I

103D CONGRESS

1ST SESSION H. R. 1885

To amend the Internal Revenue Code of 1986 to provide tax incentives

for job creation and economic growth, to expand Individual Retirement

Accounts to encourage savings and investment, to restrain Federal spending, to require a cost analysis of new regulations, and for other purposes.

IN THE HOUSE OF REPRESENTATIVES

APRIL 28, 1993

Mr. DREIER (for himself and Mr. KING) introduced the following bill; which

was referred jointly to the Committees on Ways and Means, the Budget,

the Judiciary, and Government Operations

A BILL

To amend the Internal Revenue Code of 1986 to provide

tax incentives for job creation and economic growth, to

expand Individual Retirement Accounts to encourage savings and investment, to restrain Federal spending, to

require a cost analysis of new regulations, and for other

purposes.

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.

4 This Act may be cited as the ‘‘Private Sector Job

5 Creation and Economic Growth Act’’.
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1 SEC. 2. TABLE OF CONTENTS.

TITLE I—REDUCING THE COST OF CAPITAL BY REDUCING CAPITAL GAINS TAX RATES AND INDEXING THE BASIS OF CERTAIN ASSETS

Sec. 101. Reduction in individual capital gains rate.

Sec. 102. Reduction in corporate capital gains rate.

Sec. 103. Reduction of minimum tax rate on capital gains.

Sec. 104. Indexing of certain assets for purposes of determining gain or loss.

Sec. 105. Indexing of limitation on capital losses of individuals.

Sec. 106. Effective dates.

TITLE II—ADJUSTING DEPRECIATION RATES TO REFLECT

INFLATION

Sec. 201. Depreciation adjustment for certain property placed in service in taxable years beginning after December 31, 1993.

Sec. 202. Phase-in of expensing for property placed in service in taxable years

beginning after December 31, 1998.

TITLE III—EXPANSION OF INDIVIDUAL RETIREMENT ACCOUNTS

Sec. 301. Restoration of IRA deduction.

Sec. 302. Increase in maximum IRA deduction; inflation adjustment of maximum IRA deduction.

Sec. 303. Human capital investment accounts.

TITLE IV—TWO PERCENT CAP ON INCREASES IN ALL FEDERAL

SPENDING THROUGH 1998

Sec. 401. Concurrent resolution on the budget for fiscal year 1994.

Sec. 402. Recommended levels and amounts.

TITIE V—REDUCTION IN UNNECESSARY AND BURDENSOME

REGULATIONS

Sec. 501. Findings.

Sec. 502. Concurrent resolution of the House.

Sec. 503. Legislative and regulatory analysis.

2 SEC. 3. AMENDMENT OF 1986 CODE.

3 Except as otherwise expressly provided, whenever in

4 this Act an amendment or repeal is expressed in terms

5 of an amendment to, or repeal of, a section or other provi6 sion, the reference shall be considered to be made to a

7 section or other provision of the Internal Revenue Code

8 of 1986.
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1 TITLE I—REDUCING THE COST

2 OF CAPITAL BY REDUCING

3 CAPITAL GAINS TAX RATES

4 AND INDEXING THE BASIS OF

5 CERTAIN ASSETS

6 SEC. 101. REDUCTION IN INDIVIDUAL CAPITAL GAINS

7 RATE.

8 (a) GENERAL RULE.—Subsection (h) of section 1 (re9 lating to maximum capital gains rate) is amended to read

10 as follows:

11 ‘‘(h) MAXIMUM CAPITAL GAINS RATE.—If a taxpayer

12 has a net capital gain for any taxable year, then the tax

13 imposed by this section shall not exceed the sum of—

14 ‘‘(1) a tax computed at the rates and in the

15 same manner as if this subsection had not been en16 acted on the taxable income reduced by the net cap17 ital gain, plus

18 ‘‘(2) a tax equal to the sum of—

19 ‘‘(A) 7.5 percent of so much of the net

20 capital gain as does not exceed—

21 ‘‘(i) the maximum amount of taxable

22 income to which the 15-percent rate ap23 plies under the table applicable to the tax24 payer, reduced by
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1 ‘‘(ii) the taxable income to which

2 paragraph (1) applies, plus

3 ‘‘(iii) 15 percent of the net capital

4 gain in excess of the net capital gain to

5 which clause (i) applies.’’.

6 (b) PHASEOUT OF PERSONAL EXEMPTIONS AND LIM7 ITATION ON DEDUCTION OF ITEMIZED DEDUCTIONS NOT

8 TO RESULT FROM NET CAPITAL GAIN.—

9 (1)(A) Subparagraph (A) and (B) of section

10 151(d)(3) (relating to phaseout of exemption

11 amount) are each amended by inserting ‘‘modified’’

12 before ‘‘adjusted gross income’’.

13 (B) Paragraph (3) of section 151(d) of such

14 Code is amended by redesignating subparagraphs

15 (D) and (E) as subparagraphs (E) and (F), respec16 tively, and by inserting after subparagraph (C) the

17 following new subparagraph:

18 ‘‘(D) MODIFIED ADJUSTED GROSS IN19 COME.—For purposes of this paragraph, the

20 term ‘modified adjusted gross income’ means

21 adjusted gross income reduced by net capital

22 gain.’’.

23 (2) Subsection (a) of section 68 (relating to

24 overall limitation on itemized deductions) is amend25 ed by inserting ‘‘(reduced by net capital gain (deter-
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1 mined in accordance with section 151(d)(3)(D)))’’

2 after ‘‘adjusted gross income’’.

3 (c) TECHNICAL AMENDMENTS.—

4 (1) Paragraph (1) of section 170(e) is amended

5 by inserting after ‘‘such contribution)’’ in the last

6 sentence of subparagraph (B) the words ‘‘, minus

7 the product of such gain multiplied by the ratio of

8 15 percent over the highest rate of taxation that the

9 taxpayer is subject to without such contribution

10 (with a minimum taxation rate for this calculation

11 of 15 percent).’’

12 (2)(A) The second sentence of section

13 7518(g)(6)(A) is amended by striking ‘‘28 percent

14 (34 percent in the case of a corporation)’’ and in15 serting ‘‘15 percent’’.

16 (B) The second sentence of section

17 607(h)(6)(A) of the Merchant Marine Act, 1936, is

18 amended by striking ‘‘28 percent (34 percent in the

19 case of a corporation)’’ and inserting ‘‘15 percent’’.

20 SEC. 102. REDUCTION IN CORPORATE CAPITAL GAINS

21 RATE.

22 (a) GENERAL RULE.—Section 1201 (relating to al23 ternative tax for corporations) is amended by redesignat24 ing subsection (b) as subsection (c), and by striking sub25 section (a) and inserting the following:
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1 ‘‘(a) GENERAL RULE.—If for any taxable year a cor2 poration has a net capital gain, then, in lieu of the tax

3 imposed by sections 11, 511, or 831(a) (whichever ap4 plies), there is hereby imposed a tax (if such tax is less

5 than the tax imposed by such section) which shall consist

6 of the sum of—

7 ‘‘(1) a tax computed on the taxable income re8 duced by the net capital gain, at the same rates and

9 in the same manner as if this subsection had not

10 been enacted, plus

11 ‘‘(2) a tax of 15 percent of the net capital gain.

12 ‘‘(b) TRANSITIONAL RULE.—In the case of a taxable

13 year which includes December 31, 1993, the amount of

14 the net capital gain for purposes of subsection (a) shall

15 not exceed the net capital gain determined by only taking

16 into account gains and losses properly taken into account

17 for the portion of the taxable year on or after such date.’’.

18 (b) TECHNICAL AMENDMENTS.—

19 (1) Clause (iii) of section 852(b)(3)(D) is

20 amended by striking ‘‘66 percent’’ and inserting ‘‘85

21 percent’’.

22 (2) Paragraphs (1) and (2) of section 1445(e)

23 are each amended by striking ‘‘34 percent’’ and in24 serting ‘‘15 percent’’.
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1 SEC. 103. REDUCTION OF MINIMUM TAX RATE ON CAPITAL

2 GAINS.

3 Subparagraph (A) of section 55(b)(1) (relating to

4 tentative minimum tax) is amended to read as follows:

5 ‘‘(A) the sum of—

6 ‘‘(i) 15 percent of the lesser of—

7 ‘‘(I) the net capital gain (determined

8 with the adjustments provided in this part

9 and (to the extent applicable) the limita10 tions of sections 1(h)(2) and 1201(b)), or

11 ‘‘(II) so much of the alternative mini12 mum taxable income for the taxable year

13 as exceeds the exemption amount, plus

14 ‘‘(ii) 20 percent (24 percent in the case of

15 a taxpayer other than a corporation) of the

16 amount (if any) by which the excess referred to

17 in clause (i)(II) exceeds the net capital gain (as

18 so determined), reduced by’’.

19 SEC. 104. INDEXING OF CERTAIN ASSETS FOR PURPOSES

20 OF DETERMINING GAIN OR LOSS.

21 (a) IN GENERAL.—Part II of subchapter O of chap22 ter 1 (relating to basis rules of general application) is

23 amended by inserting after section 1021 the following new

24 section:
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1 ‘‘SEC. 1022. INDEXING OF CERTAIN ASSETS FOR PURPOSES

2 OF DETERMINING GAIN OR LOSS.

3 ‘‘(a) GENERAL RULE.—

4 ‘‘(1) INDEXED BASIS SUBSTITUTED FOR AD5 JUSTED BASIS.—Except as provided in paragraph

6 (2), if an indexed asset which has been held for

7 more than 1 year is sold or otherwise disposed of,

8 for purposes of this title the indexed basis of the

9 asset shall be substituted for its adjusted basis.

10 ‘‘(2) EXCEPTION FOR DEPRECIATION, ETC.—

11 The deduction for depreciation, depletion, and amor12 tization shall be determined without regard to the

13 application of paragraph (1) to the taxpayer or any

14 other person.

15 ‘‘(b) INDEXED ASSET.—

16 ‘‘(1) IN GENERAL.—For purposes of this sec17 tion, the term ‘indexed asset’ means—

18 ‘‘(A) stock in a corporation, and

19 ‘‘(B) tangible property (or any interest

20 therein), which is a capital asset of property

21 used in the trade or business (as defined in sec22 tion 1231(b)).

23 ‘‘(2) CERTAIN PROPERTY EXCLUDED.—For

24 purposes of this section, the term ‘indexed asset’

25 does not include—
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1 ‘‘(A) CREDITOR’S INTEREST.—Any interest

2 in property which is in the nature of a credi3 tor’s interest.

4 ‘‘(B) OPTIONS.—Any option or other right

5 to acquire an interest in property.

6 ‘‘(C) NET LEASE PROPERTY.—In the case

7 of a lessor, net lease property (within the mean8 ing of subsection (h)(1)).

9 ‘‘(D) CERTAIN PREFERRED STOCK.—Stock

10 which is fixed and preferred as to dividends and

11 does not participate in corporate growth to any

12 significant extent.

13 ‘‘(E) STOCK IN CERTAIN CORPORATIONS.—

14 Stock in—

15 ‘‘(i) an S corporation (within the

16 meaning of section 1361),

17 ‘‘(ii) a personal holding company (as

18 defined in section 542), and

19 ‘‘(iii) a foreign corporation.

20 ‘‘(3) EXCEPTION FOR STOCK IN FOREIGN COR21 PORATION WHICH IS REGULARLY TRADED ON NA22 TIONAL OR REGIONAL EXCHANGE.—Clause (iii) of

23 paragraph (2)(E) shall not apply to stock in a for24 eign corporation the stock of which is listed on the

25 New York Stock Exchange, the American Stock Ex-
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1 change, or any domestic regional exchange for which

2 quotations are published on a regular basis other

3 than—

4 ‘‘(A) stock of a foreign investment com5 pany (within the meaning of section 1246(b)),

6 and

7 ‘‘(B) stock in a foreign corporation held by

8 a United States person who meets the require9 ments of section 1248(a)(2).

10 ‘‘(c) INDEXED BASIS.—For purposes of this sec11 tion—

12 ‘‘(1) INDEXED BASIS.—The indexed basis for

13 any asset is—

14 ‘‘(A) the adjusted basis of the asset, multi15 plied by

16 ‘‘(B) the applicable inflation ratio.

17 ‘‘(2) APPLICATION INFLATION RATIO.—The ap18 plicable inflation ratio for any asset is the percent19 age arrived at by dividing—

20 ‘‘(A) the gross national product deflator

21 for the calendar quarter in which the disposi22 tion takes place, by

23 ‘‘(B) the gross national product deflator

24 for the calendar quarter in which the asset was
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1 acquired by the taxpayer (or, if later, the cal2 endar quarter ending December 31, 1993).

3 The applicable inflation ratio shall not be taken into

4 account unless it is greater than 1. The applicable

5 inflation ratio for any asset shall be rounded to the

6 nearest one-tenth of 1 percent.

7 ‘‘(3) GROSS NATIONAL PRODUCT DEFLATOR.—

8 The gross national product deflator for any calendar

9 quarter is the implicit price deflator for the gross

10 national product for such quarter (as shown in the

11 first revision thereof).

12 ‘‘(4) SECRETARY TO PUBLISH TABLES.—The

13 Secretary shall publish tables specifying the applica14 ble inflation ratios for each calendar quarter.

15 ‘‘(d) SPECIAL RULES.—For purposes of this sec16 tion—

17 ‘‘(1) TREATMENT AS SEPARATE ASSET.—In the

18 case of any asset, the following shall be treated as

19 a separate asset:

20 ‘‘(A) a substantial improvement to

21 property,

22 ‘‘(B) in the case of stock of a corporation,

23 a substantial contribution to capital, and

24 ‘‘(C) any other portion of an asset to the

25 extent that separate treatment of such portion
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1 is appropriate to carry out the purposes of this

2 section.

3 ‘‘(2) Assets which are not indexed assets

4 throughout holding period.—

5 ‘‘(A) IN GENERAL.—The applicable infla6 tion ratio shall be appropriately reduced for cal7 endar months at any time during which the

8 asset was not an indexed asset.

9 ‘‘(B) CERTAIN SHORT SALES.—For pur10 poses of applying subparagraph (A), an asset

11 shall be treated as not an indexed asset for any

12 short sale period during which the taxpayer or

13 the taxpayer’s spouse sells short property sub14 stantially identical to the asset. For purposes of

15 the preceding sentence, the short sale period be16 gins on the day after the substantially identical

17 property is sold and ends on the closing date

18 for the sale.

19 ‘‘(3) TREATMENT OF CERTAIN DISTRIBU20 TIONS.—A distribution with respect to stock in a

21 corporation which is not a dividend shall be treated

22 as a disposition.

23 ‘‘(4) SECTION CANNOT INCREASE ORDINARY

24 LOSS.—To the extent that (but for this paragraph)

25 this section would create or increase a net ordinary
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1 loss to which section 1231(a)(2) applies or an ordi2 nary loss to which any other provision of this title

3 applies, such provision shall not apply. The taxpayer

4 shall be treated as having a long-term capital loss in

5 an amount equal to the amount of the ordinary loss

6 to which the preceding sentence applies.

7 ‘‘(5) ACQUISITION DATE WHERE THERE HAS

8 BEEN PRIOR APPLICATION OF SUBSECTION (A)(1)

9 WITH RESPECT TO THE TAXPAYER.—If there has

10 been a prior application of subsection (a)(1) to an

11 asset while such asset was held by the taxpayer, the

12 date of acquisition of such asset by the taxpayer

13 shall be treated as not earlier than the date of the

14 most recent such prior application.

15 ‘‘(6) COLLAPSIBLE CORPORATIONS.—The appli16 cation of section 341(a) (relating to collapsible cor17 porations) shall be determined without regard to this

18 section.

19 ‘‘(e) CERTAIN CONDUIT ENTITIES.—

20 ‘‘(1) REGULATED INVESTMENT COMPANIES;

21 REAL ESTATE INVESTMENT TRUSTS; COMMON TRUST

22 FUNDS.—

23 ‘‘(A) IN GENERAL.—Stock in a qualified

24 investment entity shall be an indexed asset for

25 any calendar month in the same ratio as the
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1 fair market value of the assets held by such en2 tity at the close of such month which are in3 dexed assets bears to the fair market value of

4 all assets of such entity at the close of such

5 month.

6 ‘‘(B) RATIO OF 90 PERCENT OR MORE.—If

7 the ratio for any calendar month determined

8 under subparagraph (A) would (but for the sub9 paragraph) be 90 percent or more, such ratio

10 for such month shall be 100 percent.

11 ‘‘(C) RATIO OF 10 PERCENT OR LESS.—If

12 the ratio for any calendar month determined

13 under subparagraph (A) would (but for this

14 subparagraph) be 10 percent or less, such ratio

15 for such month shall be zero.

16 ‘‘(D) VALUATION OF ASSETS IN CASE OF

17 REAL ESTATE INVESTMENT TRUSTS.—Nothing

18 in this paragraph shall require a real estate in19 vestment trust to value its assets more fre20 quently than once each 36 months (except

21 where such trust ceases to exist). The ratio

22 under subparagraph (A) for any calendar

23 month for which there is no valuation shall be

24 the trustee’s good faith judgment as to such

25 valuation.
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1 ‘‘(E) QUALIFIED INVESTMENT ENTITY.—

2 For purposes of this paragraph, the term

3 ‘qualified investment entity’ means—

4 ‘‘(i) a regulated investment company

5 (within the meaning of section 851),

6 ‘‘(ii) a real estate investment trust

7 (within the meaning of section 856), and

8 ‘‘(iii) a common trust fund (within the

9 meaning of section 584).

10 ‘‘(2) PARTNERSHIPS.—In the case of a partner11 ship, the adjustment made under subsection (a) at

12 the partnership level shall be passed through to the

13 partners.

14 ‘‘(3) SUBCHAPTER S CORPORATIONS.—In the

15 case of an electing small business corporation, the

16 adjustment under subsection (a) at the corporate

17 level shall be passed through to the shareholders.

18 ‘‘(f) DISPOSITIONS BETWEEN RELATED PERSONS.—

19 ‘‘(1) IN GENERAL.—This section shall not apply

20 to any sale or other disposition of property between

21 related persons except to the extent that the basis

22 of such property in the hands of the transferee is a

23 substituted basis.
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1 ‘‘(2) RELATED PERSONS DEFINED.—For pur2 poses of this section, the term ‘related persons’

3 means—

4 ‘‘(A) persons bearing a relationship set

5 forth in section 267(b), and

6 ‘‘(B) persons treated as single employer

7 under subsection (b) or (c) of section 414.

8 ‘‘(g) TRANSFERS TO INCREASE INDEXING ADJUST9 MENT OR DEPRECIATION ALLOWANCE.—If any person

10 transfers cash, debt, or any other property to another per11 son and the principal purpose of such transfer is—

12 ‘‘(1) to secure or increase an adjustment under

13 subsection (a), or

14 ‘‘(2) to increase (by reason of an adjustment

15 under subsection (a)) a deduction for depreciation,

16 depletion, or amortization, the Secretary may dis17 allow part or all of such adjustment or increase.

18 ‘‘(h) DEFINITIONS.—For purposes of this section—

19 ‘‘(1) NET LEASE PROPERTY DEFINED.—The

20 term ‘net lease property’ means leased real property

21 where—

22 ‘‘(A) the term of the lease (taking into ac23 count options to renew) was 50 percent or more

24 of the useful life of the property, and
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1 ‘‘(B) for the period of the lease, the sum

2 of the deductions with respect to such property

3 which are allowable to the lessor solely by rea4 son of section 162 (other than rents and reim5 bursed amounts with respect to such property)

6 is 15 percent or less of the rental income pro7 duced by such property.

8 ‘‘(2) STOCK INCLUDES INTEREST IN COMMON

9 TRUST FUND.—The term ‘stock in a corporation’ in10 cludes any interest in a common fund (as defined in

11 section 584(a)).

12 ‘‘(i) REGULATIONS.—The Secretary shall prescribe

13 such regulations as may be necessary or appropriate to

14 carry out the purposes of this section.’’.

15 ‘‘(b) CLERICAL AMENDMENT.—This table of sections

16 for part II of subchapter O of such chapter 1 is amended

17 by inserting after the item relating to section 1021 the

18 following new item:

‘‘Sec. 1022. Indexing of certain assets for purposes of determining

gain or loss.’’.

19 ‘‘(c) ADJUSTMENT TO APPLY FOR PURPOSES OF DE20 TERMINING EARNINGS AND PROFITS.—Subsection (f) of

21 section 312 (relating to effect on earnings and profits of

22 gain or loss and of receipt of tax-free distributions) is

23 amended by adding at the end thereof the following new

24 paragraph:
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1 ‘‘(3) EFFECT ON EARNINGS AND PROFITS OF

2 INDEXED BASIS.—For substitution of indexed basis

3 for adjusted basis in the case of the disposition of

4 certain assets after December 31, 1993, see section

5 1022(a)(1).’’.

6 SEC. 105. INDEXING OF LIMITATION ON CAPITAL LOSSES

7 OF INDIVIDUALS.

8 Section 1211 (relating to limitation on capital losses)

9 is amended by adding at the end thereof the following new

10 subsection:

11 ‘‘(c) INDEXATION OF LIMITATION ON

12 NONCORPORATE TAXPAYERS.—

13 ‘‘(1) IN GENERAL.—In the case of any taxable

14 year beginning in a calendar year after 1993, the

15 $3,000 and $1,500 amounts under subsection (b)(1)

16 shall be increased by an amount equal to—

17 ‘‘(A) such dollar amount, multiplied by

18 ‘‘(B) the applicable inflation adjustment

19 for the calendar year in which the taxable year

20 begins.

21 ‘‘(2) APPLICABLE INFLATION ADJUSTMENT.—

22 For purposes of paragraph (1), the applicable infla23 tion adjustment for any calendar year is the percent24 age (if any) by which—
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1 ‘‘(A) the gross national product deflator

2 for the last calendar quarter of the preceding

3 calendar year, exceeds

4 ‘‘(B) the gross national product deflator for the

5 last calendar quarter of 1992. For purposes of this

6 paragraph, the term ‘gross national product deflator’

7 has the meaning given such term by section

8 1022(c)(3).’’.

9 SEC. 106. EFFECTIVE DATES.

10 (a) IN GENERAL.—Except as provided in subsection

11 (b), the amendments made by this title shall apply to sales

12 or exchanges occurring after December 31, 1993, in tax13 able years ending after such date.

14 (b) INDEXING OF LOSS LIMITATION.—The amend15 ments made by section 205 shall apply to taxable years

16 beginning after December 31, 1993.
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1 TITLE II—ADJUSTING DEPRE2 CIATION RATES TO REFLECT

3 INFLATION

4 SEC. 201. DEPRECIATION ADJUSTMENT FOR CERTAIN

5 PROPERTY PLACED IN SERVICE IN TAXABLE

6 YEARS BEGINNING AFTER DECEMBER 31,

7 1993.

8 (a) IN GENERAL.—Section 168 (relating to acceler9 ated cost recovery system) is amended by adding at the

10 end thereof the following new subsection:

11 ‘‘(j) DEDUCTION ADJUSTMENT TO ALLOW EQUIVA12 LENT OF EXPENSING FOR CERTAIN PROPERTY PLACED

13 IN SERVICE IN TAXABLE YEARS BEGINNING AFTER DE14 CEMBER 31, 1993.—

15 ‘‘(1) IN GENERAL.—In the case of tangible

16 property (other than residential rental property and

17 nonresidential real property) placed in service in a

18 taxable year beginning after December 31, 1993, the

19 deduction allowable under this section with respect

20 to such property for any taxable year (after the tax21 able year during which the property is placed in

22 service) shall be—

23 ‘‘(A) the amount so allowable for such tax24 able year without regard to this subsection,

25 multiplied by
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1 ‘‘(B) the applicable neutral cost recovery

2 adjustment.

3 ‘‘(2) APPLICABLE NEUTRAL COST RECOVERY

4 ADJUSTMENT.—For purposes of paragraph (1), the

5 applicable neutral cost recovery adjustment for any

6 calendar year is the number determined by—

7 ‘‘(A) dividing—‘(i) the gross national prod8 uct deflator for the calendar quarter of the pre9 ceding calendar year which corresponds to the

10 calendar quarter during which the property was

11 placed in service by the taxpayer’, by ‘(ii) the

12 gross national product deflator for the calendar

13 quarter during which the property was placed

14 in service by the taxpayer’, and

15 ‘‘(B) then multiplying the number deter16 mined under subparagraph (A) by the number

17 equal to 1.035 to the nth power where ‘n’ is the

18 number of calendar years after the calendar

19 year in which the property was placed in service

20 by the taxpayer and before the 1st calendar

21 year beginning with or within the taxable year

22 for which the deduction under this subsection is

23 being determined.

24 ‘‘(3) GROSS NATIONAL PRODUCT DEFLATOR.—

25 For purposes of paragraph (2), the term ‘gross na-
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1 tional product deflator’ has the meaning given such

2 term by section 1022(c)(3).’’.

3 (b) CORRESPONDING MODIFICATION TO DEPRECIA4 TION SCHEDULES.—Paragraphs (1)(A) and (2) of section

5 168(b) (relating to applicable depreciation method) are

6 each amended by striking ‘‘200 percent’’ and inserting

7 ‘‘125 percent’’.

8 (c) AMENDMENTS TO ALTERNATIVE MINIMUM TAX9 ABLE INCOME.—

10 (1) NO INCREASE DUE TO INDEXING.—Sub11 sections (a)(1)(A)(i) and (g)(4)(A) of section 56 (re12 lating to adjustments in computing alternative mini13 mum taxable income) are each amended by inserting

14 ‘‘(as adjusted by section 168(j))’’ after ‘‘section

15 168(g)’’ each place it appears.

16 (2) PHASE-OUT OF ALTERNATIVE MINIMUM TAX

17 DEPRECIATION DEDUCTION.—Section 56 is amended

18 by adding at the end thereof the following new sub19 section:

20 ‘‘(i) PHASE-IN OF FULL DEPRECIATION DEDUC21 TION.—

22 ‘‘(1) IN GENERAL.—The depreciation deduction

23 with respect to any property determined under sub24 sections (a)(1) and (g)(4) for each taxable year shall
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1 be increased by the applicable percentage of the de2 preciation differential for such taxable year.

3 ‘‘(2) APPLICABLE PERCENTAGE.—The applica4 ble percentage for any taxable year shall be deter5 mined in accordance with the following table:

‘‘In the case of a taxable The applicable

year which begins: percentage is:

6

After January 1 of And on or before

January 1 of

1994 1995 20

1995 1996 30

1996 1997 40

1997 1998 50

1998 1999 60

1999 2000 70

2000 2001 80

2001 2002 90

2002 100.

7 ‘‘(3) DEPRECIATION DEDUCTION DIFFEREN8 TIAL.—With respect to any property, the deprecia9 tion deduction differential for any taxable year is

10 equal to the excess of—

11 ‘‘(A) the depreciation deduction applicable

12 for purposes of computing the regular tax for

13 such taxable year, over

14 ‘‘(B) the depreciation deduction deter15 mined under subsections (a)(1) and (g)(4) for

16 such taxable year.’’.
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1 (d) EFFECTIVE DATE.—The amendments made by

2 this section shall apply to taxable years beginning after

3 December 31, 1993.

4 SEC. 202. PHASE-IN OF EXPENSING FOR PROPERTY PLACED

5 IN SERVICE IN TAXABLE YEARS BEGINNING

6 AFTER DECEMBER 31, 1999.

7 (a) IN GENERAL.—Section 168 (relating to acceler8 ated cost recovery system) is amended by adding at the

9 end thereof the following new subsection:

10 ‘‘(k) PHASE-IN OF EXPENSING.—

11 ‘‘(1) IN GENERAL.—In the case of tangible

12 property placed in service in a taxable year begin13 ning after December 31, 1999—

14 ‘‘(A) the phase-in deductions with respect

15 to such property shall be allowable under this

16 section for the taxable year in which such prop17 erty is placed in service, and

18 ‘‘(B) the applicable recovery period with

19 respect to such property shall be reduced by the

20 phase-in number of years.

21 ‘‘(2) PHASE-IN DEDUCTIONS AND YEARS.—For

22 purposes of this subsection—

23 ‘‘(A) IN GENERAL.—The phase-in deduc24 tions with respect to any property are the ag25 gregate deductions allowable under this section
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1 (determined without regard to this subsection

2 and subsection (j)) for the first phase-in num3 ber of years in the applicable recovery period.

4 ‘‘(B) PHASE-IN NUMBER OF YEARS.—The

5 phase-in number of years with respect to any

6 property is the number of calendar years after

7 1999 and before the calendar year in which the

8 property is placed in service.

9 ‘‘(3) ELECTION.—This subsection shall not

10 apply to any property if the taxpayer elects not to

11 apply this subsection to such property. Such an elec12 tion, once made, shall be irrevocable.’’.

13 (b) EFFECTIVE DATE.—The amendments made by

14 this section shall apply to taxable years beginning after

15 December 31, 1996.

16 TITLE III—EXPANSION OF INDI17 VIDUAL RETIREMENT AC18 COUNTS

19 SEC. 301. RESTORATION OF IRA DEDUCTION.

20 (a) IN GENERAL.—Section 219 (relating to deduction

21 for retirement savings) is amended by striking subsection

22 (g).

23 (b) RESTORATION OF DEDUCTION FOR QUALIFIED

24 VOLUNTARY EMPLOYEE CONTRIBUTIONS.—Subsection

25 (e) of section 219 is amended to read as follows:
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1 ‘‘(e) QUALIFIED RETIREMENT CONTRIBUTION;

2 QUALIFIED VOLUNTARY EMPLOYEE CONTRIBUTION.—

3 For purposes of this section:

4 ‘‘(1) QUALIFIED RETIREMENT CONTRIBU5 TION.—The term ‘qualified retirement contribution’

6 means—

7 ‘‘(A) any qualified voluntary employee con8 tribution paid in cash by the individual for the

9 taxable year,

10 ‘‘(B) any amount paid in cash for the tax11 able year by or on behalf of such individual to

12 an individual retirement plan for such individ13 ual’s benefit, and

14 ‘‘(C) any amount contributed on behalf of

15 any individual to a plan described in section

16 501(c)(18).

17 ‘‘(2) QUALIFIED VOLUNTARY EMPLOYEE CON18 TRIBUTION.—

19 ‘‘(A) IN GENERAL.—The term ‘qualified

20 voluntary employee contribution’ means any vol21 untary contribution—

22 ‘‘(i) which is made by an individual as

23 an employee under a qualified employer

24 plan or government plan, which plan allows

25 an employee to make contributions which
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1 may be treated as qualified voluntary em2 ployee contributions under this section,

3 and

4 ‘‘(ii) with respect to which the individ5 ual has not designated such contribution

6 as a contribution which should not be

7 taken into account under this section.

8 ‘‘(B) VOLUNTARY CONTRIBUTION.—For

9 purposes of subparagraph (A), the term ‘vol10 untary contribution’ means any contribution

11 which is not a mandatory contribution (within

12 the meaning of section 411(c)(2)(C)).

13 ‘‘(C) DESIGNATION.—For purposes of de14 termining whether or not an individual has

15 made a designation described in subparagraph

16 (A)(ii) with respect to any contribution during

17 any calendar year under a qualified employer

18 plan or government plan, such individual shall

19 be treated as having made such designation if

20 he notifies the plan administrator of such plan,

21 not later than the earlier of—

22 ‘‘(i) April 15 of the succeeding cal23 endar year, or

24 ‘‘(ii) the time prescribed by the plan

25 administrator, that the individual does not
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1 want such contribution taken into account

2 under this section. Any designation or noti3 fication referred to in the preceding sen4 tence shall be made in such manner as the

5 Secretary shall be regulations prescribe

6 and, after the last date on which such des7 ignation or notification may be made, shall

8 be irrevocable for such taxable year.

9 ‘‘(D) QUALIFIED EMPLOYER PLAN.—The

10 term ‘qualified employer plan’ has the meaning

11 given such term by section 72(p)(3)(A)(i).

12 ‘‘(E) GOVERNMENT PLAN.—The term ‘gov13 ernment plan’ has the meaning given such term

14 by section 72(p)(3)(B).

15 ‘‘(3) PAYMENTS FOR CERTAIN PLANS.—The

16 term ‘amounts paid to an individual retirement plan’

17 includes amounts paid for an individual retirement

18 annuity.’’

19 (c) TECHNICAL AND CONFORMING AMENDMENTS.—

20 (1) Subsection (b) of section 219 is amended by

21 adding at the end thereof the following new para22 graph:

23 ‘‘(4) SPECIAL RULE FOR INDIVIDUAL RETIRE24 MENT PLANS.—If the individual has paid any quali25 fied voluntary employee contributions for the taxable
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1 year, the amount of qualified retirement contribu2 tions which are paid for the taxable year to an indi3 vidual retirement plan and which are allowable as a

4 deduction under subsection (a) for such taxable year

5 shall not exceed—

6 ‘‘(A) the amount determined under para7 graph (1) for such taxable year, reduced by

8 ‘‘(B) the amount of the qualified voluntary

9 employee contributions for the taxable year’’

10 ‘‘(2) Paragraph (3) of section 219(f) is amend11 ed to read as follows:

12 ‘‘(3) TIME WHEN CONTRIBUTIONS DEEMED

13 MADE.—For purposes of this section—

14 ‘‘(A) INDIVIDUAL RETIREMENT PLANS.—A

15 taxpayer shall be deemed to have had a con16 tribution to an individual retirement plan on

17 the last day of the preceding taxable year if the

18 contribution is made on account of such taxable

19 year and is made not later than the time pre20 scribed by law for filing the return for such tax21 able year (not including extensions thereof).

22 ‘‘(B) QUALIFIED EMPLOYER OR GOVERN23 MENT PLANS.—If a qualified employer or gov24 ernment plan elects to have the provisions of

25 this subparagraph apply, a taxpayer shall be
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1 deemed to have made a voluntary contribution

2 to such plan on the last day of the preceding

3 calendar year (if, without regard to this para4 graph, such contribution may be made on such

5 date) if the contribution is made on account of

6 the taxable year which includes such last day

7 and by April 15 of the calendar year or such

8 earlier time as is provided by the plan adminis9 trator.’’

10 (3) Subsection (f) of section 219 is amended by

11 striking paragraph (7).

12 (4) Subparagraph (A) of section 72(o)(5) is

13 amended to read as follows:

14 ‘‘(A) DEDUCTIBLE EMPLOYEE CONTRIBU15 TIONS.—The term ‘deductible employee con16 tributions’ means any qualified voluntary em17 ployee contribution (as defined in section

18 219(e)(2))—

19 ‘‘(i) which is made—

20 ‘‘(I) after December 31, 1981, in

21 a taxable year beginning after such

22 date and for a taxable year beginning

23 before January 1, 1987, or
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1 ‘‘(II) after December 31, 1993,

2 in a taxable year beginning after such

3 date, and

4 ‘‘(ii) which is allowable as a deduction

5 under section 219(a) for such taxable

6 year.’’

7 (5) Section 408 is amended by striking sub8 section (o) and by redesignating subsection (p) as

9 subsection (o).

10 (6) Subsection (b) of section 4973 is amended

11 by striking the last sentence.

12 (7) Paragraph (5) of section 408(d) is amended

13 by striking the last sentence.

14 (8)(A) Section 6693 is amended by striking

15 subsection (b) and by redesignating subsection (c) as

16 subsection (b).

17 (B) The heading of section 6693 is amend18 ed by striking ‘‘; overstatement of designated

19 nondeductible contributions’’.

20 (C) The table of sections for part I of sub21 chapter B of chapter 68 is amended by striking

22 ‘‘; overstatement of designated nondeductible

23 contributions’’ in the item relating to section

24 6693.
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1 (d) EFFECTIVE DATE.—The amendments made by

2 this section shall apply to taxable years beginning after

3 December 31, 1993.

4 SEC. 302. INCREASE IN MAXIMUM IRA DEDUCTION; INFLA5 TION ADJUSTMENT OF MAXIMUM IRA DEDUC6 TION.

7 (a) INCREASE IN MAXIMUM IRA DEDUCTION.—

8 (1) IN GENERAL.—The following provisions of

9 the Internal Revenue Code of 1986 are each amend10 ed by striking ‘‘$2,000’’ and inserting ‘‘$4,000’’:

11 (A) Subsections (b)(1)(A) and (c)(2) of

12 section 219.

13 (B) Subsections (a)(1), (b), and (j) of sec14 tion 408.

15 (2) CONFORMING AMENDMENT.—Sections

16 219(c)(2) and 408(d)(5) are each amended by strik17 ing ‘‘$2,250’’ and inserting ‘‘$4,250’’.

18 (b) INFLATION ADJUSTMENT OF MAXIMUM IRA DE19 DUCTION.—Section 219 of such Code, as amended by sec20 tion 401, is amended by inserting after subsection (f) the

21 following new subsection:

22 ‘‘(g) INFLATION ADJUSTMENT OF MAXIMUM IRA

23 DEDUCTION.—

24 ‘‘(1) IN GENERAL.—In the case of any taxable

25 year beginning in a calendar year after 1994, each
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1 applicable dollar amount shall be increased by an

2 amount equal to—

3 ‘‘(A) such dollar amount, multiplied by

4 ‘‘(B) the cost-of-living adjustment under

5 section 1(f)(3) for the calendar year in which

6 the taxable year begins, determined by sub7 stituting ‘calendar year 1994’ for ‘calendar year

8 1989’ in subparagraph (B) thereof.

9 ‘‘(2) APPLICABLE DOLLAR AMOUNT.—For pur10 poses of paragraph (1), the term ‘applicable dollar

11 amount’ means—

12 ‘‘(A) the $4,000 amount in subsections

13 (b)(1)(A) and (c)(2) of this section and in sub14 sections (a)(1), (b), and (j) of section 408, and

15 ‘‘(B) the $4,250 amount in subsection

16 (c)(2) of this section and in section 408(d)(5).

17 ‘‘(3) ROUNDING.—If any amount as adjusted

18 under paragraph (1) is not a multiple of $50, such

19 amount shall be rounded to the nearest multiple of

20 $50 (or, if such amount is a multiple of $25 and not

21 of $50, such amount shall be rounded to the next

22 highest multiple of $50).

23 ‘‘(4) ADJUSTED MAXIMUM IRA DEDUCTION.—

24 The adjusted maximum IRA deduction for each year
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1 shall be the applicable dollar amount as increased

2 and rounded by this subsection.’’.

3 (c) EFFECTIVE DATE.—The amendments made by

4 this section shall apply to taxable years beginning after

5 December 31, 1993.

6 SEC. 303. HUMAN CAPITAL INVESTMENT ACCOUNTS.

7 (a) DISTRIBUTIONS FROM IRA’S MAY BE USED

8 WITHOUT PENALTY TO PURCHASE FIRST HOMES OR TO

9 PAY HIGHER EDUCATION OR FINANCIALLY DEVASTATING

10 MEDICAL EXPENSES.—Paragraph (2) of section 72(t) (re11 lating to exceptions to 10-percent additional tax on early

12 distributions from qualified retirement plans) is amended

13 by adding at the end thereof the following new subpara14 graph:

15 ‘‘(D) Distributions from individual retire16 ment plans for first home purchases or edu17 cational expenses.—

18 ‘‘(i) IN GENERAL.—Distributions to

19 an individual from an individual retirement

20 plan—

21 ‘‘(I) which are qualified first-time

22 homebuyer distributions (as defined in

23 paragraph (6)), or

24 ‘‘(II) to the extent such distribu25 tions do not exceed the qualified high-
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1 er education expenses (as defined in

2 paragraph (7)) of the taxpayer for the

3 taxable year.

4 ‘‘(ii) LIMITATION.—Notwithstanding

5 clause (i) and paragraph (3)(A), the tax

6 imposed by paragraph (1) shall apply to

7 distributions described in clause (i) or

8 paragraph (3)(A) from an individual retire9 ment plan to the extent that the aggregate

10 of such distributions exceed the sum of—

11 ‘‘(I) the aggregate contributions

12 to such plans for taxable years begin13 ning after December 31, 1993, taking

14 into account only contributions for a

15 taxable year to the extent such con16 tributions exceed the adjusted maxi17 mum IRA deduction (as defined by

18 section 219(g)) for that year, plus

19 ‘‘(II) the earnings on contribu20 tions taken into account under

21 subclause (I).’’.

22 (b) FINANCIALLY DEVASTATING MEDICAL EX23 PENSES.—Section 72(t)(3)(A) is amended by striking ‘‘,

24 (B),’’.
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1 (c) DEFINITIONS.—Section 72(t) is amended by add2 ing at the end thereof the following new paragraphs:

3 ‘‘(6) QUALIFIED FIRST-TIME HOMEBUYER DIS4 TRIBUTIONS.—For purposes of paragraph

5 (2)(D)(i)—

6 ‘‘(A) IN GENERAL.—The term ‘qualified

7 first-time homebuyer distribution’ means any

8 payment or distribution received by an individ9 ual to the extent such payment or distribution

10 is used by the individual before the close of the

11 sixtieth day after the day on which such pay12 ment or distribution is received to pay qualified

13 acquisition costs with respect to a principal res14 idence of a first-time homebuyer who is such in15 dividual or the child or grandchild of such indi16 vidual.

17 ‘‘(B) QUALIFIED ACQUISITION COSTS.—

18 For purposes of this paragraph, the term

19 ‘qualified acquisition costs’ means the costs of

20 acquiring, constructing, or reconstructing a res21 idence. Such term includes any usual or reason22 able settlement, financing, or other closing

23 costs.
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1 ‘‘(C) FIRST-TIME HOMEBUYER; OTHER

2 DEFINITIONS.—For purposes of this para3 graph—

4 ‘‘(i) FIRST-TIME HOMEBUYER.—The

5 term ‘first-time homebuyer’ means any in6 dividual if such individual (and if married,

7 such individual’s spouse) had no present

8 ownership interest in a principal residence

9 during the 2-year period ending on the

10 date of acquisition of the principal resi11 dence to which this paragraph applies.

12 ‘‘(ii) PRINCIPAL RESIDENCE.—The

13 term ‘principal residence’ has the same

14 meaning as when used in section 1034.

15 ‘‘(iii) Date of acquisition.—The term

16 ‘date of acquisition’ means the date—

17 ‘‘(I) on which a binding contract

18 to acquire the principal residence to

19 which subparagraph (A) applies is en20 tered into, or

21 ‘‘(II) on which construction or re22 construction of such a principal resi23 dence is commenced.

24 ‘‘(D) SPECIAL RULE WHERE DELAY IN AC25 QUISITION.—If—
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1 ‘‘(i) any amount is paid or distributed

2 from an individual retirement plan to an

3 individual for purposes of being used as

4 provided in subparagraph (A), and

5 ‘‘(ii) by reason of a delay in the acqui6 sition of the residence, the requirements of

7 subparagraph (A) cannot be met,

8 the amount so paid or distributed may be paid

9 into an individual retirement plan as provided

10 in section 408(d)(3)(A)(i) without regard to

11 section 408(d)(3)(B), and, if so paid into such

12 other plan, such amount shall not be taken into

13 account in determining whether section

14 408(d)(3)(A)(i) applies to any other amount.

15 ‘‘(7) QUALIFIED HIGHER EDUCATION EX16 PENSES.—For purposes of paragraph (2)(D)(i)—

17 ‘‘(A) IN GENERAL.—The term ‘qualified

18 higher education expenses’ means tuition, fees,

19 books, supplies, and equipment required for the

20 enrollment or attendance of—

21 ‘‘(i) the taxpayer,

22 ‘‘(ii) the taxpayer’s spouse, or

23 ‘‘(iii) the taxpayer’s child (as defined

24 in section 151(c)(3)) or grandchild,
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1 at an eligible educational institution (as defined

2 in section 135(c)(3)).

3 ‘‘(B) COORDINATION WITH SAVINGS BOND

4 PROVISIONS.—The amount of qualified higher

5 education expenses for any taxable year shall be

6 reduced by any amount excludable from gross

7 income under section 135.’’

8 (d) CONFORMING AMENDMENTS.—

9 (1) Section 401(k)(2)(B)(i) is amended by

10 striking ‘‘or’’ at the end of subclause (III), by strik11 ing ‘‘and’’ at the end of subclause (IV) and inserting

12 ‘‘or’’, and by inserting after subclause (IV) the fol13 lowing new subclause:

14 ‘‘(V) the date on which qualified

15 first-time homebuyer distributions (as

16 defined in section 72(t)(6)) or dis17 tributions for qualified higher edu18 cation expenses (as defined in section

19 72(t)(7)) are made, and’’.

20 (2) Section 403(b)(11) is amended by striking

21 ‘‘or’’ at the end of subparagraph (A), by striking the

22 period at the end of subparagraph (B) and inserting

23 ‘‘, or’’, and by inserting after subparagraph (B) the

24 following new subparagraph:
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1 ‘‘(C) for qualified first-time homebuyer dis2 tributions (as defined in section 72(t)(6)) or for

3 the payment of qualified higher education ex4 penses (as defined in section 72(t)(7)).’’

5 (e) EFFECTIVE DATE.—The amendments made by

6 this section shall apply to payments and distributions after

7 the date of the enactment of this Act.

8 TITLE IV—2 PERCENT CAP ON

9 INCREASES IN ALL FEDERAL

10 SPENDING THROUGH 1998

11 SEC. 401. CONCURRENT RESOLUTION ON THE BUDGET FOR

12 FISCAL YEAR 1994.

13 The Congress determines and declares that this reso14 lution is the concurrent resolution on the budget for fiscal

15 year 1994, including the appropriate budgetary levels for

16 fiscal years 1995, 1996, 1997, and 1998, as required by

17 section 301 of the Congressional Budget Act of 1974 (as

18 amended by the Budget Enforcement Act of 1990).

19 SEC. 402. RECOMMENDED LEVELS AND AMOUNTS.

20 The following budgetary levels are appropriate for the

21 fiscal years beginning on October 1, 1993, October 1,

22 1994, October 1, 1995, October 1, 1996, and October 1,

23 1997:

24 (1) The recommended levels of Federal reve25 nues are as follows:
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1 Fiscal year 1994: $1,214,400,000,000.

2 Fiscal year 1995: $1,289,800,000,000.

3 Fiscal year 1996: $1,355,300,000,000.

4 Fiscal year 1997: $1,412,700,000,000.

5 Fiscal year 1998: $1,480,500,000,000.

6 and the amounts by which the aggregate levels of

7 Federal revenues should be increased are as follows:

8 Fiscal year 1994: $0.

9 Fiscal year 1995: $0.

10 Fiscal year 1996: $0.

11 Fiscal year 1997: $0.

12 Fiscal year 1998: $0.

13 and the amounts for Federal Insurance Contribu14 tions Act revenues for hospital insurance within the

15 recommended levels of Federal revenues are as fol16 lows:

17 Fiscal year 1994: $87,500,000,000.

18 Fiscal year 1995: $92,700,000,000.

19 Fiscal year 1996: $97,800,000,000.

20 Fiscal year 1997: $102,300,000,000.

21 Fiscal year 1998: $106,800,000,000.

22 (2) The appropriate levels of total new budget

23 authority are as follows:

24 Fiscal year 1994: $1,489,000,000,000.

25 Fiscal year 1995: $1,521,400,000,000.
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1 Fiscal year 1996: $1,550,800,000,000.

2 Fiscal year 1997: $1,581,000,000,000.

3 Fiscal year 1998: $1,614,600,000,000.

4 (3) The appropriate levels of total budget out5 lays are as follows:

6 Fiscal year 1994: $1,464,100,000,000.

7 Fiscal year 1995: $1,498,100,000,000.

8 Fiscal year 1996: $1,511,600,000,000.

9 Fiscal year 1997: $1,532,900,000,000.

10 Fiscal year 1998: $1,571,700,000,000.

11 (4) The amounts of the deficits are as follows:

12 Fiscal year 1994: $249,700,000,000.

13 Fiscal year 1995: $208,300,000,000.

14 Fiscal year 1996: $156,200,000,000.

15 Fiscal year 1997: $120,300,000,000.

16 Fiscal year 1998: $91,300,000,000.

17 (5) The appropriate levels of the public debt are

18 as follows:

19 Fiscal year 1994: $4,711,000,000,000.

20 Fiscal year 1995: $5,026,000,000,000.

21 Fiscal year 1996: $5,295,000,000,000.

22 Fiscal year 1997: $5,528,000,000,000.

23 Fiscal year 1998: $5,729,000,000,000.

24 (6) The appropriate levels of total Federal

25 credit activity for the fiscal years beginning on Octo-
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1 ber 1, 1993, October 1, 1994, October 1, 1995, Oc2 tober 1, 1996, and October 1, 1997, are as follows:

3 Fiscal year 1994:

4 (A) New direct loan obligations,

5 $19,920,000,000.

6 (B) New primary loan guarantee com7 mitments, $218,700,000,000.

8 Fiscal year 1995:

9 (A) New direct loan obligations,

10 $10,800,000,000.

11 (B) New primary loan guarantee com12 mitments, $49,200,000,000.

13 Fiscal year 1996:

14 (A) New direct loan obligations,

15 $11,200,000,000.

16 (B) New primary loan guarantee com17 mitments, $50,900,000,000.

18 Fiscal year 1997:

19 (A) New direct loan obligations,

20 $10,900,000,000.

21 (B) New primary loan guarantee com22 mitments, $52,900,000,000.

23 Fiscal year 1998:

24 (A) New direct loan obligations,

25 $10,900,000,000.
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1 (B) New primary loan guarantee com2 mitments, $53,800,000,000.

3 SEC. 403. MAJOR FUNCTIONAL CATEGORIES.

4 The Congress determines and declares that the ap5 propriate levels of new budget authority, budget outlays,

6 new direct loan obligations, new primary loan guarantee

7 commitments, and new secondary loan guarantee commit8 ments for fiscal years 1994 through 1998 for each major

9 functional category are:

10 (1) National Defense (050):

11 Fiscal year 1994:

12 (A) New budget authority,

13 $282,500,000,000.

14 (B) Outlays, $279,000,000,000.

15 (C) New direct loan obligations, $0.

16 (D) New primary loan guarantee com17 mitments, $0.

18 (E) New secondary loan guarantee

19 commitments, $0.

20 Fiscal year 1995:

21 (A) New budget authority,

22 $284,700,000,000.

23 (B) Outlays, $280,000,000,000.

24 (C) New direct loan obligations, $0.
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1 (D) New primary loan guarantee com2 mitments, $0.

3 (E) New secondary loan guarantee

4 commitments, $0.

5 Fiscal year 1996:

6 (A) New budget authority,

7 $286,600,000,000.

8 (B) Outlays, $284,000,000,000.

9 (C) New direct loan obligations, $0.

10 (D) New primary loan guarantee com11 mitments, $0.

12 (E) New secondary loan guarantee

13 commitments, $0.

14 Fiscal year 1997:

15 (A) New budget authority,

16 $291,000,000,000.

17 (B) Outlays, $288,000,000,000.

18 (C) New direct loan obligations, $0.

19 (D) New primary loan guarantee com20 mitments, $0.

21 (E) New secondary loan guarantee

22 commitments, $0.

23 Fiscal year 1998:

24 (A) New budget authority,

25 $296,700,000,000.
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1 (B) Outlays, $291,000,000,000.

2 (C) New direct loan obligations, $0.

3 (D) New primary loan guarantee com4 mitments, $0.

5 (E) New secondary loan guarantee

6 commitments, $0.

7 (2) International Affairs (150):

8 Fiscal year 1994:

9 (A) New budget authority,

10 $19,900,000,000.

11 (B) Outlays, $19,000,000,000.

12 (C) New direct loan obligations,

13 $2,800,000,000.

14 (D) New primary loan guarantee com15 mitments, $16,900,000,000.

16 (E) New secondary loan guarantee

17 commitments, $0.

18 Fiscal year 1995:

19 (A) New budget authority,

20 $20,100,000,000.

21 (B) Outlays, $18,900,000,000.

22 (C) New direct loan obligations, $0.

23 (D) New primary loan guarantee com24 mitments, $0.
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1 (E) New secondary loan guarantee

2 commitments, $0.

3 Fiscal year 1996:

4 (A) New budget authority,

5 $20,200,000,000.

6 (B) Outlays, $18,900,000,000.

7 (C) New direct loan obligations, $0.

8 (D) New primary loan guarantee com9 mitments, $0.

10 (E) New secondary loan guarantee

11 commitments, $0.

12 Fiscal year 1997:

13 (A) New budget authority,

14 $20,500,000,000.

15 (B) Outlays, $19,200,000,000.

16 (C) New direct loan obligations, $0.

17 (D) New primary loan guarantee com18 mitments, $0.

19 (E) New secondary loan guarantee

20 commitments, $0.

21 Fiscal year 1998:

22 (A) New budget authority,

23 $20,900,000,000.

24 (B) Outlays, $19,600,000,000.

25 (C) New direct loan obligations, $0.
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1 (D) New primary loan guarantee com2 mitments, $0.

3 (E) New secondary loan guarantee

4 commitments, $0.

5 (3) General Science, Space, and Technology

6 (250):

7 Fiscal year 1994:

8 (A) New budget authority,

9 $17,600,000,000.

10 (B) Outlays, $17,400,000,000.

11 (C) New direct loan obligations, $0.

12 (D) New primary loan guarantee com13 mitments, $0.

14 (E) New secondary loan guarantee

15 commitments, $0.

16 Fiscal year 1995:

17 (A) New budget authority,

18 $17,900,000,000.

19 (B) Outlays, $17,800,000,000.

20 (C) New direct loan obligations, $0.

21 (D) New primary loan guarantee com22 mitments, $0.

23 (E) New secondary loan guarantee

24 commitments, $0.

25 Fiscal year 1996:
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1 (A) New budget authority,

2 $18,300,000,000.

3 (B) Outlays, $18,100,000,000.

4 (C) New direct loan obligations, $0.

5 (D) New primary loan guarantee com6 mitments, $0.

7 (E) New secondary loan guarantee

8 commitments, $0.

9 Fiscal year 1997:

10 (A) New budget authority,

11 $18,700,000,000.

12 (B) Outlays, $18,400,000,000.

13 (C) New direct loan obligations, $0.

14 (D) New primary loan guarantee com15 mitments, $0.

16 (E) New secondary loan guarantee

17 commitments, $0.

18 Fiscal year 1998:

19 (A) New budget authority,

20 $19,000,000,000.

21 (B) Outlays, $18,800,000,000.

22 (C) New direct loan obligations, $0.

23 (D) New primary loan guarantee com24 mitments, $0.
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1 (E) New secondary loan guarantee

2 commitments, $0.

3 (4) Energy (270):

4 Fiscal year 1994:

5 (A) New budget authority,

6 $5,200,000,000.

7 (B) Outlays, $4,000,000,000.

8 (C) New direct loan obligations, $0.

9 (D) New primary loan guarantee com10 mitments, $0.

11 (E) New secondary loan guarantee

12 commitments, $0.

13 Fiscal year 1995:

14 (A) New budget authority,

15 $5,300,000,000.

16 (B) Outlays, $3,800,000,000.

17 (C) New direct loan obligations, $0.

18 (D) New primary loan guarantee com19 mitments, $0.

20 (E) New secondary loan guarantee

21 commitments, $0.

22 Fiscal year 1996:

23 (A) New budget authority,

24 $5,400,000,000.

25 (B) Outlays, $4,200,000,000.
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1 (C) New direct loan obligations, $0.

2 (D) New primary loan guarantee com3 mitments, $0.

4 (E) New secondary loan guarantee

5 commitments, $0.

6 Fiscal year 1997:

7 (A) New budget authority,

8 $5,500,000,000.

9 (B) Outlays, $4,200,000,000.

10 (C) New direct loan obligations, $0.

11 (D) New primary loan guarantee com12 mitments, $0.

13 (E) New secondary loan guarantee

14 commitments, $0.

15 Fiscal year 1998:

16 (A) New budget authority,

17 $5,500,000,000.

18 (B) Outlays, $4,100,000,000.

19 (C) New direct loan obligations, $0.

20 (D) New primary loan guarantee com21 mitments, $0.

22 (E) New secondary loan guarantee

23 commitments, $0.

24 (5) Natural Resources and Environment (300):

25 Fiscal year 1994:
52

HR 1885 IH

1 (A) New budget authority,

2 $21,800,000,000.

3 (B) Outlays, $21,100,000,000.

4 (C) New direct loan obligations, $0.

5 (D) New primary loan guarantee com6 mitments, $0.

7 (E) New secondary loan guarantee

8 commitments, $0.

9 Fiscal year 1995:

10 (A) New budget authority,

11 $22,200,000,000.

12 (B) Outlays, $21,300,000,000.

13 (C) New direct loan obligations, $0.

14 (D) New primary loan guarantee com15 mitments, $0.

16 (E) New secondary loan guarantee

17 commitments, $0.

18 Fiscal year 1996:

19 (A) New budget authority,

20 $22,700,000,000.

21 (B) Outlays, $22,300,000,000.

22 (C) New direct loan obligations, $0.

23 (D) New primary loan guarantee com24 mitments, $0.
53

HR 1885 IH

1 (E) New secondary loan guarantee

2 commitments, $0.

3 Fiscal year 1997:

4 (A) New budget authority,

5 $23,100,000,000.

6 (B) Outlays, $22,500,000,000.

7 (C) New direct loan obligations, $0.

8 (D) New primary loan guarantee com9 mitments, $0.

10 (E) New secondary loan guarantee

11 commitments, $0.

12 Fiscal year 1998:

13 (A) New budget authority,

14 $23,600,000,000.

15 (B) Outlays, $22,900,000,000.

16 (C) New direct loan obligations, $0.

17 (D) New primary loan guarantee com18 mitments, $0.

19 (E) New secondary loan guarantee

20 commitments, $0.

21 (6) Agriculture (350):

22 Fiscal year 1994:

23 (A) New budget authority,

24 $15,600,000,000.

25 (B) Outlays, $14,700,000,000.
54

HR 1885 IH

1 (C) New direct loan obligations,

2 $9,400,000,000.

3 (D) New primary loan guarantee com4 mitments, $6,600,000,000.

5 (E) New secondary loan guarantee

6 commitments, $0.

7 Fiscal year 1995:

8 (A) New budget authority,

9 $14,300,000,000.

10 (B) Outlays, $12,900,000,000.

11 (C) New direct loan obligations,

12 $7,500,000,000.

13 (D) New primary loan guarantee com14 mitments, $5,000,000,000.

15 (E) New secondary loan guarantee

16 commitments, $0.

17 Fiscal year 1996:

18 (A) New budget authority,

19 $13,900,000,000.

20 (B) Outlays, $11,900,000,000.

21 (C) New direct loan obligations,

22 $7,800,000,000.

23 (D) New primary loan guarantee com24 mitments, $5,000,000,000.
55

HR 1885 IH

1 (E) New secondary loan guarantee

2 commitments, $0.

3 Fiscal year 1997:

4 (A) New budget authority,

5 $14,200,000,000.

6 (B) Outlays, $12,300,000,000.

7 (C) New direct loan obligations,

8 $7,400,000,000.

9 (D) New primary loan guarantee com10 mitments, $5,000,000,000.

11 (E) New secondary loan guarantee

12 commitments, $0.

13 Fiscal year 1998:

14 (A) New budget authority,

15 $14,400,000,000.

16 (B) Outlays, $12,800,000,000.

17 (C) New direct loan obligations,

18 $7,400,000,000.

19 (D) New primary loan guarantee com20 mitments, $5,000,000,000.

21 (E) New secondary loan guarantee

22 commitments, $0.

23 (7) Commerce and Housing Credit (370):

24 Fiscal year 1994:
56

HR 1885 IH

1 (A) New budget authority,

2 $20,800,000,000.

3 (B) Outlays, $11,000,000,000.

4 (C) New direct loan obligations,

5 $2,300,000,000.

6 (D) New primary loan guarantee com7 mitments, $145,800,000,000.

8 (E) New secondary loan guarantee

9 commitments, $0.

10 Fiscal year 1995:

11 (A) New budget authority,

12 $17,700,000,000.

13 (B) Outlays, $13,600,000,000.

14 (C) New direct loan obligations, $0.

15 (D) New primary loan guarantee com16 mitments, $0.

17 (E) New secondary loan guarantee

18 commitments, $0.

19 Fiscal year 1996:

20 (A) New budget authority,

21 $14,000,000,000.

22 (B) Outlays, $1,500,000,000.

23 (C) New direct loan obligations, $0.

24 (D) New primary loan guarantee com25 mitments, $0.
57

HR 1885 IH

1 (E) New secondary loan guarantee

2 commitments, $0.

3 Fiscal year 1997:

4 (A) New budget authority,

5 $10,400,000,000.

6 (B) Outlays, ¥$11,200,000,000.

7 (C) New direct loan obligations, $0.

8 (D) New primary loan guarantee com9 mitments, $0.

10 (E) New secondary loan guarantee

11 commitments, $0.

12 Fiscal year 1998:

13 (A) New budget authority,

14 $10,600,000,000.

15 (B) Outlays, ¥$6,100,000,000.

16 (C) New direct loan obligations, $0.

17 (D) New primary loan guarantee com18 mitments, $0.

19 (E) New secondary loan guarantee

20 commitments, $0.

21 (8) Transportation (400):

22 Fiscal year 1994:

23 (A) New budget authority,

24 $40,800,000,000.

25 (B) Outlays, $36,700,000,000.
58

HR 1885 IH

1 (C) New direct loan obligations, $0.

2 (D) New primary loan guarantee com3 mitments, $0.

4 (E) New secondary loan guarantee

5 commitments, $0.

6 Fiscal year 1995:

7 (A) New budget authority,

8 $41,100,000,000.

9 (B) Outlays, $37,300,000,000.

10 (C) New direct loan obligations, $0.

11 (D) New primary loan guarantee com12 mitments, $0.

13 (E) New secondary loan guarantee

14 commitments, $0.

15 Fiscal year 1996:

16 (A) New budget authority,

17 $42,000,000,000.

18 (B) Outlays, $38,700,000,000.

19 (C) New direct loan obligations, $0.

20 (D) New primary loan guarantee com21 mitments, $0.

22 (E) New secondary loan guarantee

23 commitments, $0.

24 Fiscal year 1997:
59

HR 1885 IH

1 (A) New budget authority,

2 $42,800,000,000.

3 (B) Outlays, $38,300,000,000.

4 (C) New direct loan obligations, $0.

5 (D) New primary loan guarantee com6 mitments, $0.

7 (E) New secondary loan guarantee

8 commitments, $0.

9 Fiscal year 1998:

10 (A) New budget authority,

11 $43,700,000,000.

12 (B) Outlays, $39,100,000,000.

13 (C) New direct loan obligations, $0.

14 (D) New primary loan guarantee com15 mitments, $0.

16 (E) New secondary loan guarantee

17 commitments, $0.

18 (9) Community and Regional Development

19 (450):

20 Fiscal year 1994:

21 (A) New budget authority,

22 $8,700,000,000.

23 (B) Outlays, $8,700,000,000.

24 (C) New direct loan obligations,

25 $1,900,000,000.
60

HR 1885 IH

1 (D) New primary loan guarantee com2 mitments, $2,300,000,000.

3 (E) New secondary loan guarantee

4 commitments, $0.

5 Fiscal year 1995:

6 (A) New budget authority,

7 $8,700,000,000.

8 (B) Outlays, $8,500,000,000.

9 (C) New direct loan obligations, $0.

10 (D) New primary loan guarantee com11 mitments, $0.

12 (E) New secondary loan guarantee

13 commitments, $0.

14 Fiscal year 1996:

15 (A) New budget authority,

16 $8,900,000,000.

17 (B) Outlays, $8,300,000,000.

18 (C) New direct loan obligations, $0.

19 (D) New primary loan guarantee com20 mitments, $0.

21 (E) New secondary loan guarantee

22 commitments, $0.

23 Fiscal year 1997:

24 (A) New budget authority,

25 $9,000,000,000.
61

HR 1885 IH

1 (B) Outlays, $8,500,000,000.

2 (C) New direct loan obligations, $0.

3 (D) New primary loan guarantee com4 mitments, $0.

5 (E) New secondary loan guarantee

6 commitments, $0.

7 Fiscal year 1998:

8 (A) New budget authority,

9 $9,200,000,000.

10 (B) Outlays, $8,700,000,000.

11 (C) New direct loan obligations, $0.

12 (D) New primary loan guarantee com13 mitments, $0.

14 (E) New secondary loan guarantee

15 commitments, $0.

16 (10) Education, Training, Employment, and

17 Social Services (500):

18 Fiscal year 1994:

19 (A) New budget authority,

20 $52,500,000,000.

21 (B) Outlays, $50,900,000,000.

22 (C) New direct loan obligations, $0.

23 (D) New primary loan guarantee com24 mitments, $21,700,000,000.
62

HR 1885 IH

1 (E) New secondary loan guarantee

2 commitments, $0.

3 Fiscal year 1995:

4 (A) New budget authority,

5 $52,900,000,000.

6 (B) Outlays, $51,000,000,000.

7 (C) New direct loan obligations, $0.

8 (D) New primary loan guarantee com9 mitments, $22,200,000,000.

10 (E) New secondary loan guarantee

11 commitments, $0.

12 Fiscal year 1996:

13 (A) New budget authority,

14 $53,600,000,000.

15 (B) Outlays, $47,500,000,000.

16 (C) New direct loan obligations, $0.

17 (D) New primary loan guarantee com18 mitments, $22,600,000.

19 (E) New secondary loan guarantee

20 commitments, $0.

21 Fiscal year 1997:

22 (A) New budget authority,

23 $54,600,000,000.

24 (B) Outlays, $52,500,000,000.

25 (C) New direct loan obligations, $0.
63

HR 1885 IH

1 (D) New primary loan guarantee com2 mitments, $23,100,000,000.

3 (E) New secondary loan guarantee

4 commitments, $0.

5 Fiscal year 1998:

6 (A) New budget authority,

7 $55,700,000,000.

8 (B) Outlays, $54,000,000,000.

9 (C) New direct loan obligations, $0.

10 (D) New primary loan guarantee com11 mitments, $23,500,000,000.

12 (E) New secondary loan guarantee

13 commitments, $0.

14 (11) Health (550):

15 Fiscal year 1994:

16 (A) New budget authority,

17 $107,900,000,000.

18 (B) Outlays, $107,400,000,000.

19 (C) New direct loan obligations, $0.

20 (D) New primary loan guarantee com21 mitments, $0.

22 (E) New secondary loan guarantee

23 commitments, $0.

24 Fiscal year 1995:
64

HR 1885 IH

1 (A) New budget authority,

2 $110,100,000,000.

3 (B) Outlays, $109,600,000,000.

4 (C) New direct loan obligations, $0.

5 (D) New primary loan guarantee com6 mitments, $0.

7 (E) New secondary loan guarantee

8 commitments, $0.

9 Fiscal year 1996:

10 (A) New budget authority,

11 $112,300,000,000.

12 (B) Outlays, $111,700,000,000.

13 (C) New direct loan obligations, $0.

14 (D) New primary loan guarantee com15 mitments, $0.

16 (E) New secondary loan guarantee

17 commitments, $0.

18 Fiscal year 1997:

19 (A) New budget authority,

20 $114,500,000,000.

21 (B) Outlays, $113,800,000,000.

22 (C) New direct loan obligations, $0.

23 (D) New primary loan guarantee com24 mitments, $0.
65

HR 1885 IH

1 (E) New secondary loan guarantee

2 commitments, $0.

3 Fiscal year 1998:

4 (A) New budget authority,

5 $116,800,000.

6 (B) Outlays, $116,000,000,000.

7 (C) New direct loan obligations, $0.

8 (D) New primary loan guarantee com9 mitments, $0.

10 (E) New secondary loan guarantee

11 commitments, $0.

12 (12) Medicare (570):

13 Fiscal year 1994:

14 (A) New budget authority,

15 $138,100,000,000.

16 (B) Outlays, $136,200,000,000.

17 (C) New direct loan obligations, $0.

18 (D) New primary loan guarantee com19 mitments, $0.

20 (E) New secondary loan guarantee

21 commitments, $0.

22 Fiscal year 1995:

23 (A) New budget authority,

24 $140,900,000,000.

25 (B) Outlays, $136,900,000,000.
66

HR 1885 IH

1 (C) New direct loan obligations, $0.

2 (D) New primary loan guarantee com3 mitments, $0.

4 (E) New secondary loan guarantee

5 commitments, $0.

6 Fiscal year 1996:

7 (A) New budget authority,

8 $143,700,000,000.

9 (B) Outlays, $142,100,000,000.

10 (C) New direct loan obligations, $0.

11 (D) New primary loan guarantee com12 mitments, $0.

13 (E) New secondary loan guarantee

14 commitments, $0.

15 Fiscal year 1997:

16 (A) New budget authority,

17 $146,600,000,000.

18 (B) Outlays, $145,400,000,000.

19 (C) New direct loan obligations, $0.

20 (D) New primary loan guarantee com21 mitments, $0.

22 (E) New secondary loan guarantee

23 commitments, $0.

24 Fiscal year 1998:
67

HR 1885 IH

1 (A) New budget authority,

2 $149,500,000,000.

3 (B) Outlays, $148,300,000,000.

4 (C) New direct loan obligations, $0.

5 (D) New primary loan guarantee com6 mitments, $0.

7 (E) New secondary loan guarantee

8 commitments, $0.

9 (13) Income Security (600):

10 Fiscal year 1994:

11 (A) New budget authority,

12 $210,000,000,000.

13 (B) Outlays, $210,400,000,000.

14 (C) New direct loan obligations, $0.

15 (D) New primary loan guarantee com16 mitments, $0.

17 (E) New secondary loan guarantee

18 commitments, $0.

19 Fiscal year 1995:

20 (A) New budget authority,

21 $214,200,000,000.

22 (B) Outlays, $215,600,000,000.

23 (C) New direct loan obligations, $0.

24 (D) New primary loan guarantee com25 mitments, $0.
68

HR 1885 IH

1 (E) New secondary loan guarantee

2 commitments, $0.

3 Fiscal year 1996:

4 (A) New budget authority,

5 $218,400,000,000.

6 (B) Outlays, $213,800,000,000.

7 (C) New direct loan obligations, $0.

8 (D) New primary loan guarantee com9 mitments, $0.

10 (E) New secondary loan guarantee

11 commitments, $0.

12 Fiscal year 1997:

13 (A) New budget authority,

14 $222,800,000,000.

15 (B) Outlays, $215,300,000,000.

16 (C) New direct loan obligations, $0.

17 (D) New primary loan guarantee com18 mitments, $0.

19 (E) New secondary loan guarantee

20 commitments, $0.

21 Fiscal year 1998:

22 (A) New budget authority,

23 $227,300,000,000.

24 (B) Outlays, $222,800,000,000.

25 (C) New direct loan obligations, $0.
69

HR 1885 IH

1 (D) New primary loan guarantee com2 mitments, $0.

3 (E) New secondary loan guarantee

4 commitments, $0.

5 (14) Social Security (650):

6 Fiscal year 1994:

7 (A) New budget authority,

8 $312,400,000,000.

9 (B) Outlays, $311,100,000,000.

10 (C) New direct loan obligations, $0.

11 (D) New primary loan guarantee com12 mitments, $0.

13 (E) New secondary loan guarantee

14 commitments, $0.

15 Fiscal year 1995:

16 (A) New budget authority,

17 $318,700,000,000.

18 (B) Outlays, $317,400,000,000.

19 (C) New direct loan obligations, $0.

20 (D) New primary loan guarantee com21 mitments, $0.

22 (E) New secondary loan guarantee

23 commitments, $0.

24 Fiscal year 1996:
70

HR 1885 IH

1 (A) New budget authority,

2 $325,100,000,000.

3 (B) Outlays, $323,700,000,000.

4 (C) New direct loan obligations, $0.

5 (D) New primary loan guarantee com6 mitments, $0.

7 (E) New secondary loan guarantee

8 commitments, $0.

9 Fiscal year 1997:

10 (A) New budget authority,

11 $331,600,000,000.

12 (B) Outlays, $330,200,000,000.

13 (C) New direct loan obligations, $0.

14 (D) New primary loan guarantee com15 mitments, $0.

16 (E) New secondary loan guarantee

17 commitments, $0.

18 Fiscal year 1998:

19 (A) New budget authority,

20 $338,200,000,000.

21 (B) Outlays, $336,900,000,000.

22 (C) New direct loan obligations, $0.

23 (D) New primary loan guarantee com24 mitments, $0.
71

HR 1885 IH

1 (E) New secondary loan guarantee

2 commitments, $0.

3 (15) Veterans Benefits and Services (700):

4 Fiscal year 1994:

5 (A) New budget authority,

6 $35,000,000,000.

7 (B) Outlays, $36,400,000,000.

8 (C) New direct loan obligations, $0.

9 (D) New primary loan guarantee com10 mitments, $0.

11 (E) New secondary loan guarantee

12 commitments, $0.

13 Fiscal year 1995:

14 (A) New budget authority,

15 $35,700,000,000.

16 (B) Outlays, $35,600,000,000.

17 (C) New direct loan obligations, $0.

18 (D) New primary loan guarantee com19 mitments, $0.

20 (E) New secondary loan guarantee

21 commitments, $0.

22 Fiscal year 1996:

23 (A) New budget authority,

24 $36,400,000,000.

25 (B) Outlays, $34,900,000,000.
72

HR 1885 IH

1 (C) New direct loan obligations, $0.

2 (D) New primary loan guarantee com3 mitments, $0.

4 (E) New secondary loan guarantee

5 commitments, $0.

6 Fiscal year 1997:

7 (A) New budget authority,

8 $37,200,000,000.

9 (B) Outlays, $37,100,000,000.

10 (C) New direct loan obligations, $0.

11 (D) New primary loan guarantee com12 mitments, $0.

13 (E) New secondary loan guarantee

14 commitments, $0.

15 Fiscal year 1998:

16 (A) New budget authority,

17 $37,900,000,000.

18 (B) Outlays, $37,800,000,000.

19 (C) New direct loan obligations, $0.

20 (D) New primary loan guarantee com21 mitments, $0.

22 (E) New secondary loan guarantee

23 commitments, $0.

24 (16) Administration of Justice (750):

25 Fiscal year 1994:
73

HR 1885 IH

1 (A) New budget authority,

2 $15,200,000,000.

3 (B) Outlays, $15,300,000,000.

4 (C) New direct loan obligations, $0.

5 (D) New primary loan guarantee com6 mitments, $0.

7 (E) New secondary loan guarantee

8 commitments, $0.

9 Fiscal year 1995:

10 (A) New budget authority,

11 $15,500,000,000.

12 (B) Outlays, $15,700,000,000.

13 (C) New direct loan obligations, $0.

14 (D) New primary loan guarantee com15 mitments, $0.

16 (E) New secondary loan guarantee

17 commitments, $0.

18 Fiscal year 1996:

19 (A) New budget authority,

20 $15,900,000,000.

21 (B) Outlays, $15,900,000,000.

22 (C) New direct loan obligations, $0.

23 (D) New primary loan guarantee com24 mitments, $0.
74

HR 1885 IH

1 (E) New secondary loan guarantee

2 commitments, $0.

3 Fiscal year 1997:

4 (A) New budget authority,

5 $16,200,000,000.

6 (B) Outlays, $16,100,000,000.

7 (C) New direct loan obligations, $0.

8 (D) New primary loan guarantee com9 mitments, $0.

10 (E) New secondary loan guarantee

11 commitments, $0.

12 Fiscal year 1998:

13 (A) New budget authority,

14 $16,500,000,000.

15 (B) Outlays, $16,300,000,000.

16 (C) New direct loan obligations, $0.

17 (D) New primary loan guarantee com18 mitments, $0.

19 (E) New secondary loan guarantee

20 commitments, $0.

21 (17) General Government (800):

22 Fiscal year 1994:

23 (A) New budget authority,

24 $13,600,000,000.

25 (B) Outlays, $13,700,000,000.
75

HR 1885 IH

1 (C) New direct loan obligations, $0.

2 (D) New primary loan guarantee com3 mitments, $0.

4 (E) New secondary loan guarantee

5 commitments, $0.

6 Fiscal year 1995:

7 (A) New budget authority,

8 $13,900,000,000.

9 (B) Outlays, $14,900,000,000.

10 (C) New direct loan obligations, $0.

11 (D) New primary loan guarantee com12 mitments, $0.

13 (E) New secondary loan guarantee

14 commitments, $0.

15 Fiscal year 1996:

16 (A) New budget authority,

17 $14,200,000,000.

18 (B) Outlays, $14,400,000,000.

19 (C) New direct loan obligations, $0.

20 (D) New primary loan guarantee com21 mitments, $0.

22 (E) New secondary loan guarantee

23 commitments, $0.

24 Fiscal year 1997:
76

HR 1885 IH

1 (A) New budget authority,

2 $14,500,000,000.

3 (B) Outlays, $14,400,000,000.

4 (C) New direct loan obligations, $0.

5 (D) New primary loan guarantee com6 mitments, $0.

7 (E) New secondary loan guarantee

8 commitments, $0.

9 Fiscal year 1998:

10 (A) New budget authority,

11 $14,800,000,000.

12 (B) Outlays, $14,600,000,000.

13 (C) New direct loan obligations, $0.

14 (D) New primary loan guarantee com15 mitments, $0.

16 (E) New secondary loan guarantee

17 commitments, $0.

18 (18) Net Interest (900):

19 Fiscal year 1994:

20 (A) New budget authority,

21 $209,600,000,000.

22 (B) Outlays, $209,600,000,000.

23 (C) New direct loan obligations, $0.

24 (D) New primary loan guarantee com25 mitments, $0.
77

HR 1885 IH

1 (E) New secondary loan guarantee

2 commitments, $0.

3 Fiscal year 1995:

4 (A) New budget authority,

5 $226,600,000,000.

6 (B) Outlays, $226,600,000,000.

7 (C) New direct loan obligations, $0.

8 (D) New primary loan guarantee com9 mitments, $0.

10 (E) New secondary loan guarantee

11 commitments, $0.

12 Fiscal year 1996:

13 (A) New budget authority,

14 $239,900,000,000.

15 (B) Outlays, $239,900,000,000.

16 (C) New direct loan obligations, $0.

17 (D) New primary loan guarantee com18 mitments, $0.

19 (E) New secondary loan guarantee

20 commitments, $0.

21 Fiscal year 1997:

22 (A) New budget authority,

23 $249,800,000,000.

24 (B) Outlays, $249,800,000,000.

25 (C) New direct loan obligations, $0.
78

HR 1885 IH

1 (D) New primary loan guarantee com2 mitments, $0.

3 (E) New secondary loan guarantee

4 commitments, $0.

5 Fiscal year 1998:

6 (A) New budget authority,

7 $257,800,000,000.

8 (B) Outlays, $257,800,000,000.

9 (C) New direct loan obligations, $0.

10 (D) New primary loan guarantee com11 mitments, $0.

12 (E) New secondary loan guarantee

13 commitments, $0.

14 (19) Allowances (920):

15 Fiscal year 1994:

16 (A) New budget authority, $0.

17 (B) Outlays, $0.

18 (C) New direct loan obligations, $0.

19 (D) New primary loan guarantee com20 mitments, $0.

21 (E) New secondary loan guarantee

22 commitments, $0.

23 Fiscal year 1995:

24 (A) New budget authority, $0.

25 (B) Outlays, $0.
79

HR 1885 IH

1 (C) New direct loan obligations, $0.

2 (D) New primary loan guarantee com3 mitments, $0.

4 (E) New secondary loan guarantee

5 commitments, $0.

6 Fiscal year 1996:

7 (A) New budget authority, $0.

8 (B) Outlays, $0.

9 (C) New direct loan obligations, $0.

10 (D) New primary loan guarantee com11 mitments, $0.

12 (E) New secondary loan guarantee

13 commitments, $0.

14 Fiscal year 1997:

15 (A) New budget authority, $0.

16 (B) Outlays, $0.

17 (C) New direct loan obligations, $0.

18 (D) New primary loan guarantee com19 mitments, $0.

20 (E) New secondary loan guarantee

21 commitments, $0.

22 Fiscal year 1998:

23 (A) New budget authority, $0.

24 (B) Outlays, $0.

25 (C) New direct loan obligations, $0.
80

HR 1885 IH

1 (D) New primary loan guarantee com2 mitments, $0.

3 (E) New secondary loan guarantee

4 commitments, $0.

5 (20) Undistributed Offsetting Receipts (950):

6 Fiscal year 1994:

7 (A) New budget authority,

8 ¥$38,500,000,000.

9 (B) Outlays, ¥$38,500,000,000.

10 (C) New direct loan obligations, $0.

11 (D) New primary loan guarantee com12 mitments, $0.

13 (E) New secondary loan guarantee

14 commitments, $0.

15 Fiscal year 1995:

16 (A) New budget authority,

17 ¥$39,300,000,000.

18 (B) Outlays, ¥$39,300,000,000.

19 (C) New direct loan obligations, $0.

20 (D) New primary loan guarantee com21 mitments, $0.

22 (E) New secondary loan guarantee

23 commitments, $0.

24 Fiscal year 1996:
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1 (A) New budget authority,

2 ¥$40,400,000,000.

3 (B) Outlays, ¥$40,400,000,000.

4 (C) New direct loan obligations, $0.

5 (D) New primary loan guarantee com6 mitments, $0.

7 (E) New secondary loan guarantee

8 commitments, $0.

9 Fiscal year 1997:

10 (A) New budget authority,

11 ¥$41,900,000,000.

12 (B) Outlays, ¥$41,900,000,000.

13 (C) New direct loan obligations, $0.

14 (D) New primary loan guarantee com15 mitments, $0.

16 (E) New secondary loan guarantee

17 commitments, $0.

18 Fiscal year 1998:

19 (A) New budget authority,

20 ¥$43,500,000,000.

21 (B) Outlays, ¥$43,500,000,000.

22 (C) New direct loan obligations, $0.

23 (D) New primary loan guarantee com24 mitments, $0.
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1 (E) New secondary loan guarantee

2 commitments, $0.

3 SEC. 404. RECONCILIATION.

4 (a) IN GENERAL.—Not later than May 14, 1993, the

5 House committees named in subsections (b) through (r)

6 of this section shall submit their recommendations to the

7 Committee on the Budget of the House. After receiving

8 those recommendations, the Committee on the Budget

9 shall report to the House a reconciliation bill or resolution

10 or both carrying out all such recommendations without

11 any substantive revision.

12 (b) The House Committee on Agriculture shall report

13 (1) changes in laws within its jurisdiction which provide

14 spending authority as defined in section 401(c)(2)(C) of

15 the Congressional Budget Act of 1974, sufficient to reduce

16 outlays, (2) changes in laws within its jurisdiction which

17 provide spending authority other than as defined in sec18 tion 401(c)(2)(C) of the Act, sufficient to reduce outlays,

19 or (3) any combination thereof, as follows: $0 in outlays

20 in fiscal year 1994, $0 in outlays in fiscal year 1995, $0

21 in outlays in fiscal year 1996, $0 in outlays in fiscal year

22 1997, and $0 in outlays in fiscal year 1998.

23 (b) The House Committee on Armed Services shall

24 report (1) changes in laws within its jurisdiction which

25 provide spending authority as defined in section
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1 401(c)(2)(C) of the Congressional Budget Act of 1974,

2 sufficient to reduce outlays, (2) changes in laws within its

3 jurisdiction which provide spending authority other than

4 as defined in section 401(c)(2)(C) of the Act, sufficient

5 to reduce outlays, or (3) any combination thereof, as fol6 lows: $823,000,000 in outlays in fiscal year 1994,

7 $1,205,000,000 in outlays in fiscal year 1995,

8 $1,656,000,000 in outlays in fiscal year 1996,

9 $2,172,000,000 in outlays in fiscal year 1997, and

10 $2,651,000,000 in outlays in fiscal year 1998.

11 (c) The House Committee on Banking, Finance and

12 Urban Affairs shall report (1) changes in laws within its

13 jurisdiction which provide spending authority as defined

14 in section 401(c)(2)(C) of the Congressional Budget Act

15 of 1974, sufficient to reduce outlays, (2) changes in laws

16 within its jurisdiction which provide spending authority

17 other than as defined in section 401(c)(2)(C) of the Act,

18 sufficient to reduce outlays, or (3) any combination there19 of, as follows: $35,000,000 in outlays in fiscal year 1994,

20 $86,000,000 in outlays in fiscal year 1995, $151,000,000

21 in outlays in fiscal year 1996, $173,000,000 in outlays

22 in fiscal year 1997, and $124,000,000 in outlays in fiscal

23 year 1998.

24 (d) The House Committee on the District of Colum25 bia shall report (1) changes in laws within its jurisdiction
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1 which provide spending authority as defined in section

2 401(c)(2)(C) of the Congressional Budget Act of 1974,

3 sufficient to reduce outlays, (2) changes in laws within its

4 jurisdiction which provide spending authority other than

5 as defined in section 401(c)(2)(C) of the Act, sufficient

6 to reduce outlays, or (3) any combination thereof, as fol7 lows: $1,000,000 in outlays in fiscal year 1994,

8 $2,000,000 in outlays in fiscal year 1995, $4,000,000 in

9 outlays in fiscal year 1996, $6,000,000 in outlays in fiscal

10 year 1997, and $7,000,000 in outlays in fiscal year 1998.

11 (e) The House Committee on Education and Labor

12 shall report changes in laws within its jurisdiction suffi13 cient to reduce the deficit as follows: $0 in fiscal year

14 1994, $0 in fiscal year 1995, $0 in fiscal year 1996,

15 $3,860,000,000 in fiscal year 1997, and $4,301,000,000

16 in fiscal year 1998.

17 (f) The House Committee on Energy and Commerce

18 shall report (1) changes in laws within its jurisdiction

19 which provide spending authority as defined in section

20 401(c)(2)(C) of the Congressional Budget Act of 1974,

21 sufficient to reduce outlays, (2) changes in laws within its

22 jurisdiction which provide spending authority other than

23 as defined in section 401(c)(2)(C) of the Act, sufficient

24 to reduce outlays, or (3) any combination thereof, as fol25 lows: $335,000,000 in outlays in fiscal year 1994,
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1 $449,000,000 in outlays in fiscal year 1995,

2 $582,000,000 in outlays in fiscal year 1996,

3 $582,000,000 in outlays in fiscal year 1997, and

4 $584,000,000 in outlays in fiscal year 1998.

5 (g) The House Committee on Foreign Affairs shall

6 report (1) changes in laws within its jurisdiction which

7 provide spending authority as defined in section

8 401(c)(2)(C) of the Congressional Budget Act of 1974,

9 sufficient to reduce outlays, (2) changes in laws within its

10 jurisdiction which provide spending authority other than

11 as defined in section 401(c)(2)(C) of the Act, sufficient

12 to reduce outlays, or (3) any combination thereof, as fol13 lows: $6,000,000 in outlays in fiscal year 1994, $0 in out14 lays in fiscal year 1995, $0 in outlays in fiscal year 1996,

15 $0 in outlays in fiscal year 1997, and $0 in outlays in

16 fiscal year 1998.

17 (h) The House Committee on Government Operations

18 shall report (1) changes in laws within its jurisdiction

19 which provide spending authority as defined in section

20 401(c)(2)(C) of the Congressional Budget Act of 1974,

21 sufficient to reduce outlays, (2) changes in laws within its

22 jurisdiction which provide spending authority other than

23 as defined in section 401(c)(2)(C) of the Act, sufficient

24 to reduce outlays, or (3) any combination thereof, as fol25 lows: $3,000,000 in outlays in fiscal year 1994,
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1 $90,000,000 in outlays in fiscal year 1995, $96,000,000

2 in outlays in fiscal year 1996, $96,000,000 in outlays in

3 fiscal year 1997, and $97,000,000 in outlays in fiscal year

4 1998.

5 (i) The House Committee on House Administration

6 shall report (1) changes in laws within its jurisdiction

7 which provide spending authority as defined in section

8 401(c)(2)(C) of the Congressional Budget Act of 1974,

9 sufficient to reduce outlays, (2) changes in laws within its

10 jurisdiction which provide spending authority other than

11 as defined in section 401(c)(2)(C) of the Act, sufficient

12 to reduce outlays, or (3) any combination thereof, as fol13 lows: $0 in outlays in fiscal year 1994, $24,000,000 in

14 outlays in fiscal year 1995, $93,000,000 in outlays in fis15 cal year 1996, $3,000,000 in outlays in fiscal year 1997,

16 and $0 in outlays in fiscal year 1998.

17 (j) The House Committee on Judiciary shall report

18 (1) changes in laws within its jurisdiction which provide

19 spending authority as defined in section 401(c)(2)(C) of

20 the Congressional Budget Act of 1974, sufficient to reduce

21 outlays, (2) changes in laws within its jurisdiction which

22 provide spending authority other than as defined in sec23 tion 401(c)(2)(C) of the Act, sufficient to reduce outlays,

24 or (3) any combination thereof, as follows: $250,000,000

25 in outlays in fiscal year 1994, $0 in outlays in fiscal year
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1 1995, $0 in outlays in fiscal year 1996, $28,000,000 in

2 outlays in fiscal year 1997, and $30,000,000 in outlays

3 in fiscal year 1998.

4 (k) The House Committee on Merchant Marine and

5 Fisheries shall report (1) changes in laws within its juris6 diction which provide spending authority as defined in sec7 tion 401(c)(2)(C) of the Congressional Budget Act of

8 1974, sufficient to reduce outlays, (2) changes in laws

9 within its jurisdiction which provide spending authority

10 other than as defined in section 401(c)(2)(C) of the Act,

11 sufficient to reduce outlays, or (3) any combination there12 of, as follows: $21,000,000 in outlays in fiscal year 1994,

13 $0 in outlays in fiscal year 1995, $25,000,000 in outlays

14 in fiscal year 1996, $21,000,000 in outlays in fiscal year

15 1997, and $0 in outlays in fiscal year 1998.

16 (l) The House Committee on Natural Resources shall

17 report (1) changes in laws within its jurisdiction which

18 provide spending authority as defined in section

19 401(c)(2)(C) of the Congressional Budget Act of 1974,

20 sufficient to reduce outlays, (2) changes in laws within its

21 jurisdiction which provide spending authority other than

22 as defined in section 401(c)(2)(C) of the Act, sufficient

23 to reduce outlays, or (3) any combination thereof, as fol24 lows: $0 in outlays in fiscal year 1994, $199,000,000 in

25 outlays in fiscal year 1995, $355,000,000 in outlays in
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1 fiscal year 1996, $404,000,000 in outlays in fiscal year

2 1997, and $238,000,000 in outlays in fiscal year 1998.

3 (m) The House Committee on Post Office and Civil

4 Service shall report (1) changes in laws within its jurisdic5 tion which provide spending authority as defined in section

6 401(c)(2)(C) of the Congressional Budget Act of 1974,

7 sufficient to reduce outlays, (2) changes in laws within its

8 jurisdiction which provide spending authority other than

9 as defined in section 401(c)(2)(C) of the Act, sufficient

10 to reduce outlays, or (3) any combination thereof, as fol11 lows: $1,349,000,000 in outlays in fiscal year 1994, $0

12 in outlays in fiscal year 1995, $2,643,000,000 in outlays

13 in fiscal year 1996, $5,910,000,000 in outlays in fiscal

14 year 1997, and $8,742,000,000 in outlays in fiscal year

15 1998.

16 (n) The House Committee on Public Works and

17 Transportation shall report (1) changes in laws within its

18 jurisdiction which provide spending authority as defined

19 in section 401(c)(2)(C) of the Congressional Budget Act

20 of 1974, sufficient to reduce outlays, (2) changes in laws

21 within its jurisdiction which provide spending authority

22 other than as defined in section 401(c)(2)(C) of the Act,

23 sufficient to reduce outlays, or (3) any combination there24 of, as follows: $0 in outlays in fiscal year 1994,

25 $166,000,000 in outlays in fiscal year 1995, $84,000,000
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1 in outlays in fiscal year 1996, $0 in outlays in fiscal year

2 1997, and $0 in outlays in fiscal year 1998.

3 (o) The House Committee on Science, Space, and

4 Technology shall report (1) changes in laws within its ju5 risdiction which provide spending authority as defined in

6 section 401(c)(2)(C) of the Congressional Budget Act of

7 1974, sufficient to reduce outlays, (2) changes in laws

8 within its jurisdiction which provide spending authority

9 other than as defined in section 401(c)(2)(C) of the Act,

10 sufficient to reduce outlays, or (3) any combination there11 of, as follows: $0 in outlays in fiscal year 1994, $0 in out12 lays in fiscal year 1995, $0 in outlays in fiscal year 1996,

13 $0 in outlays in fiscal year 1997, and $0 in outlays in

14 fiscal year 1998.

15 (p) The House Committee on Small Business shall

16 report (1) changes in laws within its jurisdiction which

17 provide spending authority as defined in section

18 401(c)(2)(C) of the Congressional Budget Act of 1974,

19 sufficient to reduce outlays, (2) changes in laws within its

20 jurisdiction which provide spending authority other than

21 as defined in section 401(c)(2)(C) of the Act, sufficient

22 to reduce outlays, or (3) any combination thereof, as fol23 lows: $75,000,000 in outlays in fiscal year 1994,

24 $119,000,000 in outlays in fiscal year 1995,

25 $135,000,000 in outlays in fiscal year 1996,
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1 $166,000,000 in outlays in fiscal year 1997, and

2 $204,000,000 in outlays in fiscal year 1998.

3 (q) The House Committee on Veterans’ Affairs shall

4 report (1) changes in laws within its jurisdiction which

5 provide spending authority as defined in section

6 401(c)(2)(C) of the Congressional Budget Act of 1974,

7 sufficient to reduce outlays, (2) changes in laws within its

8 jurisdiction which provide spending authority other than

9 as defined in section 401(c)(2)(C) of the Act, sufficient

10 to reduce outlays, or (3) any combination thereof, as fol11 lows: $52,000,000 in outlays in fiscal year 1994, $0 in

12 outlays in fiscal year 1995, $0 in outlays in fiscal year

13 1996, $0 in outlays in fiscal year 1997, and $0 in outlays

14 in fiscal year 1998.

15 (r)(1) The House Committee on Ways and Means

16 shall report (A) changes in laws within its jurisdiction

17 which provide spending authority as defined in section

18 401(c)(2)(C) of the Congressional Budget Act of 1974,

19 sufficient to reduce outlays, (B) changes in laws within

20 its jurisdiction which provide spending authority other

21 than as defined in section 401(c)(2)(C) of the Act, suffi22 cient to reduce outlays, or (C) any combination thereof,

23 as follows: $14,134,000,000 in outlays in fiscal year 1994,

24 $44,702,000,000 in outlays in fiscal year 1995,

25 $73,013,000,000 in outlays in fiscal year 1996,
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1 $103,437,000,000 in outlays in fiscal year 1997, and

2 $136,144,000,000 in outlays in fiscal year 1998.

3 (2) The House Committee on Ways and Means shall

4 report changes in laws within its jurisdiction sufficient to

5 increase revenues as follows: $0 in fiscal year 1994, $0

6 in fiscal year 1995, $0 in fiscal year 1996, $0 in fiscal

7 year 1997, and $0 in fiscal year 1998.

8 (3) In addition to the instructions in paragraphs (1)

9 and (2), the House Committee on Ways and Means shall

10 report changes in laws within its jurisdiction sufficient to

11 reduce the deficit as follows: $0 in fiscal year 1994, $0

12 in fiscal year 1995, $0 in fiscal year 1996, $0 in fiscal

13 year 1997, and $0 in fiscal year 1998.

14 TITLE V—REDUCTION IN UNNEC15 ESSARY AND BURDENSOME

16 REGULATIONS

17 SEC. 501. FINDINGS.

18 The Congress makes the following findings:

19 (1) The level of Federal regulation of the pri20 vate sector has dramatically increased in recent

21 years and there are over 50 Federal regulatory agen22 cies and nearly 5,000 new regulations are currently

23 being promulgated;
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1 (2) The Federal Government spends approxi2 mately $11 billion per year on the regulatory pro3 gram and employs over 122,000 regulators;

4 (3) The estimated cost of Federal regulation to

5 the private sector is $400,000,000,000 per year, or

6 over $4,000 per household;

7 (4) Increasing Federal regulations require pri8 vate enterprises to expend a growing level of re9 sources to meet regulatory mandates, rather than in10 vesting in new capital of expanding operations,

11 therefore inhibiting the creation of new jobs;

12 (5) Excessive Federal regulations have slowed

13 job creation and economic expansion in the United

14 States;

15 (6) Increased costs to business of Federal regu16 lations has generally led to an increase in the costs

17 of products to consumers;

18 (7) The increased level of Federal regulations of

19 private enterprises and the costs associated with

20 these regulations have hindered the ability of Amer21 ican businesses to compete effectively in the inter22 national marketplace;

23 (8) Past moratorium on unnecessary Federal

24 regulations were ordered to help spur economic

25 activity.
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1 SEC. 502. CONCURRENT RESOLUTION OF THE HOUSE.

2 Resolved by the House of Representatives (the Senate

3 concurring), That it is the sense of the Congress that the

4 President should extend for a period of one year the provi5 sions of the 90-day moratorium on new unnecessary regu6 lations ordered in the President’s ‘‘Memorandum on Re7 ducing the Burden of Government Regulations’’ dated

8 January 28, 1992.

9 SEC. 503. LEGISLATIVE AND REGULATORY ANALYSIS.

10 (a) Section 403(a) of the Congressional Budget Act

11 of 1974 (2 U.S.C. 653(a)) is amended in subsection (a)(1)

12 by striking ‘‘of the costs’’, and inserting ‘‘of the economic

13 costs to both the Federal Government and the private sec14 tor, including adjustments in employment levels,’’.

15 (b) Section 553(b) of the Government Organization

16 and Employees Act (5 U.S.C. 553(b)) is amended—

17 (1) in paragraph (2), after the phrase ‘‘is pro18 posed;’’ by striking ‘‘and’’;

19 (2) in paragraph (3), by striking ‘‘involved.’’

20 and inserting ‘‘involved; and’’;

21 (3) by inserting after paragraph (3) the follow22 ing new paragraph:

23 ‘‘(4) an economic impact statement, as set forth

24 in subsection (f).’’.
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1 (c) Section 553(b) of the Government Organization

2 and Employees Act (5 U.S.C. 553(b)) is further amended

3 by inserting after subsection (e) the following new section:

4 ‘‘(f) ECONOMIC IMPACT STATEMENT.—

5 ‘‘(1) An economic impact statement shall be re6 quired in conjunction with the general notice of any

7 proposed rule making published in the Federal Reg8 ister, as set forth in subsection (b), whenever prac9 ticable, or where in the judgment of the head of the

10 rule making agency or the Director of the Office of

11 Management and Budget, the proposed rule will re12 sult in an annual combined cost to State and local

13 governments and the private sector in excess of

14 $200,000,000, or is likely to have exceptional fiscal

15 consequences for a particular geographic region or

16 level of government.

17 ‘‘(2) The economic impact statement shall be

18 prepared by the agency in coordination with the Of19 fice of Management and Budget, and shall include

20 an estimation of the costs of the proposed rule that

21 would be incurred in carrying out such rule in the

22 fiscal year in which it is to become effective and in

23 each of the 4 fiscal years following such fiscal year,

24 together with the basis for such estimate, including

25 the—
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1 ‘‘(A) economic cost to the private sector of

2 the proposed rule,

3 ‘‘(B) resulting impact on employment lev4 els, and

5 ‘‘(C) costs incurred by the State and local

6 governments in carrying out or complying with

7 such rule.

8 ‘‘(3) This section shall become effective six

9 months after the date of enactment.’’.

Æ