II 

109TH CONGRESS 

1ST SESSION S. 568 

To balance the budget and protect the Social Security Trust Fund surpluses. 

IN THE SENATE OF THE UNITED STATES 

MARCH 8, 2005 

Mr. VOINOVICH (for himself and Mr. FEINGOLD) introduced the following bill; 

which was read twice and referred to the Committee on the Budget 

A BILL 

To balance the budget and protect the Social Security Trust 

Fund surpluses. 

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

3 SECTION 1. SHORT TITLE; TABLE OF CONTENTS. 

4 (a) SHORT TITLE.—This Act may be cited as the 

5 ‘‘Truth in Budgeting and Social Security Protection Act 

6 of 2005’’. 

7 (b) TABLE OF CONTENTS.—The table of contents for 

8 this Act is as follows: 

Sec. 1. Short title; table of contents. 

TITLE I—GENERAL REFORMS 

Sec. 101. Extension of the discretionary spending caps. 

Sec. 102. Extension of Pay-as-You-Go requirement. 
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Sec. 103. Point of order to require compliance with the caps and Pay-as-YouGo. 

Sec. 104. Disclosure of interest costs. 

Sec. 105. Executive branch report on fiscal exposures. 

Sec. 106. Senate sets 302(b) allocations. 

Sec. 107. Long-Term Cost Recognition Point of Order. 

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. 

1 TITLE I—GENERAL REFORMS 

2 SEC. 101. EXTENSION OF THE DISCRETIONARY SPENDING 

3 CAPS. 

4 (a) IN GENERAL.—Section 251(c) of the Balanced 

5 Budget and Emergency Deficit Control Act of 1985 is 

6 amended by striking paragraphs (7) through (16) and in7 serting the following: 

8 ‘‘(7) with respect to fiscal years 2006 through 

9 2011 an amount equal to the appropriated amount 

10 of discretionary spending in budget authority and 
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1 outlays for fiscal year 2003 adjusted to reflect infla2 tion;’’. 

3 (b) EMERGENCY DESIGNATION.—Section 314 of the 

4 Congressional Budget Act of 1974 (2 U.S.C. 645) is 

5 amended by adding at the end the following: 

6 ‘‘(f) EMERGENCY LEGISLATION.— 

7 ‘‘(1) AUTHORITY TO DESIGNATE.—If a provi8 sion of direct spending or receipts legislation, not to 

9 include revisions to the income tax, is enacted or if 

10 appropriations for discretionary accounts are en11 acted that the President designates as an emergency 

12 requirement and that Congress so designates in stat13 ute, the amounts of new budget authority, outlays, 

14 and receipts in all fiscal years resulting from that 

15 provision shall be designated as an emergency re16 quirement for the purpose of subsection (b)(1). 

17 ‘‘(2) DESIGNATIONS.— 

18 ‘‘(A) GUIDANCE.—If a provision of legisla19 tion is designated as an emergency requirement 

20 under paragraph (1), the committee report and 

21 any statement of managers accompanying that 

22 legislation shall analyze whether a proposed 

23 emergency requirement meets all the criteria in 

24 subparagraph (B). 

25 ‘‘(B) CRITERIA.— 
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1 ‘‘(i) IN GENERAL.—The criteria to be 

2 considered in determining whether a pro3 posed expenditure or tax change is an 

4 emergency requirement are that the ex5 penditure or tax change is— 

6 ‘‘(I) necessary, essential, or vital 

7 (not merely useful or beneficial); 

8 ‘‘(II) sudden, quickly coming into 

9 being, and not building up over time; 

10 ‘‘(III) an urgent, pressing, and 

11 compelling need requiring immediate 

12 action; 

13 ‘‘(IV) subject to subparagraph 

14 (B), unforeseen, unpredictable, and 

15 unanticipated; and 

16 ‘‘(V) not permanent, temporary 

17 in nature. 

18 ‘‘(ii) UNFORESEEN.—An emergency 

19 that is part of an aggregate level of antici20 pated emergencies, particularly when nor21 mally estimated in advance, is not unfore22 seen. 

23 ‘‘(C) JUSTIFICATION FOR USE OF DES24 IGNATION.—When an emergency designation is 

25 proposed in any bill, joint resolution, or con-
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1 ference report thereon, the committee report 

2 and the statement of managers accompanying a 

3 conference report, as the case may be, shall 

4 provide a written justification of why the provi5 sion meets the criteria set forth in subpara6 graph (B). 

7 ‘‘(3) DEFINITIONS.—In this subsection, the 

8 terms ‘direct spending’, ‘receipts’, and ‘appropria9 tions for discretionary accounts’ means any provision 

10 of a bill, joint resolution, amendment, motion or con11 ference report that affects direct spending, receipts, 

12 or appropriations as those terms have been defined 

13 and interpreted for purposes of the Balanced Budget 

14 and Emergency Deficit Control Act of 1985. 

15 ‘‘(4) DEFINITION OF AN EMERGENCY REQUIRE16 MENT.—A provision shall be considered an emer17 gency designation if it designates any item as an 

18 emergency requirement pursuant to paragraph (1). 

19 ‘‘(5) POINT OF ORDER.— 

20 ‘‘(A) IN GENERAL.—When the Senate is 

21 considering a bill, resolution, amendment, mo22 tion, or conference report, a point of order may 

23 be made by a Senator against an emergency 

24 designation in that measure and if the Pre25 siding Officer sustains that point of order, that 
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1 provision making such a designation shall be 

2 stricken from the measure and may not be of3 fered as an amendment from the floor. 

4 ‘‘(B) WAIVER AND APPEAL.—This sub5 section may be waived or suspended in the Senate only by an affirmative vote of 3 6 ⁄5 of the 

7 Members, duly chosen and sworn. An affirmative vote of 3 8 ⁄5 of the Members of the Senate, 

9 duly chosen and sworn, shall be required to sus10 tain an appeal of the ruling of the Chair on a 

11 point of order raised under this section. 

12 ‘‘(C) FORM OF THE POINT OF ORDER.—A 

13 point of order under this subsection may be 

14 raised by a Senator as provided in section 

15 313(e). 

16 ‘‘(D) CONFERENCE REPORTS.—If a point 

17 of order is sustained under this subsection 

18 against a conference report, the report shall be 

19 disposed of as provided in section 313(d). 

20 ‘‘(E) EXCEPTION FOR DEFENSE AND

21 HOMELAND SECURITY SPENDING.—Subpara22 graph (A) shall not apply against an emergency 

23 designation for a provision making discretionary 

24 appropriations in the defense category and for 

25 homeland security programs.’’. 
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1 (c) EXPIRATION.—Section 275(b) of the Balanced 

2 Budget and Emergency Deficit Control Act of 1985 (2 

3 U.S.C. 900 note) is amended by striking subsection (b). 

4 SEC. 102. EXTENSION OF PAY-AS-YOU-GO REQUIREMENT. 

5 Section 252(a) of the Balanced Budget and Emer6 gency Deficit Control Act of 1985 is amended by striking 

7 ‘‘enacted before October 1, 2002,’’ both places it appears. 

8 SEC. 103. POINT OF ORDER TO REQUIRE COMPLIANCE 

9 WITH THE CAPS AND PAY-AS-YOU-GO. 

10 Section 312(b) of the Congressional Budget Act of 

11 1974 (2 U.S.C. 643(b)) is amended to read as follows: 

12 ‘‘(b) DISCRETIONARY SPENDING AND PAY-AS-YOU13 GO POINT OF ORDER IN THE SENATE.— 

14 ‘‘(1) IN GENERAL.—Except as otherwise pro15 vided in this subsection, it shall not be in order in 

16 the Senate to consider any bill or resolution or any 

17 separate provision of a bill or resolution (or amend18 ment, motion, or conference report on that bill or 

19 resolution) that would— 

20 ‘‘(A) exceed any of the discretionary spend21 ing limits in section 251(c) of the Balanced 

22 Budget and Emergency Deficit Control Act of 

23 1985; or 

24 ‘‘(B) for direct spending or revenue legisla25 tion, would cause or increase an on-budget def-
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1 icit for any one of the following three applicable 

2 time periods— 

3 ‘‘(i) the first year covered by the most 

4 recently adopted concurrent resolution on 

5 the budget; 

6 ‘‘(ii) the period of the first 5 fiscal 

7 years covered by the most recently adopted 

8 concurrent resolution on the budget; or 

9 ‘‘(iii) the period of the 5 fiscal years 

10 following the first five fiscal years covered 

11 in the most recently adopted concurrent 

12 resolution on the budget. 

13 ‘‘(2) POINT OF ORDER AGAINST A SPECIFIC

14 PROVISION.—If the Presiding Officer sustains a 

15 point of order under paragraph (1) with respect to 

16 any separate provision of a bill or resolution, that 

17 provision shall be stricken from the measure and 

18 may not be offered as an amendment from the floor. 

19 ‘‘(3) FORM OF THE POINT OF ORDER.—A point 

20 of order under this section may be raised by a Sen21 ator as provided in section 313(e) of the Congres22 sional Budget Act of 1974. 

23 ‘‘(4) CONFERENCE REPORTS.—If a point of 

24 order is sustained under this section against a con25 ference report the report shall be disposed of as pro-
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1 vided in section 313(d) of the Congressional Budget 

2 Act of 1974. 

3 ‘‘(5) EXCEPTIONS.—This subsection shall not 

4 apply if a declaration of war by the Congress is in 

5 effect or if a joint resolution pursuant to section 258 

6 of the Balanced Budget and Emergency Deficit Con7 trol Act of 1985 has been enacted.’’. 

8 SEC. 104. DISCLOSURE OF INTEREST COSTS. 

9 Section 308(a)(1) of the Congressional Budget Act 

10 of 1974 (2 U.S.C. 639(a)(1)) is amended— 

11 (1) in subparagraph (B), by striking ‘‘and’’ 

12 after the semicolon; 

13 (2) in subparagraph (C), by striking the period 

14 and inserting ‘‘; and’’; and 

15 (3) by adding at the end the following: 

16 ‘‘(D) containing a projection by the Con17 gressional Budget Office of the cost of the debt 

18 servicing that would be caused by such measure 

19 for such fiscal year (or fiscal years) and each 

20 of the 4 ensuing fiscal years.’’. 

21 SEC. 105. EXECUTIVE BRANCH REPORT ON FISCAL EXPO22 SURES. 

23 (a) IN GENERAL.—The President shall submit to the 

24 Committees on Appropriations, Budget, Finance, and 

25 Homeland Security and Governmental Affairs of the Sen-
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1 ate, and the Committees on Appropriations, Budget, Gov2 ernment Reform, and Ways and Means of the House of 

3 Representatives, not later than 2 weeks before the first 

4 Monday in February of each year, a report (in this section 

5 referred to as the ‘‘report’’) on the fiscal exposures of the 

6 United States Federal Government and their implications 

7 for long-term financial health. The report shall also be in8 cluded as part of the Consolidated Financial Statement 

9 of the United States Government. 

10 (b) CONTENTS.— 

11 (1) IN GENERAL.—The report shall include fis12 cal exposures for the following categories of fiscal 

13 exposures: 

14 (A) DEBT.—Debt, including— 

15 (i) total gross debt; 

16 (ii) publicly held debt; and 

17 (iii) debt held by Government ac18 counts. 

19 (B) OTHER FINANCIAL LIABILITIES.— 

20 Other financial liabilities, including— 

21 (i) civilian and military pensions; 

22 (ii) post-retirement health benefits; 

23 (iii) environmental liabilities; 

24 (iv) accounts payable; 

25 (v) loan guarantees; and 
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1 (vi) Social Security benefits due and 

2 payable. 

3 (C) FINANCIAL COMMITMENTS.—Financial 

4 commitments, including— 

5 (i) undelivered orders; and 

6 (ii) long-term operating leases. 

7 (D) FINANCIAL CONTINGENCIES AND

8 OTHER EXPOSURE.—Financial contingencies 

9 and other exposures, including— 

10 (i) unadjudicated claims; 

11 (ii) Federal insurance programs (in12 cluding both the financial contingency for 

13 and risk assumed by such programs); 

14 (iii) net future benefits under Social 

15 Security, Medicare Part A, Medicare Part 

16 B, and other social insurance programs; 

17 (iv) life cycle costs, including deferred 

18 and future maintenance and operating 

19 costs associated with operating leases and 

20 the maintenance of capital assets; 

21 (v) unfunded portions of incrementally 

22 funded capital projects; 

23 (vi) disaster relief; and 

24 (vii) others as deemed appropriate. 
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1 (2) ESTIMATES.—Where available, estimates 

2 for each exposure should be included. Where reason3 able estimates are not available, a range of estimates 

4 may be appropriate. 

5 (3) OTHER EXPOSURES.—Exposures that are 

6 analogous to those specified in paragraph (1) shall 

7 also be included in the exposure categories identified 

8 in such paragraph. 

9 (c) FORMAT.—The report shall include a 1-page list 

10 of all exposures. Additional disclosures shall include de11 scriptions of exposures, the estimation methodologies and 

12 significant assumptions used, and an analysis of the impli13 cations of the exposures for the long-term financial out14 look. Additional analysis deemed informative may be pro15 vided on subsequent pages. 

16 (d) REVIEW WITH CONGRESS.—Following the sub17 mission of the report on fiscal exposures to the Senate 

18 and the House of Representatives, the Comptroller Gen19 eral shall review and report to the committee reviewing 

20 the report on the report, discussing— 

21 (1) the extent to which all required disclosures 

22 under this section have been made; 

23 (2) the quality of the cost estimates; 

24 (3) the scope of the information; 

25 (4) the long-range financial outlook; and 
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1 (5) any other matters deemed appropriate. 

2 (e) DEFINITIONS.—In this section: 

3 (1) LIABILITIES.—The terms ‘‘liabilities’’, 

4 ‘‘commitments’’, and ‘‘contingencies’’ shall be de5 fined in accordance with generally accepted account6 ing principles and standards of the United States 

7 Federal Government. 

8 (2) NET FUTURE BENEFIT PAYMENTS.—The 

9 term ‘‘net future benefit payments’’ means the net 

10 present value of negative cashflow. Negative 

11 cashflow is to be calculated as the current amount 

12 of funds needed to cover projected shortfalls, exclud13 ing trust fund balances, over a 75-year period. This 

14 estimate should include births during the period and 

15 individuals below age 15 as of January 1 of the 

16 valuation year. 

17 (3) RISK ASSUMED.—The term ‘‘risk assumed’’ 

18 means the full portion of the risk premium based on 

19 the expected cost of losses inherent in the Govern20 ment’s commitment that is not charged to the in21 sured. For example, the present value of unpaid ex22 pected losses net of associated premiums, based on 

23 the risk assumed as a result of insurance coverage. 
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1 SEC. 106. SENATE SETS 302(b) ALLOCATIONS. 

2 The Congressional Budget Act of 1974 (2 U.S.C. 621 

3 et seq.) is amended— 

4 (1) in section 301(e)(2)(F) (2 U.S.C. 

5 632(e)(2)(F)), by striking ‘‘section 302(a)’’ and in6 serting ‘‘subsections (a) and (b) of section 302’’; and 

7 (2) in section 302 (2 U.S.C. 633), by striking 

8 subsection (b) and inserting the following: 

9 ‘‘(b) SUBALLOCATIONS FOR APPROPRIATIONS COM10 MITTEE.—The joint explanatory statement accompanying 

11 a conference report on a concurrent resolution on the 

12 budget shall include suballocations of amounts allocated 

13 to the Committees on Appropriations of each amount allo14 cated to those committees under subsection (a) among 

15 each of the subcommittees of those committees.’’. 

16 SEC. 107. LONG-TERM COST RECOGNITION POINT OF 

17 ORDER. 

18 (a) IN GENERAL.—Title III of the Congressional 

19 Budget Act of 1974 is amended by adding at the end the 

20 following: 

21 ‘‘LONG-TERM COST RECOGNITION POINT OF ORDER

22 ‘‘SEC. 318. (a) CONGRESSIONAL BUDGET OFFICE

23 ANALYSIS.— 

24 ‘‘(1) IN GENERAL.—CBO shall, in conjunction 

25 with the analysis required by section 402, prepare 

26 and submit to the Committees on the Budget of the 
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1 House of Representatives and Senate a report on 

2 each bill, joint resolution, amendment, motion, or 

3 conference report reported by any committee of the 

4 House of Representatives or the Senate that con5 tains any cost drivers that CBO concludes are likely 

6 to have the effect of increasing the cost path of that 

7 measure such that the estimated discounted cash 

8 flows of the measure in the 10 years following the 

9 10th year after the measure takes effect would be 

10 150 percent or greater of the level of the estimated 

11 discounted cash flows of the measure at the end of 

12 the 10 years following the enactment of the meas13 ure. 

14 ‘‘(2) PROJECTIONS.—Where possible, CBO 

15 should use existing long-term projections of cost 

16 drivers prepared by the appropriate Federal agency. 

17 ‘‘(3) LIMIT.—Nothing in this section requires 

18 CBO to develop cost estimates for a measure beyond 

19 the 10th year after the measure takes effect. 

20 ‘‘(b) COST DRIVERS.—Cost drivers CBO shall con21 sider under subsection (a) include— 

22 ‘‘(1) demographic changes; 

23 ‘‘(2) new technologies; and 

24 ‘‘(3) environmental factors. 
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1 ‘‘(c) POINT OF ORDER.—It shall not be in order in 

2 the House of Representatives or the Senate to consider 

3 any bill, joint resolution, amendment, motion, or con4 ference report that CBO determines will increase the level 

5 of the estimated discounted cash flows of that measure 

6 as reported in subsection (a) by 150 percent or more.’’. 

7 TITLE II—REFORM OF BUDG8 ETARY TREATMENT OF FED9 ERAL INSURANCE PROGRAMS 

10 SEC. 201. FEDERAL INSURANCE PROGRAMS. 

11 (a) IN GENERAL.—The Congressional Budget Act of 

12 1974 is amended by adding after title V the following new 

13 title: 

14 ‘‘TITLE VI—BUDGETARY TREAT15 MENT OF FEDERAL INSUR16 ANCE PROGRAMS 

17 ‘‘SEC. 601. SHORT TITLE. 

18 ‘‘This title may be cited as the ‘Federal Insurance 

19 Budgeting Act of 2005’. 

20 ‘‘SEC. 602. BUDGETARY TREATMENT. 

21 ‘‘(a) PRESIDENT’S BUDGET.—Beginning with fiscal 

22 year 2010, the budget of the Government submitted pur23 suant to section 1105(a) of title 31, United States Code, 

24 shall be based on the risk-assumed cost of Federal insur25 ance programs. 
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1 ‘‘(b) BUDGET ACCOUNTING.—For any Federal insur2 ance program— 

3 ‘‘(1) the program account shall— 

4 ‘‘(A) pay the risk-assumed cost borne by 

5 taxpayers to the financing account; and 

6 ‘‘(B) pay actual insurance program admin7 istrative costs; and 

8 ‘‘(2) the financing account shall— 

9 ‘‘(A) receive premiums and other income; 

10 ‘‘(B) pay all claims for insurance and re11 ceive all recoveries; and 

12 ‘‘(C) transfer to the program account on 

13 not less than an annual basis amounts nec14 essary to pay insurance program administrative 

15 costs; 

16 ‘‘(3) a negative risk-assumed cost shall be 

17 transferred from the financing account to the pro18 gram account, and shall be transferred from the pro19 gram account to the general fund; and 

20 ‘‘(4) all payments by or receipts of the financ21 ing accounts shall be treated in the budget as a 

22 means of financing. 

23 ‘‘(c) APPROPRIATIONS REQUIRED.—(1) Notwith24 standing any other provision of law, insurance commit25 ments may be made for fiscal year 2008 and thereafter 
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1 only to the extent that new budget authority to cover their 

2 risk-assumed cost is provided in advance in an appropria3 tion Act. 

4 ‘‘(2) An outstanding insurance commitment shall not 

5 be modified in a manner that increases its risk-assumed 

6 cost unless budget authority for the additional cost has 

7 been provided in advance. 

8 ‘‘(3) Paragraph (1) shall not apply to Federal insur9 ance programs that constitute entitlements. 

10 ‘‘(d) REESTIMATES.— 

11 ‘‘(1) IN GENERAL.—The risk-assumed cost for 

12 a fiscal year shall be reestimated in each subsequent 

13 year. Such reestimate can equal zero. In the case of 

14 a positive reestimate, the amount of the reestimate 

15 shall be paid from the program account to the fi16 nancing account. In the case of a negative reesti17 mate, the amount of the reestimate shall be paid 

18 from the financing account to the program account, 

19 and shall be transferred from the program account 

20 to the general fund. Reestimates shall be displayed 

21 as a distinct and separately identified subaccount in 

22 the program account. 

23 ‘‘(2) APPROPRIATIONS.—There are appro24 priated such sums as are necessary to fund a posi25 tive reestimate under paragraph (1). 
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1 ‘‘(e) ADMINISTRATIVE EXPENSES.—All funding for 

2 an agency’s administration of a Federal insurance pro3 gram shall be displayed as a distinct and separately identi4 fied subaccount in the program account. 

5 ‘‘SEC. 603. TIMETABLE FOR IMPLEMENTATION OF ACCRUAL 

6 BUDGETING FOR FEDERAL INSURANCE PRO7 GRAMS. 

8 ‘‘(a) AGENCY REQUIREMENTS.—Agencies with re9 sponsibility for Federal insurance programs shall develop 

10 models to estimate their risk-assumed cost by year 

11 through the budget horizon and shall submit those models, 

12 all relevant data, a justification for critical assumptions, 

13 and the annual projected risk-assumed costs to OMB with 

14 their budget requests each year starting with the request 

15 for fiscal year 2007. Agencies will likewise provide OMB 

16 with annual estimates of modifications, if any, and reesti17 mates of program costs. 

18 ‘‘(b) DISCLOSURE.—When the President submits a 

19 budget of the Government pursuant to section 1105(a) of 

20 title 31, United States Code, for fiscal year 2007, OMB 

21 shall publish a notice in the Federal Register advising in22 terested persons of the availability of information describ23 ing the models, data (including sources), and critical as24 sumptions (including explicit or implicit discount rate as25 sumptions) that it or other executive branch entities would 
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1 use to estimate the risk-assumed cost of Federal insurance 

2 programs and giving such persons an opportunity to sub3 mit comments. At the same time, the chairman of the 

4 Committee on the Budget shall publish a notice for CBO 

5 in the Federal Register advising interested persons of the 

6 availability of information describing the models, data (in7 cluding sources), and critical assumptions (including ex8 plicit or implicit discount rate assumptions) that it would 

9 use to estimate the risk-assumed cost of Federal insurance 

10 programs and giving such interested persons an oppor11 tunity to submit comments. 

12 ‘‘(c) REVISION.—After consideration of comments 

13 pursuant to subsection (b), and in consultation with the 

14 Committees on the Budget of the House of Representa15 tives and the Senate, OMB and CBO shall revise the mod16 els, data, and major assumptions they would use to esti17 mate the risk-assumed cost of Federal insurance pro18 grams. 

19 ‘‘(d) OMB, CBO, AND GAO EVALUATIONS.—(1) Not 

20 later than 6 months after the budget submission of the 

21 President pursuant to section 1105(a) of title 31, United 

22 States Code, for fiscal year 2009, OMB, CBO, and GAO 

23 shall each submit to the Committees on the Budget of the 

24 House of Representatives and the Senate a report that 
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1 evaluates the advisability and appropriate implementation 

2 of this title. 

3 ‘‘(2) Each report made pursuant to paragraph (1) 

4 shall address the following: 

5 ‘‘(A) The adequacy of risk-assumed estimation 

6 models used and alternative modeling methods. 

7 ‘‘(B) The availability and reliability of data or 

8 information necessary to carry out this title. 

9 ‘‘(C) The appropriateness of the explicit or im10 plicit discount rate used in the various risk-assumed 

11 estimation models. 

12 ‘‘(D) The advisability of specifying a statutory 

13 discount rate (such as the Treasury rate) for use in 

14 risk-assumed estimation models. 

15 ‘‘(E) The ability of OMB, CBO, or GAO, as ap16 plicable, to secure any data or information directly 

17 from any Federal agency necessary to enable it to 

18 carry out this title. 

19 ‘‘(F) The relationship between risk-assumed ac20 crual budgeting for Federal insurance programs and 

21 the specific requirements of the Balanced Budget 

22 and Emergency Deficit Control Act of 1985. 

23 ‘‘(G) Whether Federal budgeting is improved by 

24 the inclusion of risk-assumed cost estimates for Fed25 eral insurance programs. 
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1 ‘‘(H) The advisability of including each of the 

2 programs currently estimated on a risk-assumed cost 

3 basis in the Federal budget on that basis. 

4 ‘‘SEC. 604. DEFINITIONS. 

5 ‘‘For purposes of this title: 

6 ‘‘(1) The term ‘CBO’ means the Director of the 

7 Congressional Budget Office. 

8 ‘‘(2) The term ‘current’ has the same meaning 

9 as in section 250(c)(9) of the Balanced Budget and 

10 Emergency Deficit Control Act of 1985. 

11 ‘‘(3) The term ‘Federal insurance program’ 

12 means a program that makes insurance commit13 ments and includes the list of such programs as to 

14 be defined by the budget concepts commission, as re15 quired by title IV of the Truth in Budgeting and So16 cial Security Protection Act of 2005. 

17 ‘‘(4) The term ‘financing account’ means the 

18 nonbudget account that is associated with each pro19 gram account which receives payments from or 

20 makes payments to the program account, receives 

21 premiums and other payments from the public, pays 

22 insurance claims, and holds balances. 

23 ‘‘(5) The term ‘GAO’ means the Comptroller 

24 General of the United States. 
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1 ‘‘(6) The term ‘insurance commitment’ means 

2 an agreement in advance by a Federal agency to in3 demnify a non-Federal entity against specified 

4 losses. This term does not include loan guarantees 

5 as defined in title V or benefit programs such as so6 cial security, medicare, and similar existing social in7 surance programs. 

8 ‘‘(7) The term ‘model’ means any actuarial, fi9 nancial, econometric, probabilistic, or other method10 ology used to estimate the expected frequency and 

11 magnitude of loss-producing events, expected pre12 miums or collections from or on behalf of the in13 sured, expected recoveries, and administrative ex14 penses. 

15 ‘‘(8) The term ‘modification’ means any Gov16 ernment action that alters the risk-assumed cost of 

17 an existing insurance commitment from the current 

18 estimate of cash flows. This includes any action re19 sulting from new legislation, or from the exercise of 

20 administrative discretion under existing law, that di21 rectly or indirectly alters the estimated cost of exist22 ing insurance commitments. 

23 ‘‘(9) The term ‘OMB’ means the Director of 

24 the Office of Management and Budget. 
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1 ‘‘(10) The term ‘program account’ means the 

2 budget account for the risk-assumed cost, and for 

3 paying all costs of administering the insurance pro4 gram, and is the account from which the risk-as5 sumed cost is disbursed to the financing account. 

6 ‘‘(11)(A) The term ‘risk-assumed cost’ means 

7 the net present value of the estimated cash flows to 

8 and from the Government resulting from an insur9 ance commitment or modification thereof. 

10 ‘‘(B) The cash flows associated with an insur11 ance commitment include— 

12 ‘‘(i) expected claims payments inherent in 

13 the Government’s commitment; 

14 ‘‘(ii) net premiums (expected premium col15 lections received from or on behalf of the in16 sured less expected administrative expenses); 

17 ‘‘(iii) expected recoveries; and 

18 ‘‘(iv) expected changes in claims, pre19 miums, or recoveries resulting from the exercise 

20 by the insured of any option included in the in21 surance commitment. 

22 ‘‘(C) The cost of a modification is the difference 

23 between the current estimate of the net present 

24 value of the remaining cash flows under the terms 

25 of the insurance commitment, and the current esti-
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1 mate of the net present value of the remaining cash 

2 flows under the terms of the insurance commitment 

3 as modified. 

4 ‘‘(D) The cost of a reestimate is the difference 

5 between the net present value of the amount cur6 rently required by the financing account to pay esti7 mated claims and other expenditures and the 

8 amount currently available in the financing account. 

9 The cost of a reestimate shall be accounted for in 

10 the current year in the budget of the Government 

11 submitted pursuant to section 1105(a) of title 31, 

12 United States Code. 

13 ‘‘(E) For purposes of this definition, expected 

14 administrative expenses shall be construed as the 

15 amount estimated to be necessary for the proper ad16 ministration of the insurance program. This amount 

17 may differ from amounts actually appropriated or 

18 otherwise made available for the administration of 

19 the program. 

20 ‘‘SEC. 605. AUTHORIZATIONS TO ENTER INTO CONTRACTS; 

21 ACTUARIAL COST ACCOUNT. 

22 ‘‘(a) AUTHORIZATION OF APPROPRIATIONS.—There 

23 is authorized to be appropriated $600,000 for each of fis24 cal years 2006 through 2011 to the Director of the Office 

25 of Management and Budget and each agency responsible 
26 

•S 568 IS

1 for administering a Federal program to carry out this 

2 title. 

3 ‘‘(b) TREASURY TRANSACTIONS WITH THE FINANC4 ING ACCOUNTS.—The Secretary of the Treasury shall bor5 row from, receive from, lend to, or pay the insurance fi6 nancing accounts such amounts as may be appropriate. 

7 The Secretary of the Treasury may prescribe forms and 

8 denominations, maturities, and terms and conditions for 

9 the transactions described above. The authorities de10 scribed above shall not be construed to supersede or over11 ride the authority of the head of a Federal agency to ad12 minister and operate an insurance program. All the trans13 actions provided in this subsection shall be subject to the 

14 provisions of subchapter II of chapter 15 of title 31, 

15 United States Code. Cash balances of the financing ac16 counts in excess of current requirements shall be main17 tained in a form of uninvested funds, and the Secretary 

18 of the Treasury shall pay interest on these funds. 

19 ‘‘(c) APPROPRIATION OF AMOUNT NECESSARY TO

20 COVER RISK-ASSUMED COST OF INSURANCE COMMIT21 MENTS AT TRANSITION DATE.—(1) A financing account 

22 is established on September 30, 2009, for each Federal 

23 insurance program. 

24 ‘‘(2) These financing accounts shall be used in imple25 menting the budget accounting required by this title. 
27

•S 568 IS

1 ‘‘SEC. 606. EFFECTIVE DATE. 

2 ‘‘(a) IN GENERAL.—This title shall take effect imme3 diately and shall expire on September 30, 2011. 

4 ‘‘(b) SPECIAL RULE.—If this title is not reauthorized 

5 by September 30, 2011, then the accounting structure and 

6 budgetary treatment of Federal insurance programs shall 

7 revert to the accounting structure and budgetary treat8 ment in effect immediately before the date of enactment 

9 of this title.’’. 

10 (b) CONFORMING AMENDMENT.—The table of con11 tents set forth in section 1(b) of the Congressional Budget 

12 and Impoundment Control Act of 1974 is amended by in13 serting after the item relating to section 507 the following 

14 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.’’.

15 TITLE III—BIENNIAL BUDG16 ETING AND APPROPRIATIONS 

17 SEC. 301. REVISION OF TIMETABLE. 

18 Section 300 of the Congressional Budget Act of 1974 

19 (2 U.S.C. 631) is amended to read as follows: 
28

•S 568 IS

1 ‘‘TIMETABLE

2 ‘‘SEC. 300. (a) IN GENERAL.—Except as provided by 

3 subsection (b), the timetable with respect to the congres4 sional budget process for any Congress (beginning with 

5 the second session of the One Hundred Ninth Congress) 

6 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 submission. 

Committees submit views and 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 submits budget review. 

Congressional Budget Office 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. 
29

•S 568 IS

1 ‘‘(b) SPECIAL RULE.—In the case of any first session 

2 of Congress that begins in any year immediately following 

3 a leap year and during which the term of a President (ex4 cept a President who succeeds himself) begins, the fol5 lowing dates shall supersede those set forth in subsection 

6 (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.’’. 

7 SEC. 302. AMENDMENTS TO THE CONGRESSIONAL BUDGET 

8 AND IMPOUNDMENT CONTROL ACT OF 1974. 

9 (a) DECLARATION OF PURPOSE.—Section 2(2) of the 

10 Congressional Budget and Impoundment Control Act of 

11 1974 (2 U.S.C. 621(2)) is amended by striking ‘‘each 

12 year’’ and inserting ‘‘biennially’’. 

13 (b) DEFINITIONS.— 

14 (1) BUDGET RESOLUTION.—Section 3(4) of 

15 such Act (2 U.S.C. 622(4)) is amended by striking 
30

•S 568 IS

1 ‘‘fiscal year’’ each place it appears and inserting ‘‘bi2 ennium’’. 

3 (2) BIENNIUM.—Section 3 of such Act (2 

4 U.S.C. 622) is further amended by adding at the 

5 end the following new paragraph: 

6 ‘‘(11) The term ‘biennium’ means the period of 

7 2 consecutive fiscal years beginning on October 1 of 

8 any odd-numbered year.’’. 

9 (c) BIENNIAL CONCURRENT RESOLUTION ON THE

10 BUDGET.— 

11 (1) CONTENTS OF RESOLUTION.—Section 

12 301(a) of such Act (2 U.S.C. 632(a)) is amended— 

13 (A) in the matter preceding paragraph (1) 

14 by— 

15 (i) striking ‘‘April 15 of each year’’ 

16 and inserting ‘‘May 15 of each odd-num17 bered year’’; 

18 (ii) striking ‘‘the fiscal year beginning 

19 on October 1 of such year’’ the first place 

20 it appears and inserting ‘‘the biennium be21 ginning on October 1 of such year’’; and 

22 (iii) striking ‘‘the fiscal year beginning 

23 on October 1 of such year’’ the second 

24 place it appears and inserting ‘‘each fiscal 

25 year in such period’’; 
31

•S 568 IS

1 (B) in paragraph (6), by striking ‘‘for the 

2 fiscal year’’ and inserting ‘‘for each fiscal year 

3 in the biennium’’; and 

4 (C) in paragraph (7), by striking ‘‘for the 

5 first fiscal year’’ and inserting ‘‘for each fiscal 

6 year in the biennium’’. 

7 (2) ADDITIONAL MATTERS.—Section 301(b)(3) 

8 of such Act (2 U.S.C. 632(b)) is amended by strik9 ing ‘‘for such fiscal year’’ and inserting ‘‘for either 

10 fiscal year in such biennium’’. 

11 (3) VIEWS OF OTHER COMMITTEES.—Section 

12 301(d) of such Act (2 U.S.C. 632(d)) is amended by 

13 inserting ‘‘(or, if applicable, as provided by section 

14 300(b))’’ after ‘‘United States Code’’. 

15 (4) HEARINGS.—Section 301(e)(1) of such Act 

16 (2 U.S.C. 632(e)) is amended by— 

17 (A) striking ‘‘fiscal year’’ and inserting 

18 ‘‘biennium’’; and 

19 (B) inserting after the second sentence the 

20 following: ‘‘On or before April 1 of each odd21 numbered year (or, if applicable, as provided by 

22 section 300(b)), the Committee on the Budget 

23 of each House shall report to its House the con24 current resolution on the budget referred to in 
32

•S 568 IS

1 subsection (a) for the biennium beginning on 

2 October 1 of that year.’’. 

3 (5) GOALS FOR REDUCING UNEMPLOYMENT.—

4 Section 301(f) of such Act (2 U.S.C. 632(f)) is 

5 amended by striking ‘‘fiscal year’’ each place it ap6 pears and inserting ‘‘biennium’’. 

7 (6) ECONOMIC ASSUMPTIONS.—Section 

8 301(g)(1) of such Act (2 U.S.C. 632(g)(1)) is 

9 amended by striking ‘‘for a fiscal year’’ and insert10 ing ‘‘for a biennium’’. 

11 (7) SECTION HEADING.—The section heading of 

12 section 301 of such Act is amended by striking ‘‘AN13 NUAL’’ and inserting ‘‘BIENNIAL’’. 

14 (8) TABLE OF CONTENTS.—The item relating 

15 to section 301 in the table of contents set forth in 

16 section 1(b) of such Act is amended by striking ‘‘An17 nual’’ and inserting ‘‘Biennial’’. 

18 (d) COMMITTEE ALLOCATIONS.—Section 302 of such 

19 Act (2 U.S.C. 633) is amended— 

20 (1) in subsection (a)(1), by— 

21 (A) striking ‘‘for the first fiscal year of the 

22 resolution,’’ and inserting ‘‘for each fiscal year 

23 in the biennium,’’; 
33

•S 568 IS

1 (B) striking ‘‘for that period of fiscal 

2 years’’ and inserting ‘‘for all fiscal years cov3 ered by the resolution’’; and 

4 (C) striking ‘‘for the fiscal year of that 

5 resolution’’ and inserting ‘‘for each fiscal year 

6 in the biennium’’; 

7 (2) in subsection (f)(1), by striking ‘‘for a fiscal 

8 year’’ and inserting ‘‘for a biennium’’; 

9 (3) in subsection (f)(1), by striking ‘‘first fiscal 

10 year’’ and inserting ‘‘each fiscal year of the bien11 nium’’; 

12 (4) in subsection (f)(2)(A), by— 

13 (A) striking ‘‘first fiscal year’’ and insert14 ing ‘‘each fiscal year of the biennium’’; and 

15 (B) striking ‘‘the total of fiscal years’’ and 

16 inserting ‘‘the total of all fiscal years covered by 

17 the resolution’’; and 

18 (5) in subsection (g)(1)(A), by striking ‘‘April’’ 

19 and inserting ‘‘May’’. 

20 (e) SECTION 303 POINT OF ORDER.— 

21 (1) IN GENERAL.—Section 303(a) of such Act 

22 (2 U.S.C. 634(a)) is amended by striking ‘‘first fis23 cal year’’ and inserting ‘‘each fiscal year of the bien24 nium’’. 
34

•S 568 IS

1 (2) EXCEPTIONS IN THE HOUSE.—Section 

2 303(b)(1) of such Act (2 U.S.C. 634(b)) is amend3 ed— 

4 (A) in subparagraph (A), by striking ‘‘the 

5 budget year’’ and inserting ‘‘the biennium’’; 

6 and 

7 (B) in subparagraph (B), by striking ‘‘the 

8 fiscal year’’ and inserting ‘‘the biennium’’. 

9 (3) APPLICATION TO THE SENATE.—Section 

10 303(c)(1) of such Act (2 U.S.C. 634(c)) is amended 

11 by— 

12 (A) striking ‘‘fiscal year’’ and inserting 

13 ‘‘biennium’’; and 

14 (B) striking ‘‘that year’’ and inserting 

15 ‘‘each fiscal year of that biennium’’. 

16 (f) PERMISSIBLE REVISIONS OF CONCURRENT RESO17 LUTIONS ON THE BUDGET.—Section 304(a) of such Act 

18 (2 U.S.C. 635) is amended— 

19 (1) by striking ‘‘fiscal year’’ the first two places 

20 it appears and inserting ‘‘biennium’’; 

21 (2) by striking ‘‘for such fiscal year’’; and 

22 (3) by inserting before the period ‘‘for such bi23 ennium’’. 

24 (g) PROCEDURES FOR CONSIDERATION OF BUDGET

25 RESOLUTIONS.—Section 305(a)(3) of such Act (2 U.S.C. 
35

•S 568 IS

1 636(b)(3)) is amended by striking ‘‘fiscal year’’ and in2 serting ‘‘biennium’’. 

3 (h) COMPLETION OF HOUSE ACTION ON APPROPRIA4 TION BILLS.—Section 307 of such Act (2 U.S.C. 638) is 

5 amended— 

6 (1) by striking ‘‘each year’’ and inserting ‘‘each 

7 odd-numbered year’’; 

8 (2) by striking ‘‘annual’’ and inserting ‘‘bien9 nial’’; 

10 (3) by striking ‘‘fiscal year’’ and inserting ‘‘bi11 ennium’’; and 

12 (4) by striking ‘‘that year’’ and inserting ‘‘each 

13 odd-numbered year’’. 

14 (i) COMPLETION OF ACTION ON REGULAR APPRO15 PRIATION BILLS.—Section 309 of such Act (2 U.S.C. 

16 640) is amended— 

17 (1) by inserting ‘‘of any odd-numbered calendar 

18 year’’ after ‘‘July’’; 

19 (2) by striking ‘‘annual’’ and inserting ‘‘bien20 nial’’; and 

21 (3) by striking ‘‘fiscal year’’ and inserting ‘‘bi22 ennium’’. 

23 (j) RECONCILIATION PROCESS.—Section 310(a) of 

24 such Act (2 U.S.C. 641(a)) is amended— 
36

•S 568 IS

1 (1) in the matter preceding paragraph (1), by 

2 striking ‘‘any fiscal year’’ and inserting ‘‘any bien3 nium’’; and 

4 (2) in paragraph (1) by striking ‘‘such fiscal 

5 year’’ each place it appears and inserting ‘‘any fiscal 

6 year covered by such resolution’’. 

7 (k) SECTION 311 POINT OF ORDER.— 

8 (1) IN THE HOUSE.—Section 311(a)(1) of such 

9 Act (2 U.S.C. 642(a)) is amended— 

10 (A) by striking ‘‘for a fiscal year’’ and in11 serting ‘‘for a biennium’’; 

12 (B) by striking ‘‘the first fiscal year’’ each 

13 place it appears and inserting ‘‘either fiscal 

14 year of the biennium’’; and 

15 (C) by striking ‘‘that first fiscal year’’ and 

16 inserting ‘‘each fiscal year in the biennium’’. 

17 (2) IN THE SENATE.—Section 311(a)(2) of 

18 such Act is amended— 

19 (A) in subparagraph (A), by striking ‘‘for 

20 the first fiscal year’’ and inserting ‘‘for either 

21 fiscal year of the biennium’’; and 

22 (B) in subparagraph (B)— 

23 (i) by striking ‘‘that first fiscal year’’ 

24 the first place it appears and inserting 

25 ‘‘each fiscal year in the biennium’’; and 
37

•S 568 IS

1 (ii) by striking ‘‘that first fiscal year 

2 and the ensuing fiscal years’’ and inserting 

3 ‘‘all fiscal years’’. 

4 (3) SOCIAL SECURITY LEVELS.—Section 

5 311(a)(3) of such Act is amended by— 

6 (A) striking ‘‘for the first fiscal year’’ and 

7 inserting ‘‘each fiscal year in the biennium’’; 

8 and 

9 (B) striking ‘‘that fiscal year and the ensu10 ing fiscal years’’ and inserting ‘‘all fiscal 

11 years’’. 

12 (l) MDA POINT OF ORDER.—Section 312(c) of the 

13 Congressional Budget Act of 1974 (2 U.S.C. 643) is 

14 amended— 

15 (1) by striking ‘‘for a fiscal year’’ and inserting 

16 ‘‘for a biennium’’; 

17 (2) in paragraph (1), by striking ‘‘first fiscal 

18 year’’ and inserting ‘‘either fiscal year in the bien19 nium’’; 

20 (3) in paragraph (2), by striking ‘‘that fiscal 

21 year’’ and inserting ‘‘either fiscal year in the bien22 nium’’; and 

23 (4) in the matter following paragraph (2), by 

24 striking ‘‘that fiscal year’’ and inserting ‘‘the appli25 cable fiscal year’’. 
38

•S 568 IS

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

2 CODE. 

3 (a) DEFINITION.—Section 1101 of title 31, United 

4 States Code, is amended by adding at the end thereof the 

5 following new paragraph: 

6 ‘‘(3) ‘biennium’ has the meaning given to such 

7 term in paragraph (11) of section 3 of the Congres8 sional Budget and Impoundment Control Act of 

9 1974 (2 U.S.C. 622(11)).’’. 

10 (b) BUDGET CONTENTS AND SUBMISSION TO CON11 GRESS.— 

12 (1) SCHEDULE.—The matter preceding para13 graph (1) in section 1105(a) of title 31, United 

14 States Code, is amended to read as follows: 

15 ‘‘(a) On or before the first Monday in February of 

16 each odd-numbered year (or, if applicable, as provided by 

17 section 300(b) of the Congressional Budget Act of 1974), 

18 beginning with the One Hundred Seventh Congress, the 

19 President shall transmit to Congress, the budget for the 

20 biennium beginning on October 1 of such calendar year. 

21 The budget transmitted under this subsection shall include 

22 a budget message and summary and supporting informa23 tion. The President shall include in each budget the fol24 lowing:’’. 

25 (2) EXPENDITURES.—Section 1105(a)(5) of 

26 title 31, United States Code, is amended by striking 
39

•S 568 IS

1 ‘‘the fiscal year for which the budget is submitted 

2 and the 4 fiscal years after that year’’ and inserting 

3 ‘‘each fiscal year in the biennium for which the 

4 budget is submitted and in the succeeding 4 years’’. 

5 (3) RECEIPTS.—Section 1105(a)(6) of title 31, 

6 United States Code, is amended by striking ‘‘the fis7 cal year for which the budget is submitted and the 

8 4 fiscal years after that year’’ and inserting ‘‘each 

9 fiscal year in the biennium for which the budget is 

10 submitted and in the succeeding 4 years’’. 

11 (4) BALANCE STATEMENTS.—Section 

12 1105(a)(9)(C) of title 31, United States Code, is 

13 amended by striking ‘‘the fiscal year’’ and inserting 

14 ‘‘each fiscal year in the biennium’’. 

15 (5) FUNCTIONS AND ACTIVITIES.—Section 

16 1105(a)(12) of title 31, United States Code, is 

17 amended in subparagraph (A), by striking ‘‘the fis18 cal year’’ and inserting ‘‘each fiscal year in the bien19 nium’’. 

20 (6) ALLOWANCES.—Section 1105(a)(13) of title 

21 31, United States Code, is amended by striking ‘‘the 

22 fiscal year’’ and inserting ‘‘each fiscal year in the bi23 ennium’’. 

24 (7) ALLOWANCES FOR UNCONTROLLED EX25 PENDITURES.—Section 1105(a)(14) of title 31, 
40

•S 568 IS

1 United States Code, is amended by striking ‘‘that 

2 year’’ and inserting ‘‘each fiscal year in the bien3 nium for which the budget is submitted’’. 

4 (8) TAX EXPENDITURES.—Section 1105(a)(16) 

5 of title 31, United States Code, is amended by strik6 ing ‘‘the fiscal year’’ and inserting ‘‘each fiscal year 

7 in the biennium’’. 

8 (9) FUTURE YEARS.—Section 1105(a)(17) of 

9 title 31, United States Code, is amended— 

10 (A) by striking ‘‘the fiscal year following 

11 the fiscal year’’ and inserting ‘‘each fiscal year 

12 in the biennium following the biennium’’; 

13 (B) by striking ‘‘that following fiscal year’’ 

14 and inserting ‘‘each such fiscal year’’; and 

15 (C) by striking ‘‘fiscal year before the fis16 cal year’’ and inserting ‘‘biennium before the bi17 ennium’’. 

18 (10) PRIOR YEAR OUTLAYS.—Section 

19 1105(a)(18) of title 31, United States Code, is 

20 amended— 

21 (A) by striking ‘‘the prior fiscal year’’ and 

22 inserting ‘‘each of the 2 most recently com23 pleted fiscal years,’’; 

24 (B) by striking ‘‘for that year’’ and insert25 ing ‘‘with respect to those fiscal years’’; and 
41

•S 568 IS

1 (C) by striking ‘‘in that year’’ and insert2 ing ‘‘in those fiscal years’’. 

3 (11) PRIOR YEAR RECEIPTS.—Section 

4 1105(a)(19) of title 31, United States Code, is 

5 amended— 

6 (A) by striking ‘‘the prior fiscal year’’ and 

7 inserting ‘‘each of the 2 most recently com8 pleted fiscal years’’; 

9 (B) by striking ‘‘for that year’’ and insert10 ing ‘‘with respect to those fiscal years’’; and 

11 (C) by striking ‘‘in that year’’ each place 

12 it appears and inserting ‘‘in those fiscal years’’. 

13 (c) ESTIMATED EXPENDITURES OF LEGISLATIVE

14 AND JUDICIAL BRANCHES.—Section 1105(b) of title 31, 

15 United States Code, is amended by striking ‘‘each year’’ 

16 and inserting ‘‘each even-numbered year’’. 

17 (d) RECOMMENDATIONS TO MEET ESTIMATED DE18 FICIENCIES.—Section 1105(c) of title 31, United States 

19 Code, is amended— 

20 (1) by striking ‘‘the fiscal year for’’ the first 

21 place it appears and inserting ‘‘each fiscal year in 

22 the biennium for’’; 

23 (2) by striking ‘‘the fiscal year for’’ the second 

24 place it appears and inserting ‘‘each fiscal year of 

25 the biennium, as the case may be,’’; and 
42

•S 568 IS

1 (3) by striking ‘‘that year’’ and inserting ‘‘for 

2 each year of the biennium’’. 

3 (e) CAPITAL INVESTMENT ANALYSIS.—Section 

4 1105(e)(1) of title 31, United States Code, is amended 

5 by striking ‘‘ensuing fiscal year’’ and inserting ‘‘biennium 

6 to which such budget relates’’. 

7 (f) SUPPLEMENTAL BUDGET ESTIMATES AND

8 CHANGES.— 

9 (1) IN GENERAL.—Section 1106(a) of title 31, 

10 United States Code, is amended— 

11 (A) in the matter preceding paragraph (1), 

12 by— 

13 (i) striking ‘‘Before July 16 of each 

14 year,’’ and inserting ‘‘Before February 15 

15 of each even numbered year,’’; and 

16 (ii) striking ‘‘fiscal year’’ and insert17 ing ‘‘biennium’’; 

18 (B) in paragraph (1), by striking ‘‘that fis19 cal year’’ and inserting ‘‘each fiscal year in 

20 such biennium’’; 

21 (C) in paragraph (2), by striking ‘‘4 fiscal 

22 years following the fiscal year’’ and inserting ‘‘4 

23 fiscal years following the biennium’’; and 

24 (D) in paragraph (3), by striking ‘‘fiscal 

25 year’’ and inserting ‘‘biennium’’. 
43

•S 568 IS

1 (2) CHANGES.—Section 1106(b) of title 31, 

2 United States Code, is amended by— 

3 (A) striking ‘‘the fiscal year’’ and inserting 

4 ‘‘each fiscal year in the biennium’’; 

5 (B) striking ‘‘April 11 and July 16 of each 

6 year’’ and inserting ‘‘February 15 of each even7 numbered year’’; and 

8 (C) striking ‘‘July 16’’ and inserting ‘‘Feb9 ruary 15 of each even-numbered year.’’. 

10 (g) CURRENT PROGRAMS AND ACTIVITIES ESTI11 MATES.— 

12 (1) IN GENERAL.—Section 1109(a) of title 31, 

13 United States Code, is amended— 

14 (A) by striking ‘‘On or before the first 

15 Monday after January 3 of each year (on or be16 fore February 5 in 1986)’’ and inserting ‘‘At 

17 the same time the budget required by section 

18 1105 is submitted for a biennium’’; and 

19 (B) by striking ‘‘the following fiscal year’’ 

20 and inserting ‘‘each fiscal year of such period’’. 

21 (2) JOINT ECONOMIC COMMITTEE.—Section 

22 1109(b) of title 31, United States Code, is amended 

23 by striking ‘‘March 1 of each year’’ and inserting 

24 ‘‘within 6 weeks of the President’s budget submis25 sion for each odd-numbered year (or, if applicable, 
44

•S 568 IS

1 as provided by section 300(b) of the Congressional 

2 Budget Act of 1974)’’. 

3 (h) YEAR-AHEAD REQUESTS FOR AUTHORIZING

4 LEGISLATION.—Section 1110 of title 31, United States 

5 Code, is amended by— 

6 (1) striking ‘‘May 16’’ and inserting ‘‘March 

7 31’’; and 

8 (2) striking ‘‘year before the year in which the 

9 fiscal year begins’’ and inserting ‘‘calendar year pre10 ceding the calendar year in which the biennium be11 gins’’. 

12 SEC. 304. TWO-YEAR APPROPRIATIONS; TITLE AND STYLE 

13 OF APPROPRIATIONS ACTS. 

14 Section 105 of title 1, United States Code, is amend15 ed to read as follows: 

16 ‘‘§ 105. Title and style of appropriations Acts 

17 ‘‘(a) The style and title of all Acts making appropria18 tions for the support of the Government shall be as fol19 lows: ‘An Act making appropriations (here insert the ob20 ject) for each fiscal year in the biennium of fiscal years 

21 (here insert the fiscal years of the biennium).’. 

22 ‘‘(b) All Acts making regular appropriations for the 

23 support of the Government shall be enacted for a biennium 

24 and shall specify the amount of appropriations provided 

25 for each fiscal year in such period. 
45

•S 568 IS

1 ‘‘(c) For purposes of this section, the term ‘biennium’ 

2 has the same meaning as in section 3(11) of the Congres3 sional Budget and Impoundment Control Act of 1974 (2 

4 U.S.C. 622(11)).’’. 

5 SEC. 305. MULTIYEAR AUTHORIZATIONS. 

6 (a) IN GENERAL.—Title III of the Congressional 

7 Budget Act of 1974 is amended by adding at the end the 

8 following new section: 

9 ‘‘AUTHORIZATIONS OF APPROPRIATIONS

10 ‘‘SEC. 319. (a) POINT OF ORDER.—It shall not be 

11 in order in the House of Representatives or the Senate 

12 to consider— 

13 ‘‘(1) any bill, joint resolution, amendment, mo14 tion, or conference report that authorizes appropria15 tions for a period of less than 2 fiscal years, unless 

16 the program, project, or activity for which the ap17 propriations are authorized will require no further 

18 appropriations and will be completed or terminated 

19 after the appropriations have been expended; and 

20 ‘‘(2) in any odd-numbered year, any authoriza21 tion or revenue bill or joint resolution until Congress 

22 completes action on the biennial budget resolution, 

23 all regular biennial appropriations bills, and all rec24 onciliation bills. 

25 ‘‘(b) APPLICABILITY.—In the Senate, subsection (a) 

26 shall not apply to— 
46

•S 568 IS

1 ‘‘(1) any measure that is privileged for consid2 eration pursuant to a rule or statute; 

3 ‘‘(2) any matter considered in Executive Ses4 sion; or 

5 ‘‘(3) an appropriations measure or reconcili6 ation bill.’’. 

7 (b) AMENDMENT TO TABLE OF CONTENTS.—The 

8 table of contents set forth in section 1(b) of the Congres9 sional Budget and Impoundment Control Act of 1974 is 

10 amended by adding after the item relating to section 318 

11 the following new item:

‘‘Sec. 319. Authorizations of appropriations.’’.

12 SEC. 306. GOVERNMENT PLANS ON A BIENNIAL BASIS. 

13 (a) STRATEGIC PLANS.—Section 306 of title 5, 

14 United States Code, is amended— 

15 (1) in subsection (a), by striking ‘‘September 

16 30, 1997’’ and inserting ‘‘September 30, 2005’’; 

17 (2) in subsection (b)— 

18 (A) by striking ‘‘at least every three years’’ 

19 and inserting ‘‘at least every four years’’; and 

20 (B) by striking ‘‘five years forward’’ and 

21 inserting ‘‘six years forward’’; and 

22 (3) in subsection (c), by inserting a comma 

23 after ‘‘section’’ the second place it appears and add24 ing ‘‘including a strategic plan submitted by Sep-
47

•S 568 IS

1 tember 30, 2005 meeting the requirements of sub2 section (a)’’. 

3 (b) BUDGET CONTENTS AND SUBMISSION TO CON4 GRESS.—Paragraph (28) of section 1105(a) of title 31, 

5 United States Code, is amended by striking ‘‘beginning 

6 with fiscal year 1999, a’’ and inserting ‘‘beginning with 

7 fiscal year 2006, a biennial’’. 

8 (c) PERFORMANCE PLANS.—Section 1115 of title 31, 

9 United States Code, is amended— 

10 (1) in subsection (a)— 

11 (A) in the matter before paragraph (1)— 

12 (i) by striking ‘‘section 1105(a)(29)’’ 

13 and inserting ‘‘section 1105(a)(28)’’; and 

14 (ii) by striking ‘‘an annual’’ and in15 serting ‘‘a biennial’’; 

16 (B) in paragraph (1), by inserting after 

17 ‘‘program activity’’ the following: ‘‘for both 

18 years 1 and 2 of the biennial plan’’; 

19 (C) in paragraph (5), by striking ‘‘and’’ 

20 after the semicolon; 

21 (D) in paragraph (6), by striking the pe22 riod and inserting a semicolon; and inserting 

23 ‘‘and’’ after the inserted semicolon; and 

24 (E) by adding after paragraph (6) the fol25 lowing: 
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1 ‘‘(7) cover a 2-year period beginning with the 

2 first fiscal year of the next biennial budget cycle.’’; 

3 (2) in subsection (d), by striking ‘‘annual’’ and 

4 inserting ‘‘biennial’’; and 

5 (3) in paragraph (6) of subsection (f), by strik6 ing ‘‘annual’’ and inserting ‘‘biennial’’. 

7 (d) MANAGERIAL ACCOUNTABILITY AND FLEXI8 BILITY.—Section 9703 of title 31, United States Code, re9 lating to managerial accountability, is amended— 

10 (1) in subsection (a)— 

11 (A) in the first sentence by striking ‘‘an12 nual’’; and 

13 (B) by striking ‘‘section 1105(a)(29)’’ and 

14 inserting ‘‘section 1105(a)(28)’’; and 

15 (2) in subsection (e)— 

16 (A) in the first sentence by striking ‘‘one 

17 or’’ before ‘‘years’’; 

18 (B) in the second sentence by striking ‘‘a 

19 subsequent year’’ and inserting ‘‘for a subse20 quent 2-year period’’; and 

21 (C) in the third sentence by striking 

22 ‘‘three’’ and inserting ‘‘four’’. 

23 (e) PILOT PROJECTS FOR PERFORMANCE BUDG24 ETING.—Section 1119 of title 31, United States Code, is 

25 amended— 
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1 (1) in paragraph (1) of subsection (d), by strik2 ing ‘‘annual’’ and inserting ‘‘biennial’’; and 

3 (2) in subsection (e), by striking ‘‘annual’’ and 

4 inserting ‘‘biennial’’. 

5 (f) STRATEGIC PLANS.—Section 2802 of title 39, 

6 United States Code, is amended— 

7 (1) in subsection (a), by striking ‘‘September 

8 30, 1997’’ and inserting ‘‘September 30, 2003’’; 

9 (2) in subsection (b), by striking ‘‘at least every 

10 three years’’ and inserting ‘‘at least every 4 years’’; 

11 (3) by striking ‘‘five years forward’’ and insert12 ing ‘‘six years forward’’; and 

13 (4) in subsection (c), by inserting a comma 

14 after ‘‘section’’ the second place it appears and in15 serting ‘‘including a strategic plan submitted by 

16 September 30, 2005 meeting the requirements of 

17 subsection (a)’’. 

18 (g) PERFORMANCE PLANS.—Section 2803(a) of title 

19 39, United States Code, is amended— 

20 (1) in the matter before paragraph (1), by 

21 striking ‘‘an annual’’ and inserting ‘‘a biennial’’; 

22 (2) in paragraph (1), by inserting after ‘‘pro23 gram activity’’ the following: ‘‘for both years 1 and 

24 2 of the biennial plan’’; 
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1 (3) in paragraph (5), by striking ‘‘and’’ after 

2 the semicolon; 

3 (4) in paragraph (6), by striking the period and 

4 inserting ‘‘; and’’; and 

5 (5) by adding after paragraph (6) the following: 

6 ‘‘(7) cover a 2-year period beginning with the 

7 first fiscal year of the next biennial budget cycle.’’. 

8 (h) COMMITTEE VIEWS OF PLANS AND REPORTS.—

9 Section 301(d) of the Congressional Budget Act (2 U.S.C. 

10 632(d)) is amended by adding at the end ‘‘Each committee 

11 of the Senate or the House of Representatives shall review 

12 the strategic plans, performance plans, and performance 

13 reports, required under section 306 of title 5, United 

14 States Code, and sections 1115 and 1116 of title 31, 

15 United States Code, of all agencies under the jurisdiction 

16 of the committee. Each committee may provide its views 

17 on such plans or reports to the Committee on the Budget 

18 of the applicable House.’’. 

19 (i) EFFECTIVE DATE.— 

20 (1) IN GENERAL.—The amendments made by 

21 this section shall take effect on March 1, 2007. 

22 (2) AGENCY ACTIONS.—Effective on and after 

23 the date of enactment of this Act, each agency shall 

24 take such actions as necessary to prepare and sub-
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1 mit any plan or report in accordance with the 

2 amendments made by this Act. 

3 SEC. 307. BIENNIAL APPROPRIATIONS BILLS. 

4 (a) IN GENERAL.—Title III of the Congressional 

5 Budget Act of 1974 (2 U.S.C. 631 et seq.) is amended 

6 by adding at the end the following: 

7 ‘‘CONSIDERATION OF BIENNIAL APPROPRIATIONS BILLS

8 ‘‘SEC. 320. It shall not be in order in the House of 

9 Representatives or the Senate in any odd-numbered year 

10 to consider any regular bill providing new budget authority 

11 or a limitation on obligations under the jurisdiction of any 

12 of the subcommittees of the Committees on Appropria13 tions for only the first fiscal year of a biennium, unless 

14 the program, project, or activity for which the new budget 

15 authority or obligation limitation is provided will require 

16 no additional authority beyond 1 year and will be com17 pleted or terminated after the amount provided has been 

18 expended.’’. 

19 (b) AMENDMENT TO TABLE OF CONTENTS.—The 

20 table of contents set forth in section 1(b) of the Congres21 sional Budget and Impoundment Control Act of 1974 is 

22 amended by adding after the item relating to section 319 

23 the following new item:

‘‘Sec. 320. Consideration of biennial appropriations bills.’’.
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1 SEC. 308. REPORT ON TWO-YEAR FISCAL PERIOD. 

2 Not later than 180 days after the date of enactment 

3 of this subpart, the Director of OMB shall— 

4 (1) determine the impact and feasibility of 

5 changing the definition of a fiscal year and the 

6 budget process based on that definition to a 2-year 

7 fiscal period with a biennial budget process based on 

8 the 2-year period; and 

9 (2) report the findings of the study to the Com10 mittees on the Budget of the House of Representa11 tives and the Senate. 

12 SEC. 309. EFFECTIVE DATE. 

13 (a) IN GENERAL.—Except as provided in sections 

14 306 and 308 and subsection (b), this title and the amend15 ments made by this title shall take effect on January 1, 

16 2007, and shall apply to budget resolutions and appropria17 tions for the biennium beginning with fiscal year 2008. 

18 (b) AUTHORIZATIONS FOR THE BIENNIUM.—For 

19 purposes of authorizations for the biennium beginning 

20 with fiscal year 2006, the provisions of this title and the 

21 amendments made by this title relating to 2-year author22 izations shall take effect January 1, 2005. 
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1 TITLE IV—COMMISSION ON 

2 FEDERAL BUDGET CONCEPTS 

3 SEC. 401. ESTABLISHMENT OF COMMISSION ON FEDERAL 

4 BUDGET CONCEPTS. 

5 There is established a commission to be known as the 

6 Commission on Federal Budget Concepts (referred to in 

7 this title as the ‘‘Commission’’). 

8 SEC. 402. POWERS AND DUTIES OF COMMISSION. 

9 (a) DUTIES OF THE COMMISSION.— 

10 (1) IN GENERAL.—The duties of the Commis11 sion shall include— 

12 (A) a review of the 1967 report of the 

13 President’s Commission on Budget Concepts 

14 and assessment of the implementation of the 

15 recommendations of that report; 

16 (B) identification and evaluation of the 

17 structure, concepts, classifications, and bases of 

18 accounting of the Federal budget; 

19 (C) identification of any applicable general 

20 accounting principles and practices in the pri21 vate sector and evaluation of their value to 

22 budget practices in the Federal sector; and 

23 (D) a report that shall include rec24 ommendations for modifications to the struc25 ture, concepts, classifications, and bases of ac-
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1 counting of the Federal budget that would en2 hance the usefulness of the budget for public 

3 policy and financial planning. 

4 (2) SPECIFIC AREAS OF CONSIDERATION.—Spe5 cific areas for consideration by the Commission shall 

6 include the following: 

7 (A) Should part ownership by the Govern8 ment be sufficient to make an entity Federal 

9 and to include it in the budget? 

10 (B) When is Federal control of an entity, 

11 including control exercised through Federal reg12 ulations, sufficient to cause it to be included in 

13 the budget? 

14 (C) Are privately owned assets under long15 term leases to the Federal Government effec16 tively purchased by the Government during the 

17 lease period? 

18 (D) Should there be an ‘‘off-budget’’ sec19 tion of the budget? How should the Federal 

20 Government differentiate between spending and 

21 receipts? 

22 (E) Should the total costs of refundable 

23 tax credits belong on the spending side of the 

24 budget? 
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1 (F) When should Federal Reserve earnings 

2 be reported as receipts or offsetting receipts 

3 (negative spending) in the net interest portion 

4 of the budget? 

5 (G) What is a ‘‘user fee’’ and under what 

6 circumstances is it properly an offset to spend7 ing or a governmental receipt? What uses do 

8 trust funds have? 

9 (H) Do trust fund balances provide mis10 leading information? Do the roughly 200 trust 

11 funds add clarity or confusion to the budget 

12 process? 

13 (I) Are there better ways than trust fund 

14 accounting to identify long-term liabilities? 

15 (J) Should accrual budgetary accounting 

16 be adopted for Federal retirement, military re17 tirement, or Social Security and other entitle18 ments? 

19 (K) Are off-budget accounts suitable for 

20 capturing accruals in the budget? 

21 (L) What is the appropriate budgetary 

22 treatment of— 

23 (i) purchases and sales of financial as24 sets, including equities, bonds, and foreign 

25 currencies; 
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1 (ii) emergency spending; 

2 (iii) the cost of holding fixed assets 

3 (cost of capital); 

4 (iv) sales of physical assets; and 

5 (v) seigniorage on coins and currency? 

6 (M) When policy changes have strong but 

7 indirect feedback effects on revenues and other 

8 aggregates, should they be reported in budget 

9 estimates? 

10 (N) How should the policies that are one11 sided bets on economic events (probabilistic 

12 scoring) be represented in the budget? 

13 (b) POWERS OF THE COMMISSION.— 

14 (1) CONDUCT OF BUSINESS.—The Commission 

15 may hold hearings, take testimony, receive evidence, 

16 and undertake such other activities necessary to 

17 carry out its duties. 

18 (2) ACCESS TO INFORMATION.—The Commis19 sion may secure directly from any department or 

20 agency of the United States information necessary 

21 to carry out its duties. Upon request of the Chair of 

22 the Commission, the head of that department or 

23 agency shall furnish that information to the Com24 mission. 
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1 (3) POSTAL SERVICE.—The Commission may 

2 use the United States mails in the same manner and 

3 under the same conditions as other departments and 

4 agencies of the United States. 

5 SEC. 403. MEMBERSHIP. 

6 (a) MEMBERSHIP.—The Commission shall be com7 posed of 12 members as follows: 

8 (1) Three members appointed by the chairman 

9 of the Committee on the Budget of the Senate. 

10 (2) Three members appointed by the chairman 

11 of the Committee on the Budget of the House of 

12 Representatives. 

13 (3) Three members appointed by the ranking 

14 member of the Committee on the Budget of the Sen15 ate. 

16 (4) Three members appointed by the ranking 

17 member of the Committee on the Budget of the 

18 House of Representatives. 

19 (b) QUALIFICATIONS AND TERM.— 

20 (1) QUALIFICATIONS.—Members appointed to 

21 the Commission pursuant to subsection (a) shall— 

22 (A) have expertise and experience in the 

23 fields or disciplines related to the subject areas 

24 to be considered by the Commission; and 

25 (B) not be Members of Congress. 
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1 (2) TERM OF APPOINTMENT.—The term of an 

2 appointment to the Commission shall be for the life 

3 of the Commission. 

4 (3) CHAIR AND VICE CHAIR.—The Chair and 

5 Vice Chair may be elected from among the members 

6 of the Commission. The Vice Chair shall assume the 

7 duties of the Chair in the Chair’s absence. 

8 (c) MEETINGS; QUORUM; AND VACANCIES.— 

9 (1) MEETINGS.—The Commission shall meet at 

10 least once a month on a day to be decided by the 

11 Commission. The Commission may meet at such 

12 other times at the call of the Chair or of a majority 

13 of its voting members. The meetings of the Commis14 sion shall be open to the public, unless by public 

15 vote, the Commission shall determine to close a 

16 meeting or any portion of a meeting to the public. 

17 (2) QUORUM.—A majority of the voting mem18 bership shall constitute a quorum of the Commis19 sion, except that 3 or more voting members may 

20 conduct hearings. 

21 (3) VACANCIES.—A vacancy on the Commission 

22 shall be filled in the same manner in which the origi23 nal appointment was filled under subsection (a). 

24 (d) COMPENSATION AND EXPENSES.—Members of 

25 the Commission shall serve without pay for their service 
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1 on the Commission, but may receive travel expenses, in2 cluding per diem in lieu of subsistence, at rates authorized 

3 for employees of agencies under subchapter I of chapter 

4 57 of title 5, United States Code. 

5 SEC. 404. STAFF AND SUPPORT SERVICES. 

6 (a) STAFF.—With the advance approval of the Com7 mission, the executive director may appoint such personnel 

8 as is appropriate. The staff of the Commission shall be 

9 appointed without regard to political affiliation and with10 out regard to the provisions of title 5, United States Code, 

11 governing appointments in the competitive service, and 

12 may be paid without regard to the provisions of chapter 

13 51 and subchapter III of chapter 53 of such title relating 

14 to classifications and General Schedule pay rates. 

15 (b) EXECUTIVE DIRECTOR.—The Chairman shall ap16 point an executive director, who shall be paid the rate of 

17 basic pay for level II of the Executive Schedule. 

18 (c) EXPERTS AND CONSULTANTS.—With the advance 

19 approval of the Commission, the executive director may 

20 procure temporary and intermittent services under section 

21 3109(b) of title 5, United States Code. 

22 (d) TECHNICAL AND ADMINISTRATIVE ASSIST23 ANCE.—Upon the request of the Commission— 

24 (1) the head of any agency, office, or establish25 ment within the executive or legislative branches of 
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1 the United States shall provide, without reimburse2 ment, such technical assistance as the Commission 

3 determines is necessary to carry out its duties; and 

4 (2) the Administrator of General Services shall 

5 provide, on a reimbursable basis, such administrative 

6 support services as the Commission may require. 

7 (e) DETAIL OF FEDERAL PERSONNEL.—Upon the 

8 request of the Commission, the head of an agency, office, 

9 or establishment in the executive or legislative branch of 

10 the United States is authorized to detail, without reim11 bursement, any of the personnel of that agency, office, or 

12 establishment to the Commission to assist the Commission 

13 in carrying out its duties. Any such detail shall not inter14 rupt or otherwise affect the employment status or privi15 leges of that employee. 

16 (f) CBO.—The Director of the Congressional Budget 

17 Office shall provide the Commission with its latest re18 search on the accuracy of its past budget and economic 

19 projections as compared to those of the Office of Manage20 ment and Budget and, if possible, those of private sector 

21 forecasters. The Commission shall work with the Directors 

22 of the Congressional Budget Office and the Office of Man23 agement and Budget in their efforts to explain the factors 

24 affecting the accuracy of budget projections. 
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1 SEC. 405. REPORT. 

2 Not later than July 1, 2006, the Commission shall 

3 transmit a report to the President and to each House of 

4 Congress. The report shall contain a detailed statement 

5 of the findings and conclusions of the Commission, to6 gether with its recommendations for such legislative or ad7 ministrative actions as it considers appropriate. No find8 ing, conclusion, or recommendation may be made by the 

9 Commission unless approved by a majority of those voting, 

10 a quorum being present. At the request of any Commis11 sion member, the report shall include that member’s dis12 senting findings, conclusions, or recommendations. 

13 SEC. 406. TERMINATION. 

14 The Commission shall terminate 30 days after the 

15 date of transmission of the report required in section 405. 

16 SEC. 407. FUNDING. 

17 There are authorized to be appropriated not more 

18 than $1,000,000 to carry out this title. Sums so appro19 priated shall remain available until expended.

Æ