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[Congressional Bills 105th Congress]
[From the U.S. Government Publishing Office]
[H.R. 593 Introduced in House (IH)]

105th CONGRESS
  1st Session
                                H. R. 593

To amend the Balanced Budget and Emergency Deficit Control Act of 1985 
  to provide for a sequestration of all budgetary accounts for fiscal 
year 1998 (except Social Security, Federal retirement, and interest on 
           the debt) equal to 5 percent of the OMB baseline.

_______________________________________________________________________

                    IN THE HOUSE OF REPRESENTATIVES

                            February 5, 1997

 Mr. Campbell introduced the following bill; which was referred to the 
                        Committee on the Budget

_______________________________________________________________________

                                 A BILL

 
To amend the Balanced Budget and Emergency Deficit Control Act of 1985 
  to provide for a sequestration of all budgetary accounts for fiscal 
year 1998 (except Social Security, Federal retirement, and interest on 
           the debt) equal to 5 percent of the OMB baseline.

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

SECTION 1. SPECIAL FISCAL YEAR 1998 SEQUESTRATION TO REDUCE BUDGETARY 
              ACCOUNTS.

    Part C of the Balanced Budget and Emergency Deficit Control Act of 
1985 is amended by adding after section 253 the following new section:

``SEC. 253A. SPECIAL FISCAL YEAR 1998 SEQUESTRATION.

    ``(a) Sequestration.--Notwithstanding sections 255 and 256, on the 
15th day after the last general appropriation bill is enacted into law 
for fiscal year 1998 or a continuing resolution is enacted into law 
through the end of that fiscal year (whichever is applicable), there 
shall be a sequestration equivalent to 5 percent of the OMB baseline 
for that fiscal year. On that day the President shall issue an order 
fully implementing this sequestration. This order shall be effective on 
issuance.
    ``(b) Applicability.--
            ``(1) In general.--Except as provided by paragraph (2), 
        each account of the United States shall be reduced by a dollar 
        amount calculated by multiplying the level of budgetary 
        resources in that account at that time by the uniform 
        percentage necessary to carry out subsection (a). All 
        obligational authority reduced under this section shall be done 
        in a manner that makes such reductions permanent.
            ``(2) Exempt accounts.--No order issued to carry out this 
        section may--
                    ``(A) reduce benefits payable under the old-age, 
                survivors, and disability insurance program established 
                under title II of the Social Security Act;
                    ``(B) reduce benefits payable under any program 
                providing retirement benefits for members of the 
                uniformed services or officers or employees of the 
                United States; or
                    ``(C) reduce payments for net interest (all of 
                major functional category 900).''.
                                 <all>
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