB shall include downward 
adjustments to discretionary spending limits (in new budget authority 
and outlays) for the budget year and each outyear to take full account 
of all reductions in discretionary spending pursuant to this Act for 
that fiscal year.

SEC. 4. DEFINITIONS.

    As used in this Act, the terms ``budget outlay'', ``outlay'', ``new 
budget authority'', ``direct spending'', and ``OMB'' have the meanings 
given to such terms by section 250(c) of the Balanced Budget and 
Emergency Deficit Control Act of 1985.
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