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[Congressional Bills 110th Congress]
[From the U.S. Government Publishing Office]
[S. 1279 Introduced in Senate (IS)]

110th CONGRESS
  1st Session
                                S. 1279

To secure America's future economy through reform of the Federal budget 
                                process.

_______________________________________________________________________

                   IN THE SENATE OF THE UNITED STATES

                              May 3, 2007

 Mr. Voinovich introduced the following bill; which was read twice and 
                referred to the Committee on the Budget

_______________________________________________________________________

                                 A BILL

 
To secure America's future economy through reform of the Federal budget 
                                process.

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

SECTION 1. SHORT TITLE; TABLE OF CONTENTS.

    (a) Short Title.--This Act may be cited as the ``Securing America's 
Future Economy Budget Process Reform Act'' or ``SAFE Budget Process 
Reform Act''.
    (b) Table of Contents.--The table of contents for this Act is as 
follows:

Sec. 1. Short title; table of contents.
              TITLE I--ENFORCEMENT OF BUDGETARY DECISIONS

Sec. 101. Extension of the discretionary spending caps.
Sec. 102. Extension of Pay-as-You-Go requirement and other rules.
Sec. 103. Point of order to require compliance with the caps and Pay-
                            as-You-Go.
Sec. 104. Disclosure of interest costs.
Sec. 105. Executive branch report on fiscal exposures.
Sec. 106. Mandatory reconciliation.
Sec. 107. Limitation on long-term spending proposals.
Sec. 108. Application of Budget Act to unreported bills.
 TITLE II--REFORM OF BUDGETARY TREATMENT OF FEDERAL INSURANCE PROGRAMS

Sec. 201. Federal insurance programs.
            TITLE III--BIENNIAL BUDGETING AND APPROPRIATIONS

Sec. 301. Revision of timetable.
Sec. 302. Amendments to the Congressional Budget and Impoundment 
                            Control Act of 1974.
Sec. 303. Amendments to title 31, United States Code.
Sec. 304. Two-year appropriations; title and style of appropriations 
                            Acts.
Sec. 305. Multiyear authorizations.
Sec. 306. Government plans on a biennial basis.
Sec. 307. Biennial appropriations bills.
Sec. 308. Report on two-year fiscal period.
Sec. 309. Effective date.
            TITLE IV--COMMISSION ON FEDERAL BUDGET CONCEPTS

Sec. 401. Establishment of Commission on Federal Budget Concepts.
Sec. 402. Powers and duties of Commission.
Sec. 403. Membership.
Sec. 404. Staff and support services.
Sec. 405. Report.
Sec. 406. Termination.
Sec. 407. Funding.
                 TITLE V--RESERVE FUND FOR EMERGENCIES

Sec. 501. Purpose.
Sec. 502. Repeal of adjustments for emergencies.
Sec. 503. OMB emergency criteria.
Sec. 504. Development of guidelines for application of emergency 
                            definition.
Sec. 505. Reserve fund for emergencies in President's budget.
Sec. 506. Adjustments and reserve fund for emergencies in concurrent 
                            budget resolutions.
Sec. 507. Application of section 306 to emergencies in excess of 
                            amounts in reserve fund.
Sec. 508. Up-to-date tabulations.
Sec. 509. Prohibition on amendments to emergency reserve fund.
Sec. 510. Effective date.

              TITLE I--ENFORCEMENT OF BUDGETARY DECISIONS

SEC. 101. EXTENSION OF THE DISCRETIONARY SPENDING CAPS.

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

``SEC. 316. ENFORCEMENT OF DISCRETIONARY SPENDING LIMITS.

    ``(a) In the House.--Upon adoption by Congress of a concurrent 
resolution on the budget under section 301 or 304 that sets forth 
(whether in the concurrent resolution or in a joint explanatory 
statement accompanying the concurrent resolution) an allocation of 
budget authority to the Committee on Appropriations pursuant to section 
302--
            ``(1) the Clerk of the House shall prepare an engrossment 
        of a joint resolution modifying the discretionary spending 
        limit of section 251(c) of the Balanced Budget and Emergency 
        Deficit Control Act of 1985 in the form prescribed in 
        subsection (c).
            ``(2) Upon engrossment of the joint resolution, the vote by 
        which the concurrent resolution on the budget was finally 
        agreed to in the House shall also be considered as a vote on 
        passage of the joint resolution in the House, and the joint 
        resolution shall be considered as passed by the House and duly 
        certified and examined. The engrossed copy shall be signed by 
        the Clerk of the House and transmitted to the Senate for 
        further legislative action.
    ``(b) In the Senate.--Upon receipt by the Clerk of the Senate of 
the joint resolution described in subsection (a), the Senate shall be 
deemed to have passed the joint resolution without amendment and the 
Clerk of the Senate shall enroll the joint resolution for presentation 
to the President of the United States.
    ``(c) Matter Included in Joint Resolution.--The matter after the 
resolving clause in a joint resolution described in subsection (a) 
shall be as follows: `Section 251(c) of the Balanced Budget and 
Emergency Deficit Control Act of 1985 is amended by striking all after 
``means'' and inserting ``, with respect to the budget year, for the 
discretionary category, [$___], as adjusted in strict conformance with 
subsection (b) of this section.'''', with the blank being filled with a 
dollar limitation equal to the allocation of budget authority to the 
Committee on Appropriations made by the concurrent resolution on the 
budget in force pursuant to section 302 of the Congressional Budget Act 
of 1974.'''.
    (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 315 the 
following new item:

``Sec. 316. Enforcement of discretionary spending limits.''.

SEC. 102. EXTENSION OF PAY-AS-YOU-GO REQUIREMENT AND OTHER RULES.

    (a) Extension of Pay-as-You-Go Requirement.--Section 252 of the 
Balanced Budget and Emergency Deficit Control Act of 1985 is amended by 
striking ``enacted before October 1, 2002,'' both places it appears.
    (b) Extension of Deficit Control Rules.--Section 275 of the 
Balanced Budget and Emergency Deficit Control Act of 1985 is amended by 
striking subsection (b) and redesignating subsection (c) as subsection 
(b).
    (c) Modification of Baseline Rules.--Section 257(b)(2) of the 
Balanced Budget and Emergency Deficit Control Act of 1985 is amended by 
striking subparagraph (D).

SEC. 103. POINT OF ORDER TO REQUIRE COMPLIANCE WITH THE CAPS AND PAY-
              AS-YOU-GO.

    Section 312(b) of the Congressional Budget Act of 1974 (2 U.S.C. 
643(b)) is amended to read as follows:
    ``(b) Discretionary Spending and Pay-as-You-Go Point of Order in 
the Senate.--
            ``(1) In general.--Except as otherwise provided in this 
        subsection, it shall not be in order in the Senate to consider 
        any bill or resolution or any separate provision of a bill or 
        resolution (or amendment, motion, or conference report on that 
        bill or resolution) that would--
                    ``(A) exceed any of the discretionary spending 
                limits in section 251(c) of the Balanced Budget and 
                Emergency Deficit Control Act of 1985; or
                    ``(B) for direct spending or revenue legislation, 
                would cause or increase an on-budget deficit for any 
                one of the following three applicable time periods--
                            ``(i) the first year covered by the most 
                        recently adopted concurrent resolution on the 
                        budget;
                            ``(ii) the period of the first 5 fiscal 
                        years covered by the most recently adopted 
                        concurrent resolution on the budget; or
                            ``(iii) the period of the 5 fiscal years 
                        following the first five fiscal years covered 
                        in the most recently adopted concurrent 
                        resolution on the budget.
            ``(2) Point of order against a specific provision.--If the 
        Presiding Officer sustains a point of order under paragraph (1) 
        with respect to any separate provision of a bill or resolution, 
        that provision shall be stricken from the measure and may not 
        be offered as an amendment from the floor.
            ``(3) Form of the point of order.--A point of order under 
        this section may be raised by a Senator as provided in section 
        313(e) of the Congressional Budget Act of 1974.
            ``(4) Conference reports.--If a point of order is sustained 
        under this section against a conference report the report shall 
        be disposed of as provided in section 313(d) of the 
        Congressional Budget Act of 1974.
            ``(5) Exceptions.--This subsection shall not apply if a 
        declaration of war by the Congress is in effect or if a joint 
        resolution pursuant to section 258 of the Balanced Budget and 
        Emergency Deficit Control Act of 1985 has been enacted.''.

SEC. 104. DISCLOSURE OF INTEREST COSTS.

    Section 308(a)(1) of the Congressional Budget Act of 1974 (2 U.S.C. 
639(a)(1)) is amended--
            (1) in subparagraph (B), by striking ``and'' after the 
        semicolon;
            (2) in subparagraph (C), by striking the period and 
        inserting ``; and''; and
            (3) by adding at the end the following:
                    ``(D) in the case of direct spending or revenue 
                legislation, containing a projection by the 
                Congressional Budget Office of the cost of the debt 
                servicing that would be caused by such measure for such 
                fiscal year (or fiscal years) and each of the 4 ensuing 
                fiscal years.''.

SEC. 105. EXECUTIVE BRANCH REPORT ON FISCAL EXPOSURES.

    (a) In General.--The President shall submit to the Committees on 
Appropriations, Budget, Finance, and Homeland Security and Governmental 
Affairs of the Senate, and the Committees on Appropriations, Budget, 
Government Reform, and Ways and Means of the House of Representatives, 
not later than 2 weeks before the first Monday in February of each 
year, a report (in this section referred to as the ``report'') on the 
fiscal exposures of the United States Federal Government and their 
implications for long-term financial health. The report shall also be 
included as part of the Consolidated Financial Statement of the United 
States Government.
    (b) Contents.--
            (1) In general.--The report shall include fiscal exposures 
        for the following categories of fiscal exposures:
                    (A) Debt.--Debt, including--
                            (i) total gross debt;
                            (ii) publicly held debt; and
                            (iii) debt held by Government accounts.
                    (B) Other financial liabilities.--Other financial 
                liabilities, including--
                            (i) civilian and military pensions;
                            (ii) post-retirement health benefits;
                            (iii) environmental liabilities;
                            (iv) accounts payable;
                            (v) loan guarantees; and
                            (vi) Social Security benefits due and 
                        payable.
                    (C) Financial commitments.--Financial commitments, 
                including--
                            (i) undelivered orders; and
                            (ii) long-term operating leases.
                    (D) Financial contingencies and other exposure.--
                Financial contingencies and other exposures, 
                including--
                            (i) unadjudicated claims;
                            (ii) Federal insurance programs (including 
                        both the financial contingency for and risk 
                        assumed by such programs);
                            (iii) net future benefits under Social 
                        Security, Medicare Part A, Medicare Part B, and 
                        other social insurance programs;
                            (iv) life cycle costs, including deferred 
                        and future maintenance and operating costs 
                        associated with operating leases and the 
                        maintenance of capital assets;
                            (v) unfunded portions of incrementally 
                        funded capital projects;
                            (vi) disaster relief; and
                            (vii) others as deemed appropriate.
            (2) Estimates.--Where available, estimates for each 
        exposure should be included. Where reasonable estimates are not 
        available, a range of estimates may be appropriate.
            (3) Other exposures.--Exposures that are analogous to those 
        specified in paragraph (1) shall also be included in the 
        exposure categories identified in such paragraph.
    (c) Format.--The report shall include a 1-page list of all 
exposures. Additional disclosures shall include descriptions of 
exposures, the estimation methodologies and significant assumptions 
used, and an analysis of the implications of the exposures for the 
long-term financial outlook. Additional analysis deemed informative may 
be provided on subsequent pages.
    (d) Review With Congress.--Following the submission of the report 
on fiscal exposures to the Senate and the House of Representatives, the 
Comptroller General shall review and report to the committee reviewing 
the report on the report, discussing--
            (1) the extent to which all required disclosures under this 
        section have been made;
            (2) the quality of the cost estimates;
            (3) the scope of the information;
            (4) the long-range financial outlook; and
            (5) any other matters deemed appropriate.
    (e) Definitions.--In this section:
            (1) Liabilities.--The terms ``liabilities'', 
        ``commitments'', and ``contingencies'' shall be defined in 
        accordance with generally accepted accounting principles and 
        standards of the United States Federal Government.
            (2) Net future benefit payments.--The term ``net future 
        benefit payments'' means the net present value of negative 
        cashflow. Negative cashflow is to be calculated as the current 
        amount of funds needed to cover projected shortfalls, excluding 
        trust fund balances, over a 75-year period. This estimate 
        should include births during the period and individuals below 
        age 15 as of January 1 of the valuation year.
            (3) Risk assumed.--The term ``risk assumed'' means the full 
        portion of the risk premium based on the expected cost of 
        losses inherent in the Government's commitment that is not 
        charged to the insured. For example, the present value of 
        unpaid expected losses net of associated premiums, based on the 
        risk assumed as a result of insurance coverage.

SEC. 106. MANDATORY RECONCILIATION.

    (a) Section 301(a) of the Congressional Budget Act of 1974 is 
amended by:
            (1) striking ``and'' at the end of paragraph (6);
            (2) striking the period at the end of paragraph (7) and 
        inserting ``; and'' in its place; and
            (3) adding at the end the following new paragraph:
            ``(8) reconciliation directives made pursuant to section 
        310.''.
    (b) Reconciliation Limited to Deficit Reduction.--
            (1) In the senate.--It shall not be in order in the Senate 
        to consider a concurrent resolution on the budget, or an 
        amendment thereto, or a conference report thereon that contains 
        1 or more reconciliation directives pursuant to section 310 of 
        the Congressional Budget Act of 1974 that specify changes in 
        law causing a deficit or increasing the deficit for either the 
        period comprising the first 5 fiscal years following the 
        current fiscal year or the period comprising the second 5 years 
        following the current fiscal year. In determining whether 
        reconciliation directives specify changes in law causing a 
        deficit or increasing the deficit, the sum of the directives 
        for each reconciliation bill (under section 310 of the 
        Congressional Budget Act of 1974) envisioned by that measure 
        shall be evaluated.
            (2) Effective date.--Paragraph (1) shall apply only to 
        concurrent resolutions on the budget for fiscal years 2008 and 
        2009, amendments thereto, and conference reports thereon.

SEC. 107. LIMITATION ON LONG-TERM SPENDING PROPOSALS.

    The Congressional Budget Act of 1974 is amended by adding the 
following new section--

``SEC. 407. LIMITATION ON LONG-TERM SPENDING PROPOSALS.

    ``(a) Congressional Budget Office Analysis of Proposals.--The 
Director of the Congressional Budget Office shall, to the extent 
practicable, prepare for each bill or joint resolution reported from 
committee (except measures within the jurisdiction of the Committee on 
Appropriations) or placed on the Senate Legislative Calendar, or 
amendments thereto or conference reports thereon, an estimate of 
whether the measure would cause, relative to current law, a net 
increase in direct spending in excess of $5,000,000,000 in any of the 
five 10-year periods beginning with the budget year.
    ``(b) Point of Order.--In the Senate, it shall not be in order to 
consider any bill, joint resolution, amendment, motion, or conference 
report that would cause a net increase in direct spending in excess of 
$5,000,000,000 in any of the five 10-year periods described in 
subsection (a).
    ``(c) Waiver.--This section may be waived or suspended only by the 
affirmative vote of three-fifths of the Members, duly chosen and sworn.
    ``(d) Appeals.--An affirmative vote of three-fifths of the Members, 
duly chosen and sworn, shall be required to sustain an appeal of the 
ruling of the Chair on a point of order raised under this section.
    ``(e) Determinations of Budget Levels.--For purposes of this 
section, the levels of net direct spending shall be determined on the 
basis of estimates provided by the Committee on the Budget of the 
Senate.
    ``(f) Application to Reconciliation.--This section shall not apply 
to any legislation reported pursuant to reconciliation directions 
contained in a concurrent resolution on the budget.''.

SEC. 108. APPLICATION OF BUDGET ACT TO UNREPORTED BILLS.

    (a) Allocations and Aggregates.--Sections 302(f)(1)(A) and 
311(a)(1)(A) of the Congressional Budget Act of 1974 are amended by 
striking ``as reported''.
    (b) Untimely Budget-Related Legislation.--Section 303(b) of the 
Congressional Budget Act of 1974 is amended--
            (1) in paragraph (1), by striking ``, as reported,'' each 
        place it appears;
            (2) in paragraph (1)(B), by inserting ``or'' at the end;
            (3) in paragraph (2), by striking ``; or'' and inserting a 
        period in its place; and
            (4) by striking paragraph (3).

 TITLE II--REFORM OF BUDGETARY TREATMENT OF FEDERAL INSURANCE PROGRAMS

SEC. 201. FEDERAL INSURANCE PROGRAMS.

    (a) In General.--The Congressional Budget Act of 1974 is amended by 
adding after title V the following new title:

     ``TITLE VI--BUDGETARY TREATMENT OF FEDERAL INSURANCE PROGRAMS

``SEC. 601. SHORT TITLE.

    ``This title may be cited as the `Federal Insurance Budgeting Act 
of 2005'.

``SEC. 602. BUDGETARY TREATMENT.

    ``(a) President's Budget.--Beginning with fiscal year 2012, the 
budget of the Government submitted pursuant to section 1105(a) of title 
31, United States Code, shall be based on the risk-assumed cost of 
Federal insurance programs.
    ``(b) Budget Accounting.--For any Federal insurance program--
            ``(1) the program account shall--
                    ``(A) pay the risk-assumed cost borne by taxpayers 
                to the financing account; and
                    ``(B) pay actual insurance program administrative 
                costs; and
            ``(2) the financing account shall--
                    ``(A) receive premiums and other income;
                    ``(B) pay all claims for insurance and receive all 
                recoveries; and
                    ``(C) transfer to the program account on not less 
                than an annual basis amounts necessary to pay insurance 
                program administrative costs;
            ``(3) a negative risk-assumed cost shall be transferred 
        from the financing account to the program account, and shall be 
        transferred from the program account to the general fund; and
            ``(4) all payments by or receipts of the financing accounts 
        shall be treated in the budget as a means of financing.
    ``(c) Appropriations Required.--(1) Notwithstanding any other 
provision of law, insurance commitments may be made for fiscal year 
2010 and thereafter only to the extent that new budget authority to 
cover their risk-assumed cost is provided in advance in an 
appropriation Act.
    ``(2) An outstanding insurance commitment shall not be modified in 
a manner that increases its risk-assumed cost unless budget authority 
for the additional cost has been provided in advance.
    ``(3) Paragraph (1) shall not apply to Federal insurance programs 
that constitute entitlements.
    ``(d) Reestimates.--
            ``(1) In general.--The risk-assumed cost for a fiscal year 
        shall be reestimated in each subsequent year. Such reestimate 
        can equal zero. In the case of a positive reestimate, the 
        amount of the reestimate shall be paid from the program account 
        to the financing account. In the case of a negative reestimate, 
        the amount of the reestimate shall be paid from the financing 
        account to the program account, and shall be transferred from 
        the program account to the general fund. Reestimates shall be 
        displayed as a distinct and separately identified subaccount in 
        the program account.
            ``(2) Appropriations.--There are appropriated such sums as 
        are necessary to fund a positive reestimate under paragraph 
        (1).
    ``(e) Administrative Expenses.--All funding for an agency's 
administration of a Federal insurance program shall be displayed as a 
distinct and separately identified subaccount in the program account.

``SEC. 603. TIMETABLE FOR IMPLEMENTATION OF ACCRUAL BUDGETING FOR 
              FEDERAL INSURANCE PROGRAMS.

    ``(a) Agency Requirements.--Agencies with responsibility for 
Federal insurance programs shall develop models to estimate their risk-
assumed cost by year through the budget horizon and shall submit those 
models, all relevant data, a justification for critical assumptions, 
and the annual projected risk-assumed costs to OMB with their budget 
requests each year starting with the request for fiscal year 2009. 
Agencies will likewise provide OMB with annual estimates of 
modifications, if any, and reestimates of program costs.
    ``(b) Disclosure.--When the President submits a budget of the 
Government pursuant to section 1105(a) of title 31, United States Code, 
for fiscal year 2009, OMB shall publish a notice in the Federal 
Register advising interested persons of the availability of information 
describing the models, data (including sources), and critical 
assumptions (including explicit or implicit discount rate assumptions) 
that it or other executive branch entities would use to estimate the 
risk-assumed cost of Federal insurance programs and giving such persons 
an opportunity to submit comments. At the same time, the chairman of 
the Committee on the Budget shall publish a notice for CBO in the 
Federal Register advising interested persons of the availability of 
information describing the models, data (including sources), and 
critical assumptions (including explicit or implicit discount rate 
assumptions) that it would use to estimate the risk-assumed cost of 
Federal insurance programs and giving such interested persons an 
opportunity to submit comments.
    ``(c) Revision.--After consideration of comments pursuant to 
subsection (b), and in consultation with the Committees on the Budget 
of the House of Representatives and the Senate, OMB and CBO shall 
revise the models, data, and major assumptions they would use to 
estimate the risk-assumed cost of Federal insurance programs.
    ``(d) OMB, CBO, and GAO Evaluations.--(1) Not later than 6 months 
after the budget submission of the President pursuant to section 
1105(a) of title 31, United States Code, for fiscal year 2011, OMB, 
CBO, and GAO shall each submit to the Committees on the Budget of the 
House of Representatives and the Senate a report that evaluates the 
advisability and appropriate implementation of this title.
    ``(2) Each report made pursuant to paragraph (1) shall address the 
following:
            ``(A) The adequacy of risk-assumed estimation models used 
        and alternative modeling methods.
            ``(B) The availability and reliability of data or 
        information necessary to carry out this title.
            ``(C) The appropriateness of the explicit or implicit 
        discount rate used in the various risk-assumed estimation 
        models.
            ``(D) The advisability of specifying a statutory discount 
        rate (such as the Treasury rate) for use in risk-assumed 
        estimation models.
            ``(E) The ability of OMB, CBO, or GAO, as applicable, to 
        secure any data or information directly from any Federal agency 
        necessary to enable it to carry out this title.
            ``(F) The relationship between risk-assumed accrual 
        budgeting for Federal insurance programs and the specific 
        requirements of the Balanced Budget and Emergency Deficit 
        Control Act of 1985.
            ``(G) Whether Federal budgeting is improved by the 
        inclusion of risk-assumed cost estimates for Federal insurance 
        programs.
            ``(H) The advisability of including each of the programs 
        currently estimated on a risk-assumed cost basis in the Federal 
        budget on that basis.

``SEC. 604. DEFINITIONS.

    ``For purposes of this title:
            ``(1) The term `CBO' means the Director of the 
        Congressional Budget Office.
            ``(2) The term `current' has the same meaning as in section 
        250(c)(9) of the Balanced Budget and Emergency Deficit Control 
        Act of 1985.
            ``(3) The term `Federal insurance program' means a program 
        that makes insurance commitments and includes the list of such 
        programs as to be defined by the budget concepts commission, as 
        required by title IV of the Truth in Budgeting and Social 
        Security Protection Act of 2005.
            ``(4) The term `financing account' means the nonbudget 
        account that is associated with each program account which 
        receives payments from or makes payments to the program 
        account, receives premiums and other payments from the public, 
        pays insurance claims, and holds balances.
            ``(5) The term `GAO' means the Comptroller General of the 
        United States.
            ``(6) The term `insurance commitment' means an agreement in 
        advance by a Federal agency to indemnify a non-Federal entity 
        against specified losses. This term does not include loan 
        guarantees as defined in title V or benefit programs such as 
        social security, medicare, and similar existing social 
        insurance programs.
            ``(7) The term `model' means any actuarial, financial, 
        econometric, probabilistic, or other methodology used to 
        estimate the expected frequency and magnitude of loss-producing 
        events, expected premiums or collections from or on behalf of 
        the insured, expected recoveries, and administrative expenses.
            ``(8) The term `modification' means any Government action 
        that alters the risk-assumed cost of an existing insurance 
        commitment from the current estimate of cash flows. This 
        includes any action resulting from new legislation, or from the 
        exercise of administrative discretion under existing law, that 
        directly or indirectly alters the estimated cost of existing 
        insurance commitments.
            ``(9) The term `OMB' means the Director of the Office of 
        Management and Budget.
            ``(10) The term `program account' means the budget account 
        for the risk-assumed cost, and for paying all costs of 
        administering the insurance program, and is the account from 
        which the risk-assumed cost is disbursed to the financing 
        account.
            ``(11)(A) The term `risk-assumed cost' means the net 
        present value of the estimated cash flows to and from the 
        Government resulting from an insurance commitment or 
        modification thereof.
            ``(B) The cash flows associated with an insurance 
        commitment include--
                    ``(i) expected claims payments inherent in the 
                Government's commitment;
                    ``(ii) net premiums (expected premium collections 
                received from or on behalf of the insured less expected 
                administrative expenses);
                    ``(iii) expected recoveries; and
                    ``(iv) expected changes in claims, premiums, or 
                recoveries resulting from the exercise by the insured 
                of any option included in the insurance commitment.
            ``(C) The cost of a modification is the difference between 
        the current estimate of the net present value of the remaining 
        cash flows under the terms of the insurance commitment, and the 
        current estimate of the net present value of the remaining cash 
        flows under the terms of the insurance commitment as modified.
            ``(D) The cost of a reestimate is the difference between 
        the net present value of the amount currently required by the 
        financing account to pay estimated claims and other 
        expenditures and the amount currently available in the 
        financing account. The cost of a reestimate shall be accounted 
        for in the current year in the budget of the Government 
        submitted pursuant to section 1105(a) of title 31, United 
        States Code.
            ``(E) For purposes of this definition, expected 
        administrative expenses shall be construed as the amount 
        estimated to be necessary for the proper administration of the 
        insurance program. This amount may differ from amounts actually 
        appropriated or otherwise made available for the administration 
        of the program.

``SEC. 605. AUTHORIZATIONS TO ENTER INTO CONTRACTS; ACTUARIAL COST 
              ACCOUNT.

    ``(a) Authorization of Appropriations.--There is authorized to be 
appropriated $600,000 for each of fiscal years 2008 through 2013 to the 
Director of the Office of Management and Budget and each agency 
responsible for administering a Federal program to carry out this 
title.
    ``(b) Treasury Transactions With the Financing Accounts.--The 
Secretary of the Treasury shall borrow from, receive from, lend to, or 
pay the insurance financing accounts such amounts as may be 
appropriate. The Secretary of the Treasury may prescribe forms and 
denominations, maturities, and terms and conditions for the 
transactions described above. The authorities described above shall not 
be construed to supersede or override the authority of the head of a 
Federal agency to administer and operate an insurance program. All the 
transactions provided in this subsection shall be subject to the 
provisions of subchapter II of chapter 15 of title 31, United States 
Code. Cash balances of the financing accounts in excess of current 
requirements shall be maintained in a form of uninvested funds, and the 
Secretary of the Treasury shall pay interest on these funds.
    ``(c) Appropriation of Amount Necessary To Cover Risk-Assumed Cost 
of Insurance Commitments at Transition Date.--(1) A financing account 
is established on September 30, 2011, for each Federal insurance 
program.
    ``(2) These financing accounts shall be used in implementing the 
budget accounting required by this title.

``SEC. 606. EFFECTIVE DATE.

    ``(a) In General.--This title shall take effect immediately and 
shall expire on September 30, 2013.
    ``(b) Special Rule.--If this title is not reauthorized by September 
30, 2013, then the accounting structure and budgetary treatment of 
Federal insurance programs shall revert to the accounting structure and 
budgetary treatment in effect immediately before the date of enactment 
of this title.''.
    (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 507 the 
following new items:

     ``TITLE VI--BUDGETARY TREATMENT OF FEDERAL INSURANCE PROGRAMS

``Sec. 601. Short title.
``Sec. 602. Budgetary treatment.
``Sec. 603. Timetable for implementation of accrual budgeting for 
                            Federal insurance programs.
``Sec. 604. Definitions.
``Sec. 605. Authorizations to enter into contracts; actuarial cost 
                            account.
``Sec. 606. Effective date.''.

            TITLE III--BIENNIAL BUDGETING AND APPROPRIATIONS

SEC. 301. REVISION OF TIMETABLE.

    Section 300 of the Congressional Budget Act of 1974 (2 U.S.C. 631) 
is amended to read as follows:

                              ``timetable

    ``Sec. 300.  (a) In General.--Except as provided by subsection (b), 
the timetable with respect to the congressional budget process for any 
Congress (beginning with the 111th Congress) is as follows:

 
 
 
``                                      First Session
On or before:                           Action to be completed:
First Monday in February..............  President submits budget
                                         recommendations.
February 15...........................  Congressional Budget Office
                                         submits report to Budget
                                         Committees.
Not later than 6 weeks after budget     Committees submit views and
 submission.                             estimates to Budget Committees.
April 1...............................  Budget Committees report
                                         concurrent resolution on the
                                         biennial budget.
May 15................................  Congress completes action on
                                         concurrent resolution on the
                                         biennial budget.
May 15................................  Biennial appropriation bills may
                                         be considered in the House.
June 10...............................  House Appropriations Committee
                                         reports last biennial
                                         appropriation bill.
June 30...............................  House completes action on
                                         biennial appropriation bills.
August 1..............................  Congress completes action on
                                         reconciliation legislation.
October 1.............................  Biennium begins.
                                        Second Session
On or before:                           Action to be completed:
February 15...........................  President submits budget review.
Not later than 6 weeks after President  Congressional Budget Office
 submits budget review.                  submits report to Budget
                                         Committees.
The last day of the session.            Congress completes action on
                                         bills and resolutions
                                         authorizing new budget
                                         authority for the succeeding
                                         biennium.

    ``(b) Special Rule.--In the case of any first session of Congress 
that begins in any year immediately following a leap year and during 
which the term of a President (except a President who succeeds himself) 
begins, the following dates shall supersede those set forth in 
subsection (a):

 
 
 
``                                      First Session
On or before:                           Action to be completed:
First Monday in April.................  President submits budget
                                         recommendations.
April 20..............................  Committees submit views and
                                         estimates to Budget Committees.
May 15................................  Budget Committees report
                                         concurrent resolution on the
                                         biennial budget.
June 1................................  Congress completes action on
                                         concurrent resolution on the
                                         biennial budget.
July 1................................  Biennial appropriation bills may
                                         be considered in the House.
July 20...............................  House completes action on
                                         biennial appropriation bills.
August 1..............................  Congress completes action on
                                         reconciliation legislation.
October 1.............................  Biennium begins.''.

SEC. 302. AMENDMENTS TO THE CONGRESSIONAL BUDGET AND IMPOUNDMENT 
              CONTROL ACT OF 1974.

    (a) Declaration of Purpose.--Section 2(2) of the Congressional 
Budget and Impoundment Control Act of 1974 (2 U.S.C. 621(2)) is amended 
by striking ``each year'' and inserting ``biennially''.
    (b) Definitions.--
            (1) Budget resolution.--Section 3(4) of such Act (2 U.S.C. 
        622(4)) is amended by striking ``fiscal year'' each place it 
        appears and inserting ``biennium''.
            (2) Biennium.--Section 3 of such Act (2 U.S.C. 622) is 
        further amended by adding at the end the following new 
        paragraph:
            ``(11) The term `biennium' means the period of 2 
        consecutive fiscal years beginning on October 1 of any odd-
        numbered year.''.
    (c) Biennial Concurrent Resolution on the Budget.--
            (1) Contents of resolution.--Section 301(a) of such Act (2 
        U.S.C. 632(a)) is amended--
                    (A) in the matter preceding paragraph (1) by--
                            (i) striking ``April 15 of each year'' and 
                        inserting ``May 15 of each odd-numbered year'';
                            (ii) striking ``the fiscal year beginning 
                        on October 1 of such year'' the first place it 
                        appears and inserting ``the biennium beginning 
                        on October 1 of such year''; and
                            (iii) striking ``the fiscal year beginning 
                        on October 1 of such year'' the second place it 
                        appears and inserting ``each fiscal year in 
                        such period'';
                    (B) in paragraph (6), by striking ``for the fiscal 
                year'' and inserting ``for each fiscal year in the 
                biennium''; and
                    (C) in paragraph (7), by striking ``for the first 
                fiscal year'' and inserting ``for each fiscal year in 
                the biennium''.
            (2) Additional matters.--Section 301(b)(3) of such Act (2 
        U.S.C. 632(b)) is amended by striking ``for such fiscal year'' 
        and inserting ``for either fiscal year in such biennium''.
            (3) Views of other committees.--Section 301(d) of such Act 
        (2 U.S.C. 632(d)) is amended by inserting ``(or, if applicable, 
        as provided by section 300(b))'' after ``United States Code''.
            (4) Hearings.--Section 301(e)(1) of such Act (2 U.S.C. 
        632(e)) is amended by--
                    (A) striking ``fiscal year'' and inserting 
                ``biennium''; and
                    (B) inserting after the second sentence the 
                following: ``On or before April 1 of each odd-numbered 
                year (or, if applicable, as provided by section 
                300(b)), the Committee on the Budget of each House 
                shall report to its House the concurrent resolution on 
                the budget referred to in subsection (a) for the 
                biennium beginning on October 1 of that year.''.
            (5) Goals for reducing unemployment.--Section 301(f) of 
        such Act (2 U.S.C. 632(f)) is amended by striking ``fiscal 
        year'' each place it appears and inserting ``biennium''.
            (6) Economic assumptions.--Section 301(g)(1) of such Act (2 
        U.S.C. 632(g)(1)) is amended by striking ``for a fiscal year'' 
        and inserting ``for a biennium''.
            (7) Section heading.--The section heading of section 301 of 
        such Act is amended by striking ``annual'' and inserting 
        ``biennial''.
            (8) Table of contents.--The item relating to section 301 in 
        the table of contents set forth in section 1(b) of such Act is 
        amended by striking ``Annual'' and inserting ``Biennial''.
    (d) Committee Allocations.--Section 302 of such Act (2 U.S.C. 633) 
is amended--
            (1) in subsection (a)(1), by--
                    (A) striking ``for the first fiscal year of the 
                resolution,'' and inserting ``for each fiscal year in 
                the biennium,'';
                    (B) striking ``for that period of fiscal years'' 
                and inserting ``for all fiscal years covered by the 
                resolution''; and
                    (C) striking ``for the fiscal year of that 
                resolution'' and inserting ``for each fiscal year in 
                the biennium'';
            (2) in subsection (f)(1), by striking ``for a fiscal year'' 
        and inserting ``for a biennium'';
            (3) in subsection (f)(1), by striking ``first fiscal year'' 
        and inserting ``each fiscal year of the biennium'';
            (4) in subsection (f)(2)(A), by--
                    (A) striking ``first fiscal year'' and inserting 
                ``each fiscal year of the biennium''; and
                    (B) striking ``the total of fiscal years'' and 
                inserting ``the total of all fiscal years covered by 
                the resolution''; and
            (5) in subsection (g)(1)(A), by striking ``April'' and 
        inserting ``May''.
    (e) Section 303 Point of Order.--
            (1) In general.--Section 303(a) of such Act (2 U.S.C. 
        634(a)) is amended by striking ``first fiscal year'' and 
        inserting ``each fiscal year of the biennium''.
            (2) Exceptions in the house.--Section 303(b)(1) of such Act 
        (2 U.S.C. 634(b)) is amended--
                    (A) in subparagraph (A), by striking ``the budget 
                year'' and inserting ``the biennium''; and
                    (B) in subparagraph (B), by striking ``the fiscal 
                year'' and inserting ``the biennium''.
            (3) Application to the senate.--Section 303(c)(1) of such 
        Act (2 U.S.C. 634(c)) is amended by--
                    (A) striking ``fiscal year'' and inserting 
                ``biennium''; and
                    (B) striking ``that year'' and inserting ``each 
                fiscal year of that biennium''.
    (f) Permissible Revisions of Concurrent Resolutions on the 
Budget.--Section 304(a) of such Act (2 U.S.C. 635) is amended--
            (1) by striking ``fiscal year'' the first 2 places it 
        appears and inserting ``biennium'';
            (2) by striking ``for such fiscal year''; and
            (3) by inserting before the period ``for such biennium''.
    (g) Procedures for Consideration of Budget Resolutions.--Section 
305(a)(3) of such Act (2 U.S.C. 636(b)(3)) is amended by striking 
``fiscal year'' and inserting ``biennium''.
    (h) Completion of House Action on Appropriation Bills.--Section 307 
of such Act (2 U.S.C. 638) is amended--
            (1) by striking ``each year'' and inserting ``each odd-
        numbered year'';
            (2) by striking ``annual'' and inserting ``biennial'';
            (3) by striking ``fiscal year'' and inserting ``biennium''; 
        and
            (4) by striking ``that year'' and inserting ``each odd-
        numbered year''.
    (i) Completion of Action on Regular Appropriation Bills.--Section 
309 of such Act (2 U.S.C. 640) is amended--
            (1) by inserting ``of any odd-numbered calendar year'' 
        after ``July'';
            (2) by striking ``annual'' and inserting ``biennial''; and
            (3) by striking ``fiscal year'' and inserting ``biennium''.
    (j) Reconciliation Process.--Section 310(a) of such Act (2 U.S.C. 
641(a)) is amended--
            (1) in the matter preceding paragraph (1), by striking 
        ``any fiscal year'' and inserting ``any biennium''; and
            (2) in paragraph (1) by striking ``such fiscal year'' each 
        place it appears and inserting ``any fiscal year covered by 
        such resolution''.
    (k) Section 311 Point of Order.--
            (1) In the house.--Section 311(a)(1) of such Act (2 U.S.C. 
        642(a)) is amended--
                    (A) by striking ``for a fiscal year'' and inserting 
                ``for a biennium'';
                    (B) by striking ``the first fiscal year'' each 
                place it appears and inserting ``either fiscal year of 
                the biennium''; and
                    (C) by striking ``that first fiscal year'' and 
                inserting ``each fiscal year in the biennium''.
            (2) In the senate.--Section 311(a)(2) of such Act is 
        amended--
                    (A) in subparagraph (A), by striking ``for the 
                first fiscal year'' and inserting ``for either fiscal 
                year of the biennium''; and
                    (B) in subparagraph (B)--
                            (i) by striking ``that first fiscal year'' 
                        the first place it appears and inserting ``each 
                        fiscal year in the biennium''; and
                            (ii) by striking ``that first fiscal year 
                        and the ensuing fiscal years'' and inserting 
                        ``all fiscal years''.
            (3) Social security levels.--Section 311(a)(3) of such Act 
        is amended by--
                    (A) striking ``for the first fiscal year'' and 
                inserting ``each fiscal year in the biennium''; and
                    (B) striking ``that fiscal year and the ensuing 
                fiscal years'' and inserting ``all fiscal years''.
    (l) MDA Point of Order.--Section 312(c) of the Congressional Budget 
Act of 1974 (2 U.S.C. 643) is amended--
            (1) by striking ``for a fiscal year'' and inserting ``for a 
        biennium'';
            (2) in paragraph (1), by striking ``first fiscal year'' and 
        inserting ``either fiscal year in the biennium'';
            (3) in paragraph (2), by striking ``that fiscal year'' and 
        inserting ``either fiscal year in the biennium''; and
            (4) in the matter following paragraph (2), by striking 
        ``that fiscal year'' and inserting ``the applicable fiscal 
        year''.

SEC. 303. AMENDMENTS TO TITLE 31, UNITED STATES CODE.

    (a) Definition.--Section 1101 of title 31, United States Code, is 
amended by adding at the end thereof the following new paragraph:
            ``(3) `biennium' has the meaning given to such term in 
        paragraph (11) of section 3 of the Congressional Budget and 
        Impoundment Control Act of 1974 (2 U.S.C. 622(11)).''.
    (b) Budget Contents and Submission to Congress.--
            (1) Schedule.--The matter preceding paragraph (1) in 
        section 1105(a) of title 31, United States Code, is amended to 
        read as follows:
    ``(a) On or before the first Monday in February of each odd-
numbered year (or, if applicable, as provided by section 300(b) of the 
Congressional Budget Act of 1974), beginning with the 111th Congress, 
the President shall transmit to Congress, the budget for the biennium 
beginning on October 1 of such calendar year. The budget transmitted 
under this subsection shall include a budget message and summary and 
supporting information. The President shall include in each budget the 
following:''.
            (2) Expenditures.--Section 1105(a)(5) of title 31, United 
        States Code, is amended by striking ``the fiscal year for which 
        the budget is submitted and the 4 fiscal years after that 
        year'' and inserting ``each fiscal year in the biennium for 
        which the budget is submitted and in the succeeding 4 years''.
            (3) Receipts.--Section 1105(a)(6) of title 31, United 
        States Code, is amended by striking ``the fiscal year for which 
        the budget is submitted and the 4 fiscal years after that 
        year'' and inserting ``each fiscal year in the biennium for 
        which the budget is submitted and in the succeeding 4 years''.
            (4) Balance statements.--Section 1105(a)(9)(C) of title 31, 
        United States Code, is amended by striking ``the fiscal year'' 
        and inserting ``each fiscal year in the biennium''.
            (5) Functions and activities.--Section 1105(a)(12) of title 
        31, United States Code, is amended in subparagraph (A), by 
        striking ``the fiscal year'' and inserting ``each fiscal year 
        in the biennium''.
            (6) Allowances.--Section 1105(a)(13) of title 31, United 
        States Code, is amended by striking ``the fiscal year'' and 
        inserting ``each fiscal year in the biennium''.
            (7) Allowances for uncontrolled expenditures.--Section 
        1105(a)(14) of title 31, United States Code, is amended by 
        striking ``that year'' and inserting ``each fiscal year in the 
        biennium for which the budget is submitted''.
            (8) Tax expenditures.--Section 1105(a)(16) of title 31, 
        United States Code, is amended by striking ``the fiscal year'' 
        and inserting ``each fiscal year in the biennium''.
            (9) Future years.--Section 1105(a)(17) of title 31, United 
        States Code, is amended--
                    (A) by striking ``the fiscal year following the 
                fiscal year'' and inserting ``each fiscal year in the 
                biennium following the biennium'';
                    (B) by striking ``that following fiscal year'' and 
                inserting ``each such fiscal year''; and
                    (C) by striking ``fiscal year before the fiscal 
                year'' and inserting ``biennium before the biennium''.
            (10) Prior year outlays.--Section 1105(a)(18) of title 31, 
        United States Code, is amended--
                    (A) by striking ``the prior fiscal year'' and 
                inserting ``each of the 2 most recently completed 
                fiscal years,'';
                    (B) by striking ``for that year'' and inserting 
                ``with respect to those fiscal years''; and
                    (C) by striking ``in that year'' and inserting ``in 
                those fiscal years''.
            (11) Prior year receipts.--Section 1105(a)(19) of title 31, 
        United States Code, is amended--
                    (A) by striking ``the prior fiscal year'' and 
                inserting ``each of the 2 most recently completed 
                fiscal years'';
                    (B) by striking ``for that year'' and inserting 
                ``with respect to those fiscal years''; and
                    (C) by striking ``in that year'' each place it 
                appears and inserting ``in those fiscal years''.
    (c) Estimated Expenditures of Legislative and Judicial Branches.--
Section 1105(b) of title 31, United States Code, is amended by striking 
``each year'' and inserting ``each even-numbered year''.
    (d) Recommendations To Meet Estimated Deficiencies.--Section 
1105(c) of title 31, United States Code, is amended--
            (1) by striking ``the fiscal year for'' the first place it 
        appears and inserting ``each fiscal year in the biennium for'';
            (2) by striking ``the fiscal year for'' the second place it 
        appears and inserting ``each fiscal year of the biennium, as 
        the case may be,''; and
            (3) by striking ``that year'' and inserting ``for each year 
        of the biennium''.
    (e) Capital Investment Analysis.--Section 1105(e)(1) of title 31, 
United States Code, is amended by striking ``ensuing fiscal year'' and 
inserting ``biennium to which such budget relates''.
    (f) Supplemental Budget Estimates and Changes.--
            (1) In general.--Section 1106(a) of title 31, United States 
        Code, is amended--
                    (A) in the matter preceding paragraph (1), by--
                            (i) striking ``Before July 16 of each 
                        year,'' and inserting ``Before February 15 of 
                        each even numbered year,''; and
                            (ii) striking ``fiscal year'' and inserting 
                        ``biennium'';
                    (B) in paragraph (1), by striking ``that fiscal 
                year'' and inserting ``each fiscal year in such 
                biennium'';
                    (C) in paragraph (2), by striking ``4 fiscal years 
                following the fiscal year'' and inserting ``4 fiscal 
                years following the biennium''; and
                    (D) in paragraph (3), by striking ``fiscal year'' 
                and inserting ``biennium''.
            (2) Changes.--Section 1106(b) of title 31, United States 
        Code, is amended by--
                    (A) striking ``the fiscal year'' and inserting 
                ``each fiscal year in the biennium'';
                    (B) striking ``April 11 and July 16 of each year'' 
                and inserting ``February 15 of each even-numbered 
                year''; and
                    (C) striking ``July 16'' and inserting ``February 
                15 of each even-numbered year.''.
    (g) Current Programs and Activities Estimates.--
            (1) In general.--Section 1109(a) of title 31, United States 
        Code, is amended--
                    (A) by striking ``On or before the first Monday 
                after January 3 of each year (on or before February 5 
                in 1986)'' and inserting ``At the same time the budget 
                required by section 1105 is submitted for a biennium''; 
                and
                    (B) by striking ``the following fiscal year'' and 
                inserting ``each fiscal year of such period''.
            (2) Joint economic committee.--Section 1109(b) of title 31, 
        United States Code, is amended by striking ``March 1 of each 
        year'' and inserting ``within 6 weeks of the President's budget 
        submission for each odd-numbered year (or, if applicable, as 
        provided by section 300(b) of the Congressional Budget Act of 
        1974)''.
    (h) Year-Ahead Requests for Authorizing Legislation.--Section 1110 
of title 31, United States Code, is amended by--
            (1) striking ``May 16'' and inserting ``March 31''; and
            (2) striking ``year before the year in which the fiscal 
        year begins'' and inserting ``calendar year preceding the 
        calendar year in which the biennium begins''.

SEC. 304. TWO-YEAR APPROPRIATIONS; TITLE AND STYLE OF APPROPRIATIONS 
              ACTS.

    Section 105 of title 1, United States Code, is amended to read as 
follows:
``Sec. 105. Title and style of appropriations Acts
    ``(a) The style and title of all Acts making appropriations for the 
support of the Government shall be as follows: `An Act making 
appropriations (here insert the object) for each fiscal year in the 
biennium of fiscal years (here insert the fiscal years of the 
biennium).'.
    ``(b) All Acts making regular appropriations for the support of the 
Government shall be enacted for a biennium and shall specify the amount 
of appropriations provided for each fiscal year in such period.
    ``(c) For purposes of this section, the term `biennium' has the 
same meaning as in section 3(11) of the Congressional Budget and 
Impoundment Control Act of 1974 (2 U.S.C. 622(11)).''.

SEC. 305. MULTIYEAR AUTHORIZATIONS.

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

                   ``authorizations of appropriations

    ``Sec. 319.  (a) Point of Order.--It shall not be in order in the 
House of Representatives or the Senate to consider--
            ``(1) any bill, joint resolution, amendment, motion, or 
        conference report that authorizes appropriations for a period 
        of less than 2 fiscal years, unless the program, project, or 
        activity for which the appropriations are authorized will 
        require no further appropriations and will be completed or 
        terminated after the appropriations have been expended; and
            ``(2) in any odd-numbered year, any authorization or 
        revenue bill or joint resolution until Congress completes 
        action on the biennial budget resolution, all regular biennial 
        appropriations bills, and all reconciliation bills.
    ``(b) Applicability.--In the Senate, subsection (a) shall not apply 
to--
            ``(1) any measure that is privileged for consideration 
        pursuant to a rule or statute;
            ``(2) any matter considered in Executive Session; or
            ``(3) an appropriations measure or reconciliation bill.''.
    (b) Amendment to Table of Contents.--The table of contents set 
forth in section 1(b) of the Congressional Budget and Impoundment 
Control Act of 1974 is amended by adding after the item relating to 
section 318 the following new item:

``Sec. 319. Authorizations of appropriations.''.

SEC. 306. GOVERNMENT PLANS ON A BIENNIAL BASIS.

    (a) Strategic Plans.--Section 306 of title 5, United States Code, 
is amended--
            (1) in subsection (a), by striking ``September 30, 1997'' 
        and inserting ``September 30, 2009'';
            (2) in subsection (b)--
                    (A) by striking ``at least every three years'' and 
                inserting ``at least every four years''; and
                    (B) by striking ``five years forward'' and 
                inserting ``six years forward''; and
            (3) in subsection (c), by inserting a comma after 
        ``section'' the second place it appears and adding ``including 
        a strategic plan submitted by September 30, 2009 meeting the 
        requirements of subsection (a)''.
    (b) Budget Contents and Submission to Congress.--Paragraph (28) of 
section 1105(a) of title 31, United States Code, is amended by striking 
``beginning with fiscal year 1999, a'' and inserting ``beginning with 
fiscal year 2010, a biennial''.
    (c) Performance Plans.--Section 1115 of title 31, United States 
Code, is amended--
            (1) in subsection (a)--
                    (A) in the matter before paragraph (1)--
                            (i) by striking ``section 1105(a)(29)'' and 
                        inserting ``section 1105(a)(28)''; and
                            (ii) by striking ``an annual'' and 
                        inserting ``a biennial'';
                    (B) in paragraph (1), by inserting after ``program 
                activity'' the following: ``for both years 1 and 2 of 
                the biennial plan'';
                    (C) in paragraph (5), by striking ``and'' after the 
                semicolon;
                    (D) in paragraph (6), by striking the period and 
                inserting a semicolon; and inserting ``and'' after the 
                inserted semicolon; and
                    (E) by adding after paragraph (6) the following:
            ``(7) cover a 2-year period beginning with the first fiscal 
        year of the next biennial budget cycle.'';
            (2) in subsection (d), by striking ``annual'' and inserting 
        ``biennial''; and
            (3) in paragraph (6) of subsection (f), by striking 
        ``annual'' and inserting ``biennial''.
    (d) Managerial Accountability and Flexibility.--Section 9703 of 
title 31, United States Code, relating to managerial accountability, is 
amended--
            (1) in subsection (a)--
                    (A) in the first sentence by striking ``annual''; 
                and
                    (B) by striking ``section 1105(a)(29)'' and 
                inserting ``section 1105(a)(28)''; and
            (2) in subsection (e)--
                    (A) in the first sentence by striking ``one or'' 
                before ``years'';
                    (B) in the second sentence by striking ``a 
                subsequent year'' and inserting ``for a subsequent 2-
                year period''; and
                    (C) in the third sentence by striking ``three'' and 
                inserting ``four''.
    (e) Pilot Projects for Performance Budgeting.--Section 1119 of 
title 31, United States Code, is amended--
            (1) in paragraph (1) of subsection (d), by striking 
        ``annual'' and inserting ``biennial''; and
            (2) in subsection (e), by striking ``annual'' and inserting 
        ``biennial''.
    (f) Strategic Plans.--Section 2802 of title 39, United States Code, 
is amended--
            (1) in subsection (a), by striking ``September 30, 1997'' 
        and inserting ``September 30, 2009'';
            (2) in subsection (b), by striking ``at least every three 
        years'' and inserting ``at least every 4 years'';
            (3) by striking ``five years forward'' and inserting ``six 
        years forward''; and
            (4) in subsection (c), by inserting a comma after 
        ``section'' the second place it appears and inserting 
        ``including a strategic plan submitted by September 30, 2009 
        meeting the requirements of subsection (a)''.
    (g) Performance Plans.--Section 2803(a) of title 39, United States 
Code, is amended--
            (1) in the matter before paragraph (1), by striking ``an 
        annual'' and inserting ``a biennial'';
            (2) in paragraph (1), by inserting after ``program 
        activity'' the following: ``for both years 1 and 2 of the 
        biennial plan'';
            (3) in paragraph (5), by striking ``and'' after the 
        semicolon;
            (4) in paragraph (6), by striking the period and inserting 
        ``; and''; and
            (5) by adding after paragraph (6) the following:
            ``(7) cover a 2-year period beginning with the first fiscal 
        year of the next biennial budget cycle.''.
    (h) Committee Views of Plans and Reports.--Section 301(d) of the 
Congressional Budget Act (2 U.S.C. 632(d)) is amended by adding at the 
end ``Each committee of the Senate or the House of Representatives 
shall review the strategic plans, performance plans, and performance 
reports, required under section 306 of title 5, United States Code, and 
sections 1115 and 1116 of title 31, United States Code, of all agencies 
under the jurisdiction of the committee. Each committee may provide its 
views on such plans or reports to the Committee on the Budget of the 
applicable House.''.
    (i) Effective Date.--
            (1) In general.--The amendments made by this section shall 
        take effect on March 1, 2009.
            (2) Agency actions.--Effective on and after the date of 
        enactment of this Act, each agency shall take such actions as 
        necessary to prepare and submit any plan or report in 
        accordance with the amendments made by this Act.

SEC. 307. BIENNIAL APPROPRIATIONS BILLS.

    (a) In General.--Title III of the Congressional Budget Act of 1974 
(2 U.S.C. 631 et seq.) is amended by adding at the end the following:

            ``consideration of biennial appropriations bills

    ``Sec. 320.  It shall not be in order in the House of 
Representatives or the Senate in any odd-numbered year to consider any 
regular bill providing new budget authority or a limitation on 
obligations under the jurisdiction of any of the subcommittees of the 
Committees on Appropriations for only the first fiscal year of a 
biennium, unless the program, project, or activity for which the new 
budget authority or obligation limitation is provided will require no 
additional authority beyond 1 year and will be completed or terminated 
after the amount provided has been expended.''.
    (b) Amendment to Table of Contents.--The table of contents set 
forth in section 1(b) of the Congressional Budget and Impoundment 
Control Act of 1974 is amended by adding after the item relating to 
section 319 the following new item:

``Sec. 320. Consideration of biennial appropriations bills.''.

SEC. 308. REPORT ON TWO-YEAR FISCAL PERIOD.

    Not later than 180 days after the date of enactment of this 
subpart, the Director of OMB shall--
            (1) determine the impact and feasibility of changing the 
        definition of a fiscal year and the budget process based on 
        that definition to a 2-year fiscal period with a biennial 
        budget process based on the 2-year period; and
            (2) report the findings of the study to the Committees on 
        the Budget of the House of Representatives and the Senate.

SEC. 309. EFFECTIVE DATE.

    (a) In General.--Except as provided in sections 306 and 308 and 
subsection (b), this title and the amendments made by this title shall 
take effect on January 1, 2009, and shall apply to budget resolutions 
and appropriations for the biennium beginning with fiscal year 2010.
    (b) Authorizations for the Biennium.--For purposes of 
authorizations for the biennium beginning with fiscal year 2010, the 
provisions of this title and the amendments made by this title relating 
to 2-year authorizations shall take effect January 1, 2009.

            TITLE IV--COMMISSION ON FEDERAL BUDGET CONCEPTS

SEC. 401. ESTABLISHMENT OF COMMISSION ON FEDERAL BUDGET CONCEPTS.

    There is established a commission to be known as the Commission on 
Federal Budget Concepts (referred to in this title as the 
``Commission'').

SEC. 402. POWERS AND DUTIES OF COMMISSION.

    (a) Duties of the Commission.--
            (1) In general.--The duties of the Commission shall 
        include--
                    (A) a review of the 1967 report of the President's 
                Commission on Budget Concepts and assessment of the 
                implementation of the recommendations of that report;
                    (B) identification and evaluation of the structure, 
                concepts, classifications, and bases of accounting of 
                the Federal budget;
                    (C) identification of any applicable general 
                accounting principles and practices in the private 
                sector and evaluation of their value to budget 
                practices in the Federal sector; and
                    (D) a report that shall include recommendations for 
                modifications to the structure, concepts, 
                classifications, and bases of accounting of the Federal 
                budget that would enhance the usefulness of the budget 
                for public policy and financial planning.
            (2) Specific areas of consideration.--Specific areas for 
        consideration by the Commission shall include the following:
                    (A) Should part ownership by the Government be 
                sufficient to make an entity Federal and to include it 
                in the budget?
                    (B) When is Federal control of an entity, including 
                control exercised through Federal regulations, 
                sufficient to cause it to be included in the budget?
                    (C) Are privately owned assets under long-term 
                leases to the Federal Government effectively purchased 
                by the Government during the lease period?
                    (D) Should there be an ``off-budget'' section of 
                the budget? How should the Federal Government 
                differentiate between spending and receipts?
                    (E) Should the total costs of refundable tax 
                credits belong on the spending side of the budget?
                    (F) When should Federal Reserve earnings be 
                reported as receipts or offsetting receipts (negative 
                spending) in the net interest portion of the budget?
                    (G) What is a ``user fee'' and under what 
                circumstances is it properly an offset to spending or a 
                governmental receipt? What uses do trust funds have?
                    (H) Do trust fund balances provide misleading 
                information? Do the roughly 200 trust funds add clarity 
                or confusion to the budget process?
                    (I) Are there better ways than trust fund 
                accounting to identify long-term liabilities?
                    (J) Should accrual budgetary accounting be adopted 
                for Federal retirement, military retirement, or Social 
                Security and other entitlements?
                    (K) Are off-budget accounts suitable for capturing 
                accruals in the budget?
                    (L) What is the appropriate budgetary treatment 
                of--
                            (i) purchases and sales of financial 
                        assets, including equities, bonds, and foreign 
                        currencies;
                            (ii) emergency spending;
                            (iii) the cost of holding fixed assets 
                        (cost of capital);
                            (iv) sales of physical assets; and
                            (v) seigniorage on coins and currency?
                    (M) When policy changes have strong but indirect 
                feedback effects on revenues and other aggregates, 
                should they be reported in budget estimates?
                    (N) How should the policies that are one-sided bets 
                on economic events (probabilistic scoring) be 
                represented in the budget?
    (b) Powers of the Commission.--
            (1) Conduct of business.--The Commission may hold hearings, 
        take testimony, receive evidence, and undertake such other 
        activities necessary to carry out its duties.
            (2) Access to information.--The Commission may secure 
        directly from any department or agency of the United States 
        information necessary to carry out its duties. Upon request of 
        the Chair of the Commission, the head of that department or 
        agency shall furnish that information to the Commission.
            (3) Postal service.--The Commission may use the United 
        States mails in the same manner and under the same conditions 
        as other departments and agencies of the United States.

SEC. 403. MEMBERSHIP.

    (a) Membership.--The Commission shall be composed of 12 members as 
follows:
            (1) Three members appointed by the chairman of the 
        Committee on the Budget of the Senate.
            (2) Three members appointed by the chairman of the 
        Committee on the Budget of the House of Representatives.
            (3) Three members appointed by the ranking member of the 
        Committee on the Budget of the Senate.
            (4) Three members appointed by the ranking member of the 
        Committee on the Budget of the House of Representatives.
    (b) Qualifications and Term.--
            (1) Qualifications.--Members appointed to the Commission 
        pursuant to subsection (a) shall--
                    (A) have expertise and experience in the fields or 
                disciplines related to the subject areas to be 
                considered by the Commission; and
                    (B) not be Members of Congress.
            (2) Term of appointment.--The term of an appointment to the 
        Commission shall be for the life of the Commission.
            (3) Chair and vice chair.--The Chair and Vice Chair may be 
        elected from among the members of the Commission. The Vice 
        Chair shall assume the duties of the Chair in the Chair's 
        absence.
    (c) Meetings; Quorum; and Vacancies.--
            (1) Meetings.--The Commission shall meet at least once a 
        month on a day to be decided by the Commission. The Commission 
        may meet at such other times at the call of the Chair or of a 
        majority of its voting members. The meetings of the Commission 
        shall be open to the public, unless by public vote, the 
        Commission shall determine to close a meeting or any portion of 
        a meeting to the public.
            (2) Quorum.--A majority of the voting membership shall 
        constitute a quorum of the Commission, except that 3 or more 
        voting members may conduct hearings.
            (3) Vacancies.--A vacancy on the Commission shall be filled 
        in the same manner in which the original appointment was filled 
        under subsection (a).
    (d) Compensation and Expenses.--Members of the Commission shall 
serve without pay for their service on the Commission, but may receive 
travel expenses, including per diem in lieu of subsistence, at rates 
authorized for employees of agencies under subchapter I of chapter 57 
of title 5, United States Code.

SEC. 404. STAFF AND SUPPORT SERVICES.

    (a) Staff.--With the advance approval of the Commission, the 
executive director may appoint such personnel as is appropriate. The 
staff of the Commission shall be appointed without regard to political 
affiliation and without regard to the provisions of title 5, United 
States Code, governing appointments in the competitive service, and may 
be paid without regard to the provisions of chapter 51 and subchapter 
III of chapter 53 of such title relating to classifications and General 
Schedule pay rates.
    (b) Executive Director.--The Chairman shall appoint an executive 
director, who shall be paid the rate of basic pay for level II of the 
Executive Schedule.
    (c) Experts and Consultants.--With the advance approval of the 
Commission, the executive director may procure temporary and 
intermittent services under section 3109(b) of title 5, United States 
Code.
    (d) Technical and Administrative Assistance.--Upon the request of 
the Commission--
            (1) the head of any agency, office, or establishment within 
        the executive or legislative branches of the United States 
        shall provide, without reimbursement, such technical assistance 
        as the Commission determines is necessary to carry out its 
        duties; and
            (2) the Administrator of General Services shall provide, on 
        a reimbursable basis, such administrative support services as 
        the Commission may require.
    (e) Detail of Federal Personnel.--Upon the request of the 
Commission, the head of an agency, office, or establishment in the 
executive or legislative branch of the United States is authorized to 
detail, without reimbursement, any of the personnel of that agency, 
office, or establishment to the Commission to assist the Commission in 
carrying out its duties. Any such detail shall not interrupt or 
otherwise affect the employment status or privileges of that employee.
    (f) CBO.--The Director of the Congressional Budget Office shall 
provide the Commission with its latest research on the accuracy of its 
past budget and economic projections as compared to those of the Office 
of Management and Budget and, if possible, those of private sector 
forecasters. The Commission shall work with the Directors of the 
Congressional Budget Office and the Office of Management and Budget in 
their efforts to explain the factors affecting the accuracy of budget 
projections.

SEC. 405. REPORT.

    Not later than July 1, 2008, the Commission shall transmit a report 
to the President and to each House of Congress. The report shall 
contain a detailed statement of the findings and conclusions of the 
Commission, together with its recommendations for such legislative or 
administrative actions as it considers appropriate. No finding, 
conclusion, or recommendation may be made by the Commission unless 
approved by a majority of those voting, a quorum being present. At the 
request of any Commission member, the report shall include that 
member's dissenting findings, conclusions, or recommendations.

SEC. 406. TERMINATION.

    The Commission shall terminate 30 days after the date of 
transmission of the report required in section 405.

SEC. 407. FUNDING.

    There are authorized to be appropriated not more than $1,000,000 to 
carry out this title. Sums so appropriated shall remain available until 
expended.

                 TITLE V--RESERVE FUND FOR EMERGENCIES

    [see title II of H.R. 853, 106th Cong.]

SEC. 501. PURPOSE.

    The purposes of this title are to--
            (1) develop budgetary and fiscal procedures for 
        emergencies;
            (2) subject spending for emergencies to budgetary 
        procedures and controls; and
            (3) establish criteria for determining compliance with 
        emergency requirements.

SEC. 502. REPEAL OF ADJUSTMENTS FOR EMERGENCIES.

    (a) Discretionary Spending Limits.--(1) Section 251(b)(2)(A) of the 
Balanced Budget and Emergency Deficit Control Act of 1985 is repealed.
    (2) Such section 251(b)(2) is further amended by redesignating 
subparagraphs (B) through (G) as subparagraphs (A) through (F).
    (b) Direct Spending.--Sections 252(e) and 252(d)(4)(B) of the 
Balanced Budget and Emergency Deficit Control Act of 1985 are repealed.
    (c) Emergency Designation.--Clause 2 of rule XXI of the Rules of 
the House of Representatives is amended by repealing paragraph (e) and 
by redesignating paragraph (f) as paragraph (e).
    (d) Amount of Adjustments.--Section 314(b) of the Congressional 
Budget Act of 1974 is amended by striking paragraph (1) and by 
redesignating paragraphs (2) through (6) as paragraphs (1) through (5), 
respectively.

SEC. 503. OMB EMERGENCY CRITERIA.

    Section 3 of the Congressional Budget and Impoundment Control Act 
of 1974 is further amended by adding at the end the following new 
paragraph:
            ``(12)(A) The term `emergency' means a situation that--
                            ``(i) requires new budget authority and 
                        outlays (or new budget authority and the 
                        outlays flowing therefrom) for the prevention 
                        or mitigation of, or response to, loss of life 
                        or property, or a threat to national security; 
                        and
                            ``(ii) is unanticipated.
                    ``(B) As used in subparagraph (A), the term 
                `unanticipated' means that the situation is--
                            ``(i) sudden, which means quickly coming 
                        into being or not building up over time;
                            ``(ii) urgent, which means a pressing and 
                        compelling need requiring immediate action;
                            ``(iii) unforeseen, which means not 
                        predicted or anticipated as an emerging need; 
                        and
                            ``(iv) temporary, which means not of a 
                        permanent duration.''.

SEC. 504. DEVELOPMENT OF GUIDELINES FOR APPLICATION OF EMERGENCY 
              DEFINITION.

    Not later than 5 months after the date of enactment of this Act, 
the chairmen of the Committees on the Budget (in consultation with the 
President) shall, after consulting with the chairmen of the Committees 
on Appropriations and applicable authorizing committees of their 
respective Houses and the Directors of the Congressional Budget Office 
and the Office of Management and Budget, jointly publish in the 
Congressional Record guidelines for application of the definition of 
emergency set forth in section 3(12) of the Congressional Budget and 
Impoundment Control Act of 1974.

SEC. 505. RESERVE FUND FOR EMERGENCIES IN PRESIDENT'S BUDGET.

    Section 1105(f) of title 31, United States Code is amended by 
adding at the end the following new sentences: ``Such budget submission 
shall also comply with the requirements of section 317(b) of the 
Congressional Budget Act of 1974 and, in the case of any budget 
authority requested for an emergency, such submission shall include a 
detailed justification of why such emergency is an emergency within the 
meaning of section 3(12) of the Congressional Budget Act of 1974.''.

SEC. 506. ADJUSTMENTS AND RESERVE FUND FOR EMERGENCIES IN BUDGET 
              RESOLUTIONS.

    (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.
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