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[Congressional Bills 103th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1885 Introduced in House (IH)]

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.

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

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Private Sector Job Creation and 
Economic Growth Act''.

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.

SEC. 3. AMENDMENT OF 1986 CODE.

    Except as otherwise expressly provided, whenever in this Act an 
amendment or repeal is expressed in terms of an amendment to, or repeal 
of, a section or other provision, the reference shall be considered to 
be made to a section or other provision of the Internal Revenue Code of 
1986.

  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.

    (a) General Rule.--Subsection (h) of section 1 (relating to maximum 
capital gains rate) is amended to read as follows:
    ``(h) Maximum Capital Gains Rate.--If a taxpayer has a net capital 
gain for any taxable year, then the tax imposed by this section shall 
not exceed the sum of--
            ``(1) a tax computed at the rates and in the same manner as 
        if this subsection had not been enacted on the taxable income 
        reduced by the net capital gain, plus
            ``(2) a tax equal to the sum of--
                    ``(A) 7.5 percent of so much of the net capital 
                gain as does not exceed--
                            ``(i) the maximum amount of taxable income 
                        to which the 15-percent rate applies under the 
                        table applicable to the taxpayer, reduced by
                            ``(ii) the taxable income to which 
                        paragraph (1) applies, plus
                            ``(iii) 15 percent of the net capital gain 
                        in excess of the net capital gain to which 
                        clause (i) applies.''.
    (b) Phaseout of Personal Exemptions and Limitation on Deduction of 
Itemized Deductions Not To Result From Net Capital Gain.--
            (1)(A) Subparagraph (A) and (B) of section 151(d)(3) 
        (relating to phaseout of exemption amount) are each amended by 
        inserting ``modified'' before ``adjusted gross income''.
            (B) Paragraph (3) of section 151(d) of such Code is amended 
        by redesignating subparagraphs (D) and (E) as subparagraphs (E) 
        and (F), respectively, and by inserting after subparagraph (C) 
        the following new subparagraph:
                    ``(D) Modified adjusted gross income.--For purposes 
                of this paragraph, the term `modified adjusted gross 
                income' means adjusted gross income reduced by net 
                capital gain.''.
            (2) Subsection (a) of section 68 (relating to overall 
        limitation on itemized deductions) is amended by inserting 
        ``(reduced by net capital gain (determined in accordance with 
        section 151(d)(3)(D)))'' after ``adjusted gross income''.
    (c) Technical Amendments.--
            (1) Paragraph (1) of section 170(e) is amended by inserting 
        after ``such contribution)'' in the last sentence of 
        subparagraph (B) the words ``, minus the product of such gain 
        multiplied by the ratio of 15 percent over the highest rate of 
        taxation that the taxpayer is subject to without such 
        contribution (with a minimum taxation rate for this calculation 
        of 15 percent).''
            (2)(A) The second sentence of section 7518(g)(6)(A) is 
        amended by striking ``28 percent (34 percent in the case of a 
        corporation)'' and inserting ``15 percent''.
            (B) The second sentence of section 607(h)(6)(A) of the 
        Merchant Marine Act, 1936, is amended by striking ``28 percent 
        (34 percent in the case of a corporation)'' and inserting ``15 
        percent''.

SEC. 102. REDUCTION IN CORPORATE CAPITAL GAINS RATE.

    (a) General Rule.--Section 1201 (relating to alternative tax for 
corporations) is amended by redesignating subsection (b) as subsection 
(c), and by striking subsection (a) and inserting the following:
    ``(a) General Rule.--If for any taxable year a corporation has a 
net capital gain, then, in lieu of the tax imposed by sections 11, 511, 
or 831(a) (whichever applies), there is hereby imposed a tax (if such 
tax is less than the tax imposed by such section) which shall consist 
of the sum of--
            ``(1) a tax computed on the taxable income reduced by the 
        net capital gain, at the same rates and in the same manner as 
        if this subsection had not been enacted, plus
            ``(2) a tax of 15 percent of the net capital gain.
    ``(b) Transitional Rule.--In the case of a taxable year which 
includes December 31, 1993, the amount of the net capital gain for 
purposes of subsection (a) shall not exceed the net capital gain 
determined by only taking into account gains and losses properly taken 
into account for the portion of the taxable year on or after such 
date.''.
    (b) Technical Amendments.--
            (1) Clause (iii) of section 852(b)(3)(D) is amended by 
        striking ``66 percent'' and inserting ``85 percent''.
            (2) Paragraphs (1) and (2) of section 1445(e) are each 
        amended by striking ``34 percent'' and inserting ``15 
        percent''.

SEC. 103. REDUCTION OF MINIMUM TAX RATE ON CAPITAL GAINS.

    Subparagraph (A) of section 55(b)(1) (relating to tentative minimum 
tax) is amended to read as follows:
            ``(A) the sum of--
                    ``(i) 15 percent of the lesser of--
                            ``(I) the net capital gain (determined with 
                        the adjustments provided in this part and (to 
                        the extent applicable) the limitations of 
                        sections 1(h)(2) and 1201(b)), or
                            ``(II) so much of the alternative minimum 
                        taxable income for the taxable year as exceeds 
                        the exemption amount, plus
                    ``(ii) 20 percent (24 percent in the case of a 
                taxpayer other than a corporation) of the amount (if 
                any) by which the excess referred to in clause (i)(II) 
                exceeds the net capital gain (as so determined), 
                reduced by''.

SEC. 104. INDEXING OF CERTAIN ASSETS FOR PURPOSES OF DETERMINING GAIN 
              OR LOSS.

    (a) In General.--Part II of subchapter O of chapter 1 (relating to 
basis rules of general application) is amended by inserting after 
section 1021 the following new section:

``SEC. 1022. INDEXING OF CERTAIN ASSETS FOR PURPOSES OF DETERMINING 
              GAIN OR LOSS.

    ``(a) General Rule.--
            ``(1) Indexed basis substituted for adjusted basis.--Except 
        as provided in paragraph (2), if an indexed asset which has 
        been held for more than 1 year is sold or otherwise disposed 
        of, for purposes of this title the indexed basis of the asset 
        shall be substituted for its adjusted basis.
            ``(2) Exception for depreciation, etc.--The deduction for 
        depreciation, depletion, and amortization shall be determined 
        without regard to the application of paragraph (1) to the 
        taxpayer or any other person.
    ``(b) Indexed Asset.--
            ``(1) In general.--For purposes of this section, the term 
        `indexed asset' means--
                    ``(A) stock in a corporation, and
                    ``(B) tangible property (or any interest therein), 
                which is a capital asset of property used in the trade 
                or business (as defined in section 1231(b)).
            ``(2) Certain property excluded.--For purposes of this 
        section, the term `indexed asset' does not include--
                    ``(A) Creditor's interest.--Any interest in 
                property which is in the nature of a creditor's 
                interest.
                    ``(B) Options.--Any option or other right to 
                acquire an interest in property.
                    ``(C) Net lease property.--In the case of a lessor, 
                net lease property (within the meaning of subsection 
                (h)(1)).
                    ``(D) Certain preferred stock.--Stock which is 
                fixed and preferred as to dividends and does not 
                participate in corporate growth to any significant 
                extent.
                    ``(E) Stock in certain corporations.--Stock in--
                            ``(i) an S corporation (within the meaning 
                        of section 1361),
                            ``(ii) a personal holding company (as 
                        defined in section 542), and
                            ``(iii) a foreign corporation.
            ``(3) Exception for stock in foreign corporation which is 
        regularly traded on national or regional exchange.--Clause 
        (iii) of paragraph (2)(E) shall not apply to stock in a foreign 
        corporation the stock of which is listed on the New York Stock 
        Exchange, the American Stock Exchange, or any domestic regional 
        exchange for which quotations are published on a regular basis 
        other than--
                    ``(A) stock of a foreign investment company (within 
                the meaning of section 1246(b)), and
                    ``(B) stock in a foreign corporation held by a 
                United States person who meets the requirements of 
                section 1248(a)(2).
    ``(c) Indexed Basis.--For purposes of this section--
            ``(1) Indexed basis.--The indexed basis for any asset is--
                    ``(A) the adjusted basis of the asset, multiplied 
                by
                    ``(B) the applicable inflation ratio.
            ``(2) Application inflation ratio.--The applicable 
        inflation ratio for any asset is the percentage arrived at by 
        dividing--
                    ``(A) the gross national product deflator for the 
                calendar quarter in which the disposition takes place, 
                by
                    ``(B) the gross national product deflator for the 
                calendar quarter in which the asset was acquired by the 
                taxpayer (or, if later, the calendar quarter ending 
                December 31, 1993).
        The applicable inflation ratio shall not be taken into account 
        unless it is greater than 1. The applicable inflation ratio for 
        any asset shall be rounded to the nearest one-tenth of 1 
        percent.
            ``(3) Gross national product deflator.--The gross national 
        product deflator for any calendar quarter is the implicit price 
        deflator for the gross national product for such quarter (as 
        shown in the first revision thereof).
            ``(4) Secretary to publish tables.--The Secretary shall 
        publish tables specifying the applicable inflation ratios for 
        each calendar quarter.
    ``(d) Special Rules.--For purposes of this section--
            ``(1) Treatment as separate asset.--In the case of any 
        asset, the following shall be treated as a separate asset:
                    ``(A) a substantial improvement to property,
                    ``(B) in the case of stock of a corporation, a 
                substantial contribution to capital, and
                    ``(C) any other portion of an asset to the extent 
                that separate treatment of such portion is appropriate 
                to carry out the purposes of this section.
            ``(2) Assets which are not indexed assets throughout 
        holding period.--
                    ``(A) In general.--The applicable inflation ratio 
                shall be appropriately reduced for calendar months at 
                any time during which the asset was not an indexed 
                asset.
                    ``(B) Certain short sales.--For purposes of 
                applying subparagraph (A), an asset shall be treated as 
                not an indexed asset for any short sale period during 
                which the taxpayer or the taxpayer's spouse sells short 
                property substantially identical to the asset. For 
                purposes of the preceding sentence, the short sale 
                period begins on the day after the substantially 
                identical property is sold and ends on the closing date 
                for the sale.
            ``(3) Treatment of certain distributions.--A distribution 
        with respect to stock in a corporation which is not a dividend 
        shall be treated as a disposition.
            ``(4) Section cannot increase ordinary loss.--To the extent 
        that (but for this paragraph) this section would create or 
        increase a net ordinary loss to which section 1231(a)(2) 
        applies or an ordinary loss to which any other provision of 
        this title applies, such provision shall not apply. The 
        taxpayer shall be treated as having a long-term capital loss in 
        an amount equal to the amount of the ordinary loss to which the 
        preceding sentence applies.
            ``(5) Acquisition date where there has been prior 
        application of subsection (a)(1) with respect to the 
        taxpayer.--If there has been a prior application of subsection 
        (a)(1) to an asset while such asset was held by the taxpayer, 
        the date of acquisition of such asset by the taxpayer shall be 
        treated as not earlier than the date of the most recent such 
        prior application.
            ``(6) Collapsible corporations.--The application of section 
        341(a) (relating to collapsible corporations) shall be 
        determined without regard to this section.
    ``(e) Certain Conduit Entities.--
            ``(1) Regulated investment companies; real estate 
        investment trusts; common trust funds.--
                    ``(A) In general.--Stock in a qualified investment 
                entity shall be an indexed asset for any calendar month 
                in the same ratio as the fair market value of the 
                assets held by such entity at the close of such month 
                which are indexed assets bears to the fair market value 
                of all assets of such entity at the close of such 
                month.
                    ``(B) Ratio of 90 percent or more.--If the ratio 
                for any calendar month determined under subparagraph 
                (A) would (but for the subparagraph) be 90 percent or 
                more, such ratio for such month shall be 100 percent.
                    ``(C) Ratio of 10 percent or less.--If the ratio 
                for any calendar month determined under subparagraph 
                (A) would (but for this subparagraph) be 10 percent or 
                less, such ratio for such month shall be zero.
                    ``(D) Valuation of assets in case of real estate 
                investment trusts.--Nothing in this paragraph shall 
                require a real estate investment trust to value its 
                assets more frequently than once each 36 months (except 
                where such trust ceases to exist). The ratio under 
                subparagraph (A) for any calendar month for which there 
                is no valuation shall be the trustee's good faith 
                judgment as to such valuation.
                    ``(E) Qualified investment entity.--For purposes of 
                this paragraph, the term `qualified investment entity' 
                means--
                            ``(i) a regulated investment company 
                        (within the meaning of section 851),
                            ``(ii) a real estate investment trust 
                        (within the meaning of section 856), and
                            ``(iii) a common trust fund (within the 
                        meaning of section 584).
            ``(2) Partnerships.--In the case of a partnership, the 
        adjustment made under subsection (a) at the partnership level 
        shall be passed through to the partners.
            ``(3) Subchapter s corporations.--In the case of an 
        electing small business corporation, the adjustment under 
        subsection (a) at the corporate level shall be passed through 
        to the shareholders.
    ``(f) Dispositions Between Related Persons.--
            ``(1) In general.--This section shall not apply to any sale 
        or other disposition of property between related persons except 
        to the extent that the basis of such property in the hands of 
        the transferee is a substituted basis.
            ``(2) Related persons defined.--For purposes of this 
        section, the term `related persons' means--
                    ``(A) persons bearing a relationship set forth in 
                section 267(b), and
                    ``(B) persons treated as single employer under 
                subsection (b) or (c) of section 414.
    ``(g) Transfers To Increase Indexing Adjustment or Depreciation 
Allowance.--If any person transfers cash, debt, or any other property 
to another person and the principal purpose of such transfer is--
            ``(1) to secure or increase an adjustment under subsection 
        (a), or
            ``(2) to increase (by reason of an adjustment under 
        subsection (a)) a deduction for depreciation, depletion, or 
        amortization, the Secretary may disallow part or all of such 
        adjustment or increase.
    ``(h) Definitions.--For purposes of this section--
            ``(1) Net lease property defined.--The term `net lease 
        property' means leased real property where--
                    ``(A) the term of the lease (taking into account 
                options to renew) was 50 percent or more of the useful 
                life of the property, and
                    ``(B) for the period of the lease, the sum of the 
                deductions with respect to such property which are 
                allowable to the lessor solely by reason of section 162 
                (other than rents and reimbursed amounts with respect 
                to such property) is 15 percent or less of the rental 
                income produced by such property.
            ``(2) Stock includes interest in common trust fund.--The 
        term `stock in a corporation' includes any interest in a common 
        fund (as defined in section 584(a)).
    ``(i) Regulations.--The Secretary shall prescribe such regulations 
as may be necessary or appropriate to carry out the purposes of this 
section.''.
    ``(b) Clerical Amendment.--This table of sections for part II of 
subchapter O of such chapter 1 is amended by inserting after the item 
relating to section 1021 the following new item:

                              ``Sec. 1022. Indexing of certain assets 
                                        for purposes of determining 
                                        gain or loss.''.
    ``(c) Adjustment To Apply for Purposes of Determining Earnings and 
Profits.--Subsection (f) of section 312 (relating to effect on earnings 
and profits of gain or loss and of receipt of tax-free distributions) 
is amended by adding at the end thereof the following new paragraph:
            ``(3) Effect on earnings and profits of indexed basis.--For 
        substitution of indexed basis for adjusted basis in the case of 
        the disposition of certain assets after December 31, 1993, see 
        section 1022(a)(1).''.

SEC. 105. INDEXING OF LIMITATION ON CAPITAL LOSSES OF INDIVIDUALS.

    Section 1211 (relating to limitation on capital losses) is amended 
by adding at the end thereof the following new subsection:
    ``(c) Indexation of Limitation on Noncorporate Taxpayers.--
            ``(1) In general.--In the case of any taxable year 
        beginning in a calendar year after 1993, the $3,000 and $1,500 
        amounts under subsection (b)(1) shall be increased by an amount 
        equal to--
                    ``(A) such dollar amount, multiplied by
                    ``(B) the applicable inflation adjustment for the 
                calendar year in which the taxable year begins.
            ``(2) Applicable inflation adjustment.--For purposes of 
        paragraph (1), the applicable inflation adjustment for any 
        calendar year is the percentage (if any) by which--
                    ``(A) the gross national product deflator for the 
                last calendar quarter of the preceding calendar year, 
                exceeds
            ``(B) the gross national product deflator for the last 
        calendar quarter of 1992. For purposes of this paragraph, the 
        term `gross national product deflator' has the meaning given 
        such term by section 1022(c)(3).''.

SEC. 106. EFFECTIVE DATES.

    (a) In General.--Except as provided in subsection (b), the 
amendments made by this title shall apply to sales or exchanges 
occurring after December 31, 1993, in taxable years ending after such 
date.
    (b) Indexing of Loss Limitation.--The amendments made by section 
205 shall apply to taxable years beginning after December 31, 1993.

      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.

    (a) In General.--Section 168 (relating to accelerated cost recovery 
system) is amended by adding at the end thereof the following new 
subsection:
    ``(j) Deduction Adjustment To Allow Equivalent of Expensing for 
Certain Property Placed in Service in Taxable Years Beginning After 
December 31, 1993.--
            ``(1) In general.--In the case of tangible property (other 
        than residential rental property and nonresidential real 
        property) placed in service in a taxable year beginning after 
        December 31, 1993, the deduction allowable under this section 
        with respect to such property for any taxable year (after the 
        taxable year during which the property is placed in service) 
        shall be--
                    ``(A) the amount so allowable for such taxable year 
                without regard to this subsection, multiplied by
                    ``(B) the applicable neutral cost recovery 
                adjustment.
            ``(2) Applicable neutral cost recovery adjustment.--For 
        purposes of paragraph (1), the applicable neutral cost recovery 
        adjustment for any calendar year is the number determined by--
                    ``(A) dividing--`(i) the gross national product 
                deflator for the calendar quarter of the preceding 
                calendar year which corresponds to the calendar quarter 
                during which the property was placed in service by the 
                taxpayer', by `(ii) the gross national product deflator 
                for the calendar quarter during which the property was 
                placed in service by the taxpayer', and
                    ``(B) then multiplying the number determined under 
                subparagraph (A) by the number equal to 1.035 to the 
                nth power where `n' is the number of calendar years 
                after the calendar year in which the property was 
                placed in service by the taxpayer and before the 1st 
                calendar year beginning with or within the taxable year 
                for which the deduction under this subsection is being 
                determined.
            ``(3) Gross national product deflator.--For purposes of 
        paragraph (2), the term `gross national product deflator' has 
        the meaning given such term by section 1022(c)(3).''.
    (b) Corresponding Modification to Depreciation Schedules.--
Paragraphs (1)(A) and (2) of section 168(b) (relating to applicable 
depreciation method) are each amended by striking ``200 percent'' and 
inserting ``125 percent''.
    (c) Amendments to Alternative Minimum Taxable Income.--
            (1) No increase due to indexing.--Subsections (a)(1)(A)(i) 
        and (g)(4)(A) of section 56 (relating to adjustments in 
        computing alternative minimum taxable income) are each amended 
        by inserting ``(as adjusted by section 168(j))'' after 
        ``section 168(g)'' each place it appears.
            (2) Phase-out of alternative minimum tax depreciation 
        deduction.--Section 56 is amended by adding at the end thereof 
        the following new subsection:
    ``(i) Phase-In of Full Depreciation Deduction.--
            ``(1) In general.--The depreciation deduction with respect 
        to any property determined under subsections (a)(1) and (g)(4) 
        for each taxable year shall be increased by the applicable 
        percentage of the depreciation differential for such taxable 
        year.
            ``(2) Applicable percentage.--The applicable percentage for 
        any taxable year shall be determined in accordance with the 
        following table:

    ``In the case of a taxable                         The applicable  
        year which begins:                               percentage is:

                                                                        
                 After January 1    And on or before                    
                        of            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. 
                                                                        

            ``(3) Depreciation deduction differential.--With respect to 
        any property, the depreciation deduction differential for any 
        taxable year is equal to the excess of--
                    ``(A) the depreciation deduction applicable for 
                purposes of computing the regular tax for such taxable 
                year, over
                    ``(B) the depreciation deduction determined under 
                subsections (a)(1) and (g)(4) for such taxable year.''.
    (d) Effective Date.--The amendments made by this section shall 
apply to 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, 1999.

    (a) In General.--Section 168 (relating to accelerated cost recovery 
system) is amended by adding at the end thereof the following new 
subsection:
    ``(k) Phase-In of Expensing.--
            ``(1) In general.--In the case of tangible property placed 
        in service in a taxable year beginning after December 31, 
        1999--
                    ``(A) the phase-in deductions with respect to such 
                property shall be allowable under this section for the 
                taxable year in which such property is placed in 
                service, and
                    ``(B) the applicable recovery period with respect 
                to such property shall be reduced by the phase-in 
                number of years.
            ``(2) Phase-in deductions and years.--For purposes of this 
        subsection--
                    ``(A) In general.--The phase-in deductions with 
                respect to any property are the aggregate deductions 
                allowable under this section (determined without regard 
                to this subsection and subsection (j)) for the first 
                phase-in number of years in the applicable recovery 
                period.
                    ``(B) Phase-in number of years.--The phase-in 
                number of years with respect to any property is the 
                number of calendar years after 1999 and before the 
                calendar year in which the property is placed in 
                service.
            ``(3) Election.--This subsection shall not apply to any 
        property if the taxpayer elects not to apply this subsection to 
        such property. Such an election, once made, shall be 
        irrevocable.''.
    (b) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after December 31, 1996.

         TITLE III--EXPANSION OF INDIVIDUAL RETIREMENT ACCOUNTS

SEC. 301. RESTORATION OF IRA DEDUCTION.

    (a) In General.--Section 219 (relating to deduction for retirement 
savings) is amended by striking subsection (g).
    (b) Restoration of Deduction for Qualified Voluntary Employee 
Contributions.--Subsection (e) of section 219 is amended to read as 
follows:
    ``(e) Qualified Retirement Contribution; Qualified Voluntary 
Employee Contribution.--For purposes of this section:
            ``(1) Qualified retirement contribution.--The term 
        `qualified retirement contribution' means--
                    ``(A) any qualified voluntary employee contribution 
                paid in cash by the individual for the taxable year,
                    ``(B) any amount paid in cash for the taxable year 
                by or on behalf of such individual to an individual 
                retirement plan for such individual's benefit, and
                    ``(C) any amount contributed on behalf of any 
                individual to a plan described in section 501(c)(18).
            ``(2) Qualified voluntary employee contribution.--
                    ``(A) In general.--The term `qualified voluntary 
                employee contribution' means any voluntary 
                contribution--
                            ``(i) which is made by an individual as an 
                        employee under a qualified employer plan or 
                        government plan, which plan allows an employee 
                        to make contributions which may be treated as 
                        qualified voluntary employee contributions 
                        under this section, and
                            ``(ii) with respect to which the individual 
                        has not designated such contribution as a 
                        contribution which should not be taken into 
                        account under this section.
                    ``(B) Voluntary contribution.--For purposes of 
                subparagraph (A), the term `voluntary contribution' 
                means any contribution which is not a mandatory 
                contribution (within the meaning of section 
                411(c)(2)(C)).
                    ``(C) Designation.--For purposes of determining 
                whether or not an individual has made a designation 
                described in subparagraph (A)(ii) with respect to any 
                contribution during any calendar year under a qualified 
                employer plan or government plan, such individual shall 
                be treated as having made such designation if he 
                notifies the plan administrator of such plan, not later 
                than the earlier of--
                            ``(i) April 15 of the succeeding calendar 
                        year, or
                            ``(ii) the time prescribed by the plan 
                        administrator, that the individual does not 
                        want such contribution taken into account under 
                        this section. Any designation or notification 
                        referred to in the preceding sentence shall be 
                        made in such manner as the Secretary shall be 
                        regulations prescribe and, after the last date 
                        on which such designation or notification may 
                        be made, shall be irrevocable for such taxable 
                        year.
                    ``(D) Qualified employer plan.--The term `qualified 
                employer plan' has the meaning given such term by 
                section 72(p)(3)(A)(i).
                    ``(E) Government plan.--The term `government plan' 
                has the meaning given such term by section 72(p)(3)(B).
            ``(3) Payments for certain plans.--The term `amounts paid 
        to an individual retirement plan' includes amounts paid for an 
        individual retirement annuity.''
    (c) Technical and Conforming Amendments.--
            (1) Subsection (b) of section 219 is amended by adding at 
        the end thereof the following new paragraph:
            ``(4) Special rule for individual retirement plans.--If the 
        individual has paid any qualified voluntary employee 
        contributions for the taxable year, the amount of qualified 
        retirement contributions which are paid for the taxable year to 
        an individual retirement plan and which are allowable as a 
        deduction under subsection (a) for such taxable year shall not 
        exceed--
                    ``(A) the amount determined under paragraph (1) for 
                such taxable year, reduced by
                    ``(B) the amount of the qualified voluntary 
                employee contributions for the taxable year''
            ``(2) Paragraph (3) of section 219(f) is amended to read as 
        follows:
            ``(3) Time when contributions deemed made.--For purposes of 
        this section--
                    ``(A) Individual retirement plans.--A taxpayer 
                shall be deemed to have had a contribution to an 
                individual retirement plan on the last day of the 
                preceding taxable year if the contribution is made on 
                account of such taxable year and is made not later than 
                the time prescribed by law for filing the return for 
                such taxable year (not including extensions thereof).
                    ``(B) Qualified employer or government plans.--If a 
                qualified employer or government plan elects to have 
                the provisions of this subparagraph apply, a taxpayer 
                shall be deemed to have made a voluntary contribution 
                to such plan on the last day of the preceding calendar 
                year (if, without regard to this paragraph, such 
                contribution may be made on such date) if the 
                contribution is made on account of the taxable year 
                which includes such last day and by April 15 of the 
                calendar year or such earlier time as is provided by 
                the plan administrator.''
            (3) Subsection (f) of section 219 is amended by striking 
        paragraph (7).
            (4) Subparagraph (A) of section 72(o)(5) is amended to read 
        as follows:
                    ``(A) Deductible employee contributions.--The term 
                `deductible employee contributions' means any qualified 
                voluntary employee contribution (as defined in section 
                219(e)(2))--
                            ``(i) which is made--
                                    ``(I) after December 31, 1981, in a 
                                taxable year beginning after such date 
                                and for a taxable year beginning before 
                                January 1, 1987, or
                                    ``(II) after December 31, 1993, in 
                                a taxable year beginning after such 
                                date, and
                            ``(ii) which is allowable as a deduction 
                        under section 219(a) for such taxable year.''
            (5) Section 408 is amended by striking subsection (o) and 
        by redesignating subsection (p) as subsection (o).
            (6) Subsection (b) of section 4973 is amended by striking 
        the last sentence.
            (7) Paragraph (5) of section 408(d) is amended by striking 
        the last sentence.
            (8)(A) Section 6693 is amended by striking subsection (b) 
        and by redesignating subsection (c) as subsection (b).
                    (B) The heading of section 6693 is amended by 
                striking ``; overstatement of designated nondeductible 
                contributions''.
                    (C) The table of sections for part I of subchapter 
                B of chapter 68 is amended by striking ``; 
                overstatement of designated nondeductible 
                contributions'' in the item relating to section 6693.
    (d) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after December 31, 1993.

SEC. 302. INCREASE IN MAXIMUM IRA DEDUCTION; INFLATION ADJUSTMENT OF 
              MAXIMUM IRA DEDUCTION.

    (a) Increase in Maximum IRA Deduction.--
            (1) In general.--The following provisions of the Internal 
        Revenue Code of 1986 are each amended by striking ``$2,000'' 
        and inserting ``$4,000'':
                    (A) Subsections (b)(1)(A) and (c)(2) of section 
                219.
                    (B) Subsections (a)(1), (b), and (j) of section 
                408.
            (2) Conforming amendment.--Sections 219(c)(2) and 408(d)(5) 
        are each amended by striking ``$2,250'' and inserting 
        ``$4,250''.
    (b) Inflation Adjustment of Maximum IRA Deduction.--Section 219 of 
such Code, as amended by section 401, is amended by inserting after 
subsection (f) the following new subsection:
    ``(g) Inflation Adjustment of Maximum IRA Deduction.--
            ``(1) In general.--In the case of any taxable year 
        beginning in a calendar year after 1994, each applicable dollar 
        amount shall be increased by an amount equal to--
                    ``(A) such dollar amount, multiplied by
                    ``(B) the cost-of-living adjustment under section 
                1(f)(3) for the calendar year in which the taxable year 
                begins, determined by substituting `calendar year 1994' 
                for `calendar year 1989' in subparagraph (B) thereof.
            ``(2) Applicable dollar amount.--For purposes of paragraph 
        (1), the term `applicable dollar amount' means--
                    ``(A) the $4,000 amount in subsections (b)(1)(A) 
                and (c)(2) of this section and in subsections (a)(1), 
                (b), and (j) of section 408, and
                    ``(B) the $4,250 amount in subsection (c)(2) of 
                this section and in section 408(d)(5).
            ``(3) Rounding.--If any amount as adjusted under paragraph 
        (1) is not a multiple of $50, such amount shall be rounded to 
        the nearest multiple of $50 (or, if such amount is a multiple 
        of $25 and not of $50, such amount shall be rounded to the next 
        highest multiple of $50).
            ``(4) Adjusted Maximum IRA Deduction.--The adjusted maximum 
        IRA deduction for each year shall be the applicable dollar 
        amount as increased and rounded by this subsection.''.
    (c) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after December 31, 1993.

SEC. 303. HUMAN CAPITAL INVESTMENT ACCOUNTS.

    (a) Distributions From IRA's May Be Used Without Penalty To 
Purchase First Homes or To Pay Higher Education or Financially 
Devastating Medical Expenses.--Paragraph (2) of section 72(t) (relating 
to exceptions to 10-percent additional tax on early distributions from 
qualified retirement plans) is amended by adding at the end thereof the 
following new subparagraph:
                    ``(D) Distributions from individual retirement 
                plans for first home purchases or educational 
                expenses.--
                            ``(i) In general.--Distributions to an 
                        individual from an individual retirement plan--
                                    ``(I) which are qualified first-
                                time homebuyer distributions (as 
                                defined in paragraph (6)), or
                                    ``(II) to the extent such 
                                distributions do not exceed the 
                                qualified higher education expenses (as 
                                defined in paragraph (7)) of the 
                                taxpayer for the taxable year.
                            ``(ii) Limitation.--Notwithstanding clause 
                        (i) and paragraph (3)(A), the tax imposed by 
                        paragraph (1) shall apply to distributions 
                        described in clause (i) or paragraph (3)(A) 
                        from an individual retirement plan to the 
                        extent that the aggregate of such distributions 
                        exceed the sum of--
                                    ``(I) the aggregate contributions 
                                to such plans for taxable years 
                                beginning after December 31, 1993, 
                                taking into account only contributions 
                                for a taxable year to the extent such 
                                contributions exceed the adjusted 
                                maximum IRA deduction (as defined by 
                                section 219(g)) for that year, plus
                                    ``(II) the earnings on 
                                contributions taken into account under 
                                subclause (I).''.
    (b) Financially Devastating Medical Expenses.--Section 72(t)(3)(A) 
is amended by striking ``, (B),''.
    (c) Definitions.--Section 72(t) is amended by adding at the end 
thereof the following new paragraphs:
            ``(6) Qualified first-time homebuyer distributions.--For 
        purposes of paragraph (2)(D)(i)--
                    ``(A) In general.--The term `qualified first-time 
                homebuyer distribution' means any payment or 
                distribution received by an individual to the extent 
                such payment or distribution is used by the individual 
                before the close of the sixtieth day after the day on 
                which such payment or distribution is received to pay 
                qualified acquisition costs with respect to a principal 
                residence of a first-time homebuyer who is such 
                individual or the child or grandchild of such 
                individual.
                    ``(B) Qualified acquisition costs.--For purposes of 
                this paragraph, the term `qualified acquisition costs' 
                means the costs of acquiring, constructing, or 
                reconstructing a residence. Such term includes any 
                usual or reasonable settlement, financing, or other 
                closing costs.
                    ``(C) First-time homebuyer; other definitions.--For 
                purposes of this paragraph--
                            ``(i) First-time homebuyer.--The term 
                        `first-time homebuyer' means any individual if 
                        such individual (and if married, such 
                        individual's spouse) had no present ownership 
                        interest in a principal residence during the 2-
                        year period ending on the date of acquisition 
                        of the principal residence to which this 
                        paragraph applies.
                            ``(ii) Principal residence.--The term 
                        `principal residence' has the same meaning as 
                        when used in section 1034.
                            ``(iii) Date of acquisition.--The term 
                        `date of acquisition' means the date--
                                    ``(I) on which a binding contract 
                                to acquire the principal residence to 
                                which subparagraph (A) applies is 
                                entered into, or
                                    ``(II) on which construction or 
                                reconstruction of such a principal 
                                residence is commenced.
                    ``(D) Special rule where delay in acquisition.--
                If--
                            ``(i) any amount is paid or distributed 
                        from an individual retirement plan to an 
                        individual for purposes of being used as 
                        provided in subparagraph (A), and
                            ``(ii) by reason of a delay in the 
                        acquisition of the residence, the requirements 
                        of subparagraph (A) cannot be met,
                the amount so paid or distributed may be paid into an 
                individual retirement plan as provided in section 
                408(d)(3)(A)(i) without regard to section 408(d)(3)(B), 
                and, if so paid into such other plan, such amount shall 
                not be taken into account in determining whether 
                section 408(d)(3)(A)(i) applies to any other amount.
            ``(7) Qualified higher education expenses.--For purposes of 
        paragraph (2)(D)(i)--
                    ``(A) In general.--The term `qualified higher 
                education expenses' means tuition, fees, books, 
                supplies, and equipment required for the enrollment or 
                attendance of--
                            ``(i) the taxpayer,
                            ``(ii) the taxpayer's spouse, or
                            ``(iii) the taxpayer's child (as defined in 
                        section 151(c)(3)) or grandchild,
                at an eligible educational institution (as defined in 
                section 135(c)(3)).
                    ``(B) Coordination with savings bond provisions.--
                The amount of qualified higher education expenses for 
                any taxable year shall be reduced by any amount 
                excludable from gross income under section 135.''
    (d) Conforming Amendments.--
            (1) Section 401(k)(2)(B)(i) is amended by striking ``or'' 
        at the end of subclause (III), by striking ``and'' at the end 
        of subclause (IV) and inserting ``or'', and by inserting after 
        subclause (IV) the following new subclause:
                                    ``(V) the date on which qualified 
                                first-time homebuyer distributions (as 
                                defined in section 72(t)(6)) or 
                                distributions for qualified higher 
                                education expenses (as defined in 
                                section 72(t)(7)) are made, and''.
            (2) Section 403(b)(11) is amended by striking ``or'' at the 
        end of subparagraph (A), by striking the period at the end of 
        subparagraph (B) and inserting ``, or'', and by inserting after 
        subparagraph (B) the following new subparagraph:
                    ``(C) for qualified first-time homebuyer 
                distributions (as defined in section 72(t)(6)) or for 
                the payment of qualified higher education expenses (as 
                defined in section 72(t)(7)).''
    (e) Effective Date.--The amendments made by this section shall 
apply to payments and distributions after the date of the enactment of 
this Act.

 TITLE IV--2 PERCENT CAP ON INCREASES IN ALL FEDERAL SPENDING THROUGH 
                                  1998

SEC. 401. CONCURRENT RESOLUTION ON THE BUDGET FOR FISCAL YEAR 1994.

    The Congress determines and declares that this resolution is the 
concurrent resolution on the budget for fiscal year 1994, including the 
appropriate budgetary levels for fiscal years 1995, 1996, 1997, and 
1998, as required by section 301 of the Congressional Budget Act of 
1974 (as amended by the Budget Enforcement Act of 1990).

SEC. 402. RECOMMENDED LEVELS AND AMOUNTS.

    The following budgetary levels are appropriate for the fiscal years 
beginning on October 1, 1993, October 1, 1994, October 1, 1995, October 
1, 1996, and October 1, 1997:
            (1) The recommended levels of Federal revenues are as 
        follows:
                    Fiscal year 1994: $1,214,400,000,000.
                    Fiscal year 1995: $1,289,800,000,000.
                    Fiscal year 1996: $1,355,300,000,000.
                    Fiscal year 1997: $1,412,700,000,000.
                    Fiscal year 1998: $1,480,500,000,000.
        and the amounts by which the aggregate levels of Federal 
        revenues should be increased are as follows:
                    Fiscal year 1994: $0.
                    Fiscal year 1995: $0.
                    Fiscal year 1996: $0.
                    Fiscal year 1997: $0.
                    Fiscal year 1998: $0.
        and the amounts for Federal Insurance Contributions Act 
        revenues for hospital insurance within the recommended levels 
        of Federal revenues are as follows:
                    Fiscal year 1994: $87,500,000,000.
                    Fiscal year 1995: $92,700,000,000.
                    Fiscal year 1996: $97,800,000,000.
                    Fiscal year 1997: $102,300,000,000.
                    Fiscal year 1998: $106,800,000,000.
            (2) The appropriate levels of total new budget authority 
        are as follows:
                    Fiscal year 1994: $1,489,000,000,000.
                    Fiscal year 1995: $1,521,400,000,000.
                    Fiscal year 1996: $1,550,800,000,000.
                    Fiscal year 1997: $1,581,000,000,000.
                    Fiscal year 1998: $1,614,600,000,000.
            (3) The appropriate levels of total budget outlays are as 
        follows:
                    Fiscal year 1994: $1,464,100,000,000.
                    Fiscal year 1995: $1,498,100,000,000.
                    Fiscal year 1996: $1,511,600,000,000.
                    Fiscal year 1997: $1,532,900,000,000.
                    Fiscal year 1998: $1,571,700,000,000.
            (4) The amounts of the deficits are as follows:
                    Fiscal year 1994: $249,700,000,000.
                    Fiscal year 1995: $208,300,000,000.
                    Fiscal year 1996: $156,200,000,000.
                    Fiscal year 1997: $120,300,000,000.
                    Fiscal year 1998: $91,300,000,000.
            (5) The appropriate levels of the public debt are as 
        follows:
                    Fiscal year 1994: $4,711,000,000,000.
                    Fiscal year 1995: $5,026,000,000,000.
                    Fiscal year 1996: $5,295,000,000,000.
                    Fiscal year 1997: $5,528,000,000,000.
                    Fiscal year 1998: $5,729,000,000,000.
            (6) The appropriate levels of total Federal credit activity 
        for the fiscal years beginning on October 1, 1993, October 1, 
        1994, October 1, 1995, October 1, 1996, and October 1, 1997, 
        are as follows:
                    Fiscal year 1994:
                            (A) New direct loan obligations, 
                        $19,920,000,000.
                            (B) New primary loan guarantee commitments, 
                        $218,700,000,000.
                    Fiscal year 1995:
                            (A) New direct loan obligations, 
                        $10,800,000,000.
                            (B) New primary loan guarantee commitments, 
                        $49,200,000,000.
                    Fiscal year 1996:
                            (A) New direct loan obligations, 
                        $11,200,000,000.
                            (B) New primary loan guarantee commitments, 
                        $50,900,000,000.
                    Fiscal year 1997:
                            (A) New direct loan obligations, 
                        $10,900,000,000.
                            (B) New primary loan guarantee commitments, 
                        $52,900,000,000.
                    Fiscal year 1998:
                            (A) New direct loan obligations, 
                        $10,900,000,000.
                            (B) New primary loan guarantee commitments, 
                        $53,800,000,000.

SEC. 403. MAJOR FUNCTIONAL CATEGORIES.

    The Congress determines and declares that the appropriate levels of 
new budget authority, budget outlays, new direct loan obligations, new 
primary loan guarantee commitments, and new secondary loan guarantee 
commitments for fiscal years 1994 through 1998 for each major 
functional category are:
            (1) National Defense (050):
                    Fiscal year 1994:
                            (A) New budget authority, $282,500,000,000.
                            (B) Outlays, $279,000,000,000.
                            (C) New direct loan obligations, $0.
                            (D) New primary loan guarantee commitments, 
                        $0.
                            (E) New secondary loan guarantee 
                        commitments, $0.
                    Fiscal year 1995:
                            (A) New budget authority, $284,700,000,000.
                            (B) Outlays, $280,000,000,000.
                            (C) New direct loan obligations, $0.
                            (D) New primary loan guarantee commitments, 
                        $0.
                            (E) New secondary loan guarantee 
                        commitments, $0.
                    Fiscal year 1996:
                            (A) New budget authority, $286,600,000,000.
                            (B) Outlays, $284,000,000,000.
                            (C) New direct loan obligations, $0.
                            (D) New primary loan guarantee commitments, 
                        $0.
                            (E) New secondary loan guarantee 
                        commitments, $0.
                    Fiscal year 1997:
                            (A) New budget authority, $291,000,000,000.
                            (B) Outlays, $288,000,000,000.
                            (C) New direct loan obligations, $0.
                            (D) New primary loan guarantee commitments, 
                        $0.
                            (E) New secondary loan guarantee 
                        commitments, $0.
                    Fiscal year 1998:
                            (A) New budget authority, $296,700,000,000.
                            (B) Outlays, $291,000,000,000.
                            (C) New direct loan obligations, $0.
                            (D) New primary loan guarantee commitments, 
                        $0.
                            (E) New secondary loan guarantee 
                        commitments, $0.
            (2) International Affairs (150):
                    Fiscal year 1994:
                            (A) New budget authority, $19,900,000,000.
                            (B) Outlays, $19,000,000,000.
                            (C) New direct loan obligations, 
                        $2,800,000,000.
                            (D) New primary loan guarantee commitments, 
                        $16,900,000,000.
                            (E) New secondary loan guarantee 
                        commitments, $0.
                    Fiscal year 1995:
                            (A) New budget authority, $20,100,000,000.
                            (B) Outlays, $18,900,000,000.
                            (C) New direct loan obligations, $0.
                            (D) New primary loan guarantee commitments, 
                        $0.
                            (E) New secondary loan guarantee 
                        commitments, $0.
                    Fiscal year 1996:
                            (A) New budget authority, $20,200,000,000.
                            (B) Outlays, $18,900,000,000.
                            (C) New direct loan obligations, $0.
                            (D) New primary loan guarantee commitments, 
                        $0.
                            (E) New secondary loan guarantee 
                        commitments, $0.
                    Fiscal year 1997:
                            (A) New budget authority, $20,500,000,000.
                            (B) Outlays, $19,200,000,000.
                            (C) New direct loan obligations, $0.
                            (D) New primary loan guarantee commitments, 
                        $0.
                            (E) New secondary loan guarantee 
                        commitments, $0.
                    Fiscal year 1998:
                            (A) New budget authority, $20,900,000,000.
                            (B) Outlays, $19,600,000,000.
                            (C) New direct loan obligations, $0.
                            (D) New primary loan guarantee commitments, 
                        $0.
                            (E) New secondary loan guarantee 
                        commitments, $0.
            (3) General Science, Space, and Technology (250):
                    Fiscal year 1994:
                            (A) New budget authority, $17,600,000,000.
                            (B) Outlays, $17,400,000,000.
                            (C) New direct loan obligations, $0.
                            (D) New primary loan guarantee commitments, 
                        $0.
                            (E) New secondary loan guarantee 
                        commitments, $0.
                    Fiscal year 1995:
                            (A) New budget authority, $17,900,000,000.
                            (B) Outlays, $17,800,000,000.
                            (C) New direct loan obligations, $0.
                            (D) New primary loan guarantee commitments, 
                        $0.
                            (E) New secondary loan guarantee 
                        commitments, $0.
                    Fiscal year 1996:
                            (A) New budget authority, $18,300,000,000.
                            (B) Outlays, $18,100,000,000.
                            (C) New direct loan obligations, $0.
                            (D) New primary loan guarantee commitments, 
                        $0.
                            (E) New secondary loan guarantee 
                        commitments, $0.
                    Fiscal year 1997:
                            (A) New budget authority, $18,700,000,000.
                            (B) Outlays, $18,400,000,000.
                            (C) New direct loan obligations, $0.
                            (D) New primary loan guarantee commitments, 
                        $0.
                            (E) New secondary loan guarantee 
                        commitments, $0.
                    Fiscal year 1998:
                            (A) New budget authority, $19,000,000,000.
                            (B) Outlays, $18,800,000,000.
                            (C) New direct loan obligations, $0.
                            (D) New primary loan guarantee commitments, 
                        $0.
                            (E) New secondary loan guarantee 
                        commitments, $0.
            (4) Energy (270):
                    Fiscal year 1994:
                            (A) New budget authority, $5,200,000,000.
                            (B) Outlays, $4,000,000,000.
                            (C) New direct loan obligations, $0.
                            (D) New primary loan guarantee commitments, 
                        $0.
                            (E) New secondary loan guarantee 
                        commitments, $0.
                    Fiscal year 1995:
                            (A) New budget authority, $5,300,000,000.
                            (B) Outlays, $3,800,000,000.
                            (C) New direct loan obligations, $0.
                            (D) New primary loan guarantee commitments, 
                        $0.
                            (E) New secondary loan guarantee 
                        commitments, $0.
                    Fiscal year 1996:
                            (A) New budget authority, $5,400,000,000.
                            (B) Outlays, $4,200,000,000.
                            (C) New direct loan obligations, $0.
                            (D) New primary loan guarantee commitments, 
                        $0.
                            (E) New secondary loan guarantee 
                        commitments, $0.
                    Fiscal year 1997:
                            (A) New budget authority, $5,500,000,000.
                            (B) Outlays, $4,200,000,000.
                            (C) New direct loan obligations, $0.
                            (D) New primary loan guarantee commitments, 
                        $0.
                            (E) New secondary loan guarantee 
                        commitments, $0.
                    Fiscal year 1998:
                            (A) New budget authority, $5,500,000,000.
                            (B) Outlays, $4,100,000,000.
                            (C) New direct loan obligations, $0.
                            (D) New primary loan guarantee commitments, 
                        $0.
                            (E) New secondary loan guarantee 
                        commitments, $0.
            (5) Natural Resources and Environment (300):
                    Fiscal year 1994:
                            (A) New budget authority, $21,800,000,000.
                            (B) Outlays, $21,100,000,000.
                            (C) New direct loan obligations, $0.
                            (D) New primary loan guarantee commitments, 
                        $0.
                            (E) New secondary loan guarantee 
                        commitments, $0.
                    Fiscal year 1995:
                            (A) New budget authority, $22,200,000,000.
                            (B) Outlays, $21,300,000,000.
                            (C) New direct loan obligations, $0.
                            (D) New primary loan guarantee commitments, 
                        $0.
                            (E) New secondary loan guarantee 
                        commitments, $0.
                    Fiscal year 1996:
                            (A) New budget authority, $22,700,000,000.
                            (B) Outlays, $22,300,000,000.
                            (C) New direct loan obligations, $0.
                            (D) New primary loan guarantee commitments, 
                        $0.
                            (E) New secondary loan guarantee 
                        commitments, $0.
                    Fiscal year 1997:
                            (A) New budget authority, $23,100,000,000.
                            (B) Outlays, $22,500,000,000.
                            (C) New direct loan obligations, $0.
                            (D) New primary loan guarantee commitments, 
                        $0.
                            (E) New secondary loan guarantee 
                        commitments, $0.
                    Fiscal year 1998:
                            (A) New budget authority, $23,600,000,000.
                            (B) Outlays, $22,900,000,000.
                            (C) New direct loan obligations, $0.
                            (D) New primary loan guarantee commitments, 
                        $0.
                            (E) New secondary loan guarantee 
                        commitments, $0.
            (6) Agriculture (350):
                    Fiscal year 1994:
                            (A) New budget authority, $15,600,000,000.
                            (B) Outlays, $14,700,000,000.
                            (C) New direct loan obligations, 
                        $9,400,000,000.
                            (D) New primary loan guarantee commitments, 
                        $6,600,000,000.
                            (E) New secondary loan guarantee 
                        commitments, $0.
                    Fiscal year 1995:
                            (A) New budget authority, $14,300,000,000.
                            (B) Outlays, $12,900,000,000.
                            (C) New direct loan obligations, 
                        $7,500,000,000.
                            (D) New primary loan guarantee commitments, 
                        $5,000,000,000.
                            (E) New secondary loan guarantee 
                        commitments, $0.
                    Fiscal year 1996:
                            (A) New budget authority, $13,900,000,000.
                            (B) Outlays, $11,900,000,000.
                            (C) New direct loan obligations, 
                        $7,800,000,000.
                            (D) New primary loan guarantee commitments, 
                        $5,000,000,000.
                            (E) New secondary loan guarantee 
                        commitments, $0.
                    Fiscal year 1997:
                            (A) New budget authority, $14,200,000,000.
                            (B) Outlays, $12,300,000,000.
                            (C) New direct loan obligations, 
                        $7,400,000,000.
                            (D) New primary loan guarantee commitments, 
                        $5,000,000,000.
                            (E) New secondary loan guarantee 
                        commitments, $0.
                    Fiscal year 1998:
                            (A) New budget authority, $14,400,000,000.
                            (B) Outlays, $12,800,000,000.
                            (C) New direct loan obligations, 
                        $7,400,000,000.
                            (D) New primary loan guarantee commitments, 
                        $5,000,000,000.
                            (E) New secondary loan guarantee 
                        commitments, $0.
            (7) Commerce and Housing Credit (370):
                    Fiscal year 1994:
                            (A) New budget authority, $20,800,000,000.
                            (B) Outlays, $11,000,000,000.
                            (C) New direct loan obligations, 
                        $2,300,000,000.
                            (D) New primary loan guarantee commitments, 
                        $145,800,000,000.
                            (E) New secondary loan guarantee 
                        commitments, $0.
                    Fiscal year 1995:
                            (A) New budget authority, $17,700,000,000.
                            (B) Outlays, $13,600,000,000.
                            (C) New direct loan obligations, $0.
                            (D) New primary loan guarantee commitments, 
                        $0.
                            (E) New secondary loan guarantee 
                        commitments, $0.
                    Fiscal year 1996:
                            (A) New budget authority, $14,000,000,000.
                            (B) Outlays, $1,500,000,000.
                            (C) New direct loan obligations, $0.
                            (D) New primary loan guarantee commitments, 
                        $0.
                            (E) New secondary loan guarantee 
                        commitments, $0.
                    Fiscal year 1997:
                            (A) New budget authority, $10,400,000,000.
                            (B) Outlays, -$11,200,000,000.
                            (C) New direct loan obligations, $0.
                            (D) New primary loan guarantee commitments, 
                        $0.
                            (E) New secondary loan guarantee 
                        commitments, $0.
                    Fiscal year 1998:
                            (A) New budget authority, $10,600,000,000.
                            (B) Outlays, -$6,100,000,000.
                            (C) New direct loan obligations, $0.
                            (D) New primary loan guarantee commitments, 
                        $0.
                            (E) New secondary loan guarantee 
                        commitments, $0.
            (8) Transportation (400):
                    Fiscal year 1994:
                            (A) New budget authority, $40,800,000,000.
                            (B) Outlays, $36,700,000,000.
                            (C) New direct loan obligations, $0.
                            (D) New primary loan guarantee commitments, 
                        $0.
                            (E) New secondary loan guarantee 
                        commitments, $0.
                    Fiscal year 1995:
                            (A) New budget authority, $41,100,000,000.
                            (B) Outlays, $37,300,000,000.
                            (C) New direct loan obligations, $0.
                            (D) New primary loan guarantee commitments, 
                        $0.
                            (E) New secondary loan guarantee 
                        commitments, $0.
                    Fiscal year 1996:
                            (A) New budget authority, $42,000,000,000.
                            (B) Outlays, $38,700,000,000.
                            (C) New direct loan obligations, $0.
                            (D) New primary loan guarantee commitments, 
                        $0.
                            (E) New secondary loan guarantee 
                        commitments, $0.
                    Fiscal year 1997:
                            (A) New budget authority, $42,800,000,000.
                            (B) Outlays, $38,300,000,000.
                            (C) New direct loan obligations, $0.
                            (D) New primary loan guarantee commitments, 
                        $0.
                            (E) New secondary loan guarantee 
                        commitments, $0.
                    Fiscal year 1998:
                            (A) New budget authority, $43,700,000,000.
                            (B) Outlays, $39,100,000,000.
                            (C) New direct loan obligations, $0.
                            (D) New primary loan guarantee commitments, 
                        $0.
                            (E) New secondary loan guarantee 
                        commitments, $0.
            (9) Community and Regional Development (450):
                    Fiscal year 1994:
                            (A) New budget authority, $8,700,000,000.
                            (B) Outlays, $8,700,000,000.
                            (C) New direct loan obligations, 
                        $1,900,000,000.
                            (D) New primary loan guarantee commitments, 
                        $2,300,000,000.
                            (E) New secondary loan guarantee 
                        commitments, $0.
                    Fiscal year 1995:
                            (A) New budget authority, $8,700,000,000.
                            (B) Outlays, $8,500,000,000.
                            (C) New direct loan obligations, $0.
                            (D) New primary loan guarantee commitments, 
                        $0.
                            (E) New secondary loan guarantee 
                        commitments, $0.
                    Fiscal year 1996:
                            (A) New budget authority, $8,900,000,000.
                            (B) Outlays, $8,300,000,000.
                            (C) New direct loan obligations, $0.
                            (D) New primary loan guarantee commitments, 
                        $0.
                            (E) New secondary loan guarantee 
                        commitments, $0.
                    Fiscal year 1997:
                            (A) New budget authority, $9,000,000,000.
                            (B) Outlays, $8,500,000,000.
                            (C) New direct loan obligations, $0.
                            (D) New primary loan guarantee commitments, 
                        $0.
                            (E) New secondary loan guarantee 
                        commitments, $0.
                    Fiscal year 1998:
                            (A) New budget authority, $9,200,000,000.
                            (B) Outlays, $8,700,000,000.
                            (C) New direct loan obligations, $0.
                            (D) New primary loan guarantee commitments, 
                        $0.
                            (E) New secondary loan guarantee 
                        commitments, $0.
            (10) Education, Training, Employment, and Social Services 
        (500):
                    Fiscal year 1994:
                            (A) New budget authority, $52,500,000,000.
                            (B) Outlays, $50,900,000,000.
                            (C) New direct loan obligations, $0.
                            (D) New primary loan guarantee commitments, 
                        $21,700,000,000.
                            (E) New secondary loan guarantee 
                        commitments, $0.
                    Fiscal year 1995:
                            (A) New budget authority, $52,900,000,000.
                            (B) Outlays, $51,000,000,000.
                            (C) New direct loan obligations, $0.
                            (D) New primary loan guarantee commitments, 
                        $22,200,000,000.
                            (E) New secondary loan guarantee 
                        commitments, $0.
                    Fiscal year 1996:
                            (A) New budget authority, $53,600,000,000.
                            (B) Outlays, $47,500,000,000.
                            (C) New direct loan obligations, $0.
                            (D) New primary loan guarantee commitments, 
                        $22,600,000.
                            (E) New secondary loan guarantee 
                        commitments, $0.
                    Fiscal year 1997:
                            (A) New budget authority, $54,600,000,000.
                            (B) Outlays, $52,500,000,000.
                            (C) New direct loan obligations, $0.
                            (D) New primary loan guarantee commitments, 
                        $23,100,000,000.
                            (E) New secondary loan guarantee 
                        commitments, $0.
                    Fiscal year 1998:
                            (A) New budget authority, $55,700,000,000.
                            (B) Outlays, $54,000,000,000.
                            (C) New direct loan obligations, $0.
                            (D) New primary loan guarantee commitments, 
                        $23,500,000,000.
                            (E) New secondary loan guarantee 
                        commitments, $0.
            (11) Health (550):
                    Fiscal year 1994:
                            (A) New budget authority, $107,900,000,000.
                            (B) Outlays, $107,400,000,000.
                            (C) New direct loan obligations, $0.
                            (D) New primary loan guarantee commitments, 
                        $0.
                            (E) New secondary loan guarantee 
                        commitments, $0.
                    Fiscal year 1995:
                            (A) New budget authority, $110,100,000,000.
                            (B) Outlays, $109,600,000,000.
                            (C) New direct loan obligations, $0.
                            (D) New primary loan guarantee commitments, 
                        $0.
                            (E) New secondary loan guarantee 
                        commitments, $0.
                    Fiscal year 1996:
                            (A) New budget authority, $112,300,000,000.
                            (B) Outlays, $111,700,000,000.
                            (C) New direct loan obligations, $0.
                            (D) New primary loan guarantee commitments, 
                        $0.
                            (E) New secondary loan guarantee 
                        commitments, $0.
                    Fiscal year 1997:
                            (A) New budget authority, $114,500,000,000.
                            (B) Outlays, $113,800,000,000.
                            (C) New direct loan obligations, $0.
                            (D) New primary loan guarantee commitments, 
                        $0.
                            (E) New secondary loan guarantee 
                        commitments, $0.
                    Fiscal year 1998:
                            (A) New budget authority, $116,800,000.
                            (B) Outlays, $116,000,000,000.
                            (C) New direct loan obligations, $0.
                            (D) New primary loan guarantee commitments, 
                        $0.
                            (E) New secondary loan guarantee 
                        commitments, $0.
            (12) Medicare (570):
                    Fiscal year 1994:
                            (A) New budget authority, $138,100,000,000.
                            (B) Outlays, $136,200,000,000.
                            (C) New direct loan obligations, $0.
                            (D) New primary loan guarantee commitments, 
                        $0.
                            (E) New secondary loan guarantee 
                        commitments, $0.
                    Fiscal year 1995:
                            (A) New budget authority, $140,900,000,000.
                            (B) Outlays, $136,900,000,000.
                            (C) New direct loan obligations, $0.
                            (D) New primary loan guarantee commitments, 
                        $0.
                            (E) New secondary loan guarantee 
                        commitments, $0.
                    Fiscal year 1996:
                            (A) New budget authority, $143,700,000,000.
                            (B) Outlays, $142,100,000,000.
                            (C) New direct loan obligations, $0.
                            (D) New primary loan guarantee commitments, 
                        $0.
                            (E) New secondary loan guarantee 
                        commitments, $0.
                    Fiscal year 1997:
                            (A) New budget authority, $146,600,000,000.
                            (B) Outlays, $145,400,000,000.
                            (C) New direct loan obligations, $0.
                            (D) New primary loan guarantee commitments, 
                        $0.
                            (E) New secondary loan guarantee 
                        commitments, $0.
                    Fiscal year 1998:
                            (A) New budget authority, $149,500,000,000.
                            (B) Outlays, $148,300,000,000.
                            (C) New direct loan obligations, $0.
                            (D) New primary loan guarantee commitments, 
                        $0.
                            (E) New secondary loan guarantee 
                        commitments, $0.
            (13) Income Security (600):
                    Fiscal year 1994:
                            (A) New budget authority, $210,000,000,000.
                            (B) Outlays, $210,400,000,000.
                            (C) New direct loan obligations, $0.
                            (D) New primary loan guarantee commitments, 
                        $0.
                            (E) New secondary loan guarantee 
                        commitments, $0.
                    Fiscal year 1995:
                            (A) New budget authority, $214,200,000,000.
                            (B) Outlays, $215,600,000,000.
                            (C) New direct loan obligations, $0.
                            (D) New primary loan guarantee commitments, 
                        $0.
                            (E) New secondary loan guarantee 
                        commitments, $0.
                    Fiscal year 1996:
                            (A) New budget authority, $218,400,000,000.
                            (B) Outlays, $213,800,000,000.
                            (C) New direct loan obligations, $0.
                            (D) New primary loan guarantee commitments, 
                        $0.
                            (E) New secondary loan guarantee 
                        commitments, $0.
                    Fiscal year 1997:
                            (A) New budget authority, $222,800,000,000.
                            (B) Outlays, $215,300,000,000.
                            (C) New direct loan obligations, $0.
                            (D) New primary loan guarantee commitments, 
                        $0.
                            (E) New secondary loan guarantee 
                        commitments, $0.
                    Fiscal year 1998:
                            (A) New budget authority, $227,300,000,000.
                            (B) Outlays, $222,800,000,000.
                            (C) New direct loan obligations, $0.
                            (D) New primary loan guarantee commitments, 
                        $0.
                            (E) New secondary loan guarantee 
                        commitments, $0.
            (14) Social Security (650):
                    Fiscal year 1994:
                            (A) New budget authority, $312,400,000,000.
                            (B) Outlays, $311,100,000,000.
                            (C) New direct loan obligations, $0.
                            (D) New primary loan guarantee commitments, 
                        $0.
                            (E) New secondary loan guarantee 
                        commitments, $0.
                    Fiscal year 1995:
                            (A) New budget authority, $318,700,000,000.
                            (B) Outlays, $317,400,000,000.
                            (C) New direct loan obligations, $0.
                            (D) New primary loan guarantee commitments, 
                        $0.
                            (E) New secondary loan guarantee 
                        commitments, $0.
                    Fiscal year 1996:
                            (A) New budget authority, $325,100,000,000.
                            (B) Outlays, $323,700,000,000.
                            (C) New direct loan obligations, $0.
                            (D) New primary loan guarantee commitments, 
                        $0.
                            (E) New secondary loan guarantee 
                        commitments, $0.
                    Fiscal year 1997:
                            (A) New budget authority, $331,600,000,000.
                            (B) Outlays, $330,200,000,000.
                            (C) New direct loan obligations, $0.
                            (D) New primary loan guarantee commitments, 
                        $0.
                            (E) New secondary loan guarantee 
                        commitments, $0.
                    Fiscal year 1998:
                            (A) New budget authority, $338,200,000,000.
                            (B) Outlays, $336,900,000,000.
                            (C) New direct loan obligations, $0.
                            (D) New primary loan guarantee commitments, 
                        $0.
                            (E) New secondary loan guarantee 
                        commitments, $0.
            (15) Veterans Benefits and Services (700):
                    Fiscal year 1994:
                            (A) New budget authority, $35,000,000,000.
                            (B) Outlays, $36,400,000,000.
                            (C) New direct loan obligations, $0.
                            (D) New primary loan guarantee commitments, 
                        $0.
                            (E) New secondary loan guarantee 
                        commitments, $0.
                    Fiscal year 1995:
                            (A) New budget authority, $35,700,000,000.
                            (B) Outlays, $35,600,000,000.
                            (C) New direct loan obligations, $0.
                            (D) New primary loan guarantee commitments, 
                        $0.
                            (E) New secondary loan guarantee 
                        commitments, $0.
                    Fiscal year 1996:
                            (A) New budget authority, $36,400,000,000.
                            (B) Outlays, $34,900,000,000.
                            (C) New direct loan obligations, $0.
                            (D) New primary loan guarantee commitments, 
                        $0.
                            (E) New secondary loan guarantee 
                        commitments, $0.
                    Fiscal year 1997:
                            (A) New budget authority, $37,200,000,000.
                            (B) Outlays, $37,100,000,000.
                            (C) New direct loan obligations, $0.
                            (D) New primary loan guarantee commitments, 
                        $0.
                            (E) New secondary loan guarantee 
                        commitments, $0.
                    Fiscal year 1998:
                            (A) New budget authority, $37,900,000,000.
                            (B) Outlays, $37,800,000,000.
                            (C) New direct loan obligations, $0.
                            (D) New primary loan guarantee commitments, 
                        $0.
                            (E) New secondary loan guarantee 
                        commitments, $0.
            (16) Administration of Justice (750):
                    Fiscal year 1994:
                            (A) New budget authority, $15,200,000,000.
                            (B) Outlays, $15,300,000,000.
                            (C) New direct loan obligations, $0.
                            (D) New primary loan guarantee commitments, 
                        $0.
                            (E) New secondary loan guarantee 
                        commitments, $0.
                    Fiscal year 1995:
                            (A) New budget authority, $15,500,000,000.
                            (B) Outlays, $15,700,000,000.
                            (C) New direct loan obligations, $0.
                            (D) New primary loan guarantee commitments, 
                        $0.
                            (E) New secondary loan guarantee 
                        commitments, $0.
                    Fiscal year 1996:
                            (A) New budget authority, $15,900,000,000.
                            (B) Outlays, $15,900,000,000.
                            (C) New direct loan obligations, $0.
                            (D) New primary loan guarantee commitments, 
                        $0.
                            (E) New secondary loan guarantee 
                        commitments, $0.
                    Fiscal year 1997:
                            (A) New budget authority, $16,200,000,000.
                            (B) Outlays, $16,100,000,000.
                            (C) New direct loan obligations, $0.
                            (D) New primary loan guarantee commitments, 
                        $0.
                            (E) New secondary loan guarantee 
                        commitments, $0.
                    Fiscal year 1998:
                            (A) New budget authority, $16,500,000,000.
                            (B) Outlays, $16,300,000,000.
                            (C) New direct loan obligations, $0.
                            (D) New primary loan guarantee commitments, 
                        $0.
                            (E) New secondary loan guarantee 
                        commitments, $0.
            (17) General Government (800):
                    Fiscal year 1994:
                            (A) New budget authority, $13,600,000,000.
                            (B) Outlays, $13,700,000,000.
                            (C) New direct loan obligations, $0.
                            (D) New primary loan guarantee commitments, 
                        $0.
                            (E) New secondary loan guarantee 
                        commitments, $0.
                    Fiscal year 1995:
                            (A) New budget authority, $13,900,000,000.
                            (B) Outlays, $14,900,000,000.
                            (C) New direct loan obligations, $0.
                            (D) New primary loan guarantee commitments, 
                        $0.
                            (E) New secondary loan guarantee 
                        commitments, $0.
                    Fiscal year 1996:
                            (A) New budget authority, $14,200,000,000.
                            (B) Outlays, $14,400,000,000.
                            (C) New direct loan obligations, $0.
                            (D) New primary loan guarantee commitments, 
                        $0.
                            (E) New secondary loan guarantee 
                        commitments, $0.
                    Fiscal year 1997:
                            (A) New budget authority, $14,500,000,000.
                            (B) Outlays, $14,400,000,000.
                            (C) New direct loan obligations, $0.
                            (D) New primary loan guarantee commitments, 
                        $0.
                            (E) New secondary loan guarantee 
                        commitments, $0.
                    Fiscal year 1998:
                            (A) New budget authority, $14,800,000,000.
                            (B) Outlays, $14,600,000,000.
                            (C) New direct loan obligations, $0.
                            (D) New primary loan guarantee commitments, 
                        $0.
                            (E) New secondary loan guarantee 
                        commitments, $0.
            (18) Net Interest (900):
                    Fiscal year 1994:
                            (A) New budget authority, $209,600,000,000.
                            (B) Outlays, $209,600,000,000.
                            (C) New direct loan obligations, $0.
                            (D) New primary loan guarantee commitments, 
                        $0.
                            (E) New secondary loan guarantee 
                        commitments, $0.
                    Fiscal year 1995:
                            (A) New budget authority, $226,600,000,000.
                            (B) Outlays, $226,600,000,000.
                            (C) New direct loan obligations, $0.
                            (D) New primary loan guarantee commitments, 
                        $0.
                            (E) New secondary loan guarantee 
                        commitments, $0.
                    Fiscal year 1996:
                            (A) New budget authority, $239,900,000,000.
                            (B) Outlays, $239,900,000,000.
                            (C) New direct loan obligations, $0.
                            (D) New primary loan guarantee commitments, 
                        $0.
                            (E) New secondary loan guarantee 
                        commitments, $0.
                    Fiscal year 1997:
                            (A) New budget authority, $249,800,000,000.
                            (B) Outlays, $249,800,000,000.
                            (C) New direct loan obligations, $0.
                            (D) New primary loan guarantee commitments, 
                        $0.
                            (E) New secondary loan guarantee 
                        commitments, $0.
                    Fiscal year 1998:
                            (A) New budget authority, $257,800,000,000.
                            (B) Outlays, $257,800,000,000.
                            (C) New direct loan obligations, $0.
                            (D) New primary loan guarantee commitments, 
                        $0.
                            (E) New secondary loan guarantee 
                        commitments, $0.
            (19) Allowances (920):
                    Fiscal year 1994:
                            (A) New budget authority, $0.
                            (B) Outlays, $0.
                            (C) New direct loan obligations, $0.
                            (D) New primary loan guarantee commitments, 
                        $0.
                            (E) New secondary loan guarantee 
                        commitments, $0.
                    Fiscal year 1995:
                            (A) New budget authority, $0.
                            (B) Outlays, $0.
                            (C) New direct loan obligations, $0.
                            (D) New primary loan guarantee commitments, 
                        $0.
                            (E) New secondary loan guarantee 
                        commitments, $0.
                    Fiscal year 1996:
                            (A) New budget authority, $0.
                            (B) Outlays, $0.
                            (C) New direct loan obligations, $0.
                            (D) New primary loan guarantee commitments, 
                        $0.
                            (E) New secondary loan guarantee 
                        commitments, $0.
                    Fiscal year 1997:
                            (A) New budget authority, $0.
                            (B) Outlays, $0.
                            (C) New direct loan obligations, $0.
                            (D) New primary loan guarantee commitments, 
                        $0.
                            (E) New secondary loan guarantee 
                        commitments, $0.
                    Fiscal year 1998:
                            (A) New budget authority, $0.
                            (B) Outlays, $0.
                            (C) New direct loan obligations, $0.
                            (D) New primary loan guarantee commitments, 
                        $0.
                            (E) New secondary loan guarantee 
                        commitments, $0.
            (20) Undistributed Offsetting Receipts (950):
                    Fiscal year 1994:
                            (A) New budget authority, -$38,500,000,000.
                            (B) Outlays, -$38,500,000,000.
                            (C) New direct loan obligations, $0.
                            (D) New primary loan guarantee commitments, 
                        $0.
                            (E) New secondary loan guarantee 
                        commitments, $0.
                    Fiscal year 1995:
                            (A) New budget authority, -$39,300,000,000.
                            (B) Outlays, -$39,300,000,000.
                            (C) New direct loan obligations, $0.
                            (D) New primary loan guarantee commitments, 
                        $0.
                            (E) New secondary loan guarantee 
                        commitments, $0.
                    Fiscal year 1996:
                            (A) New budget authority, -$40,400,000,000.
                            (B) Outlays, -$40,400,000,000.
                            (C) New direct loan obligations, $0.
                            (D) New primary loan guarantee commitments, 
                        $0.
                            (E) New secondary loan guarantee 
                        commitments, $0.
                    Fiscal year 1997:
                            (A) New budget authority, -$41,900,000,000.
                            (B) Outlays, -$41,900,000,000.
                            (C) New direct loan obligations, $0.
                            (D) New primary loan guarantee commitments, 
                        $0.
                            (E) New secondary loan guarantee 
                        commitments, $0.
                    Fiscal year 1998:
                            (A) New budget authority, -$43,500,000,000.
                            (B) Outlays, -$43,500,000,000.
                            (C) New direct loan obligations, $0.
                            (D) New primary loan guarantee commitments, 
                        $0.
                            (E) New secondary loan guarantee 
                        commitments, $0.

SEC. 404. RECONCILIATION.

    (a) In General.--Not later than May 14, 1993, the House committees 
named in subsections (b) through (r) of this section shall submit their 
recommendations to the Committee on the Budget of the House. After 
receiving those recommendations, the Committee on the Budget shall 
report to the House a reconciliation bill or resolution or both 
carrying out all such recommendations without any substantive revision.
    (b) The House Committee on Agriculture shall report (1) changes in 
laws within its jurisdiction which provide spending authority as 
defined in section 401(c)(2)(C) of the Congressional Budget Act of 
1974, sufficient to reduce outlays, (2) changes in laws within its 
jurisdiction which provide spending authority other than as defined in 
section 401(c)(2)(C) of the Act, sufficient to reduce outlays, or (3) 
any combination thereof, as follows: $0 in outlays in fiscal year 1994, 
$0 in outlays in fiscal year 1995, $0 in outlays in fiscal year 1996, 
$0 in outlays in fiscal year 1997, and $0 in outlays in fiscal year 
1998.
    (b) The House Committee on Armed Services shall report (1) changes 
in laws within its jurisdiction which provide spending authority as 
defined in section 401(c)(2)(C) of the Congressional Budget Act of 
1974, sufficient to reduce outlays, (2) changes in laws within its 
jurisdiction which provide spending authority other than as defined in 
section 401(c)(2)(C) of the Act, sufficient to reduce outlays, or (3) 
any combination thereof, as follows: $823,000,000 in outlays in fiscal 
year 1994, $1,205,000,000 in outlays in fiscal year 1995, 
$1,656,000,000 in outlays in fiscal year 1996, $2,172,000,000 in 
outlays in fiscal year 1997, and $2,651,000,000 in outlays in fiscal 
year 1998.
    (c) The House Committee on Banking, Finance and Urban Affairs shall 
report (1) changes in laws within its jurisdiction which provide 
spending authority as defined in section 401(c)(2)(C) of the 
Congressional Budget Act of 1974, sufficient to reduce outlays, (2) 
changes in laws within its jurisdiction which provide spending 
authority other than as defined in section 401(c)(2)(C) of the Act, 
sufficient to reduce outlays, or (3) any combination thereof, as 
follows: $35,000,000 in outlays in fiscal year 1994, $86,000,000 in 
outlays in fiscal year 1995, $151,000,000 in outlays in fiscal year 
1996, $173,000,000 in outlays in fiscal year 1997, and $124,000,000 in 
outlays in fiscal year 1998.
    (d) The House Committee on the District of Columbia shall report 
(1) changes in laws within its jurisdiction which provide spending 
authority as defined in section 401(c)(2)(C) of the Congressional 
Budget Act of 1974, sufficient to reduce outlays, (2) changes in laws 
within its jurisdiction which provide spending authority other than as 
defined in section 401(c)(2)(C) of the Act, sufficient to reduce 
outlays, or (3) any combination thereof, as follows: $1,000,000 in 
outlays in fiscal year 1994, $2,000,000 in outlays in fiscal year 1995, 
$4,000,000 in outlays in fiscal year 1996, $6,000,000 in outlays in 
fiscal year 1997, and $7,000,000 in outlays in fiscal year 1998.
    (e) The House Committee on Education and Labor shall report changes 
in laws within its jurisdiction sufficient to reduce the deficit as 
follows: $0 in fiscal year 1994, $0 in fiscal year 1995, $0 in fiscal 
year 1996, $3,860,000,000 in fiscal year 1997, and $4,301,000,000 in 
fiscal year 1998.
    (f) The House Committee on Energy and Commerce shall report (1) 
changes in laws within its jurisdiction which provide spending 
authority as defined in section 401(c)(2)(C) of the Congressional 
Budget Act of 1974, sufficient to reduce outlays, (2) changes in laws 
within its jurisdiction which provide spending authority other than as 
defined in section 401(c)(2)(C) of the Act, sufficient to reduce 
outlays, or (3) any combination thereof, as follows: $335,000,000 in 
outlays in fiscal year 1994, $449,000,000 in outlays in fiscal year 
1995, $582,000,000 in outlays in fiscal year 1996, $582,000,000 in 
outlays in fiscal year 1997, and $584,000,000 in outlays in fiscal year 
1998.
    (g) The House Committee on Foreign Affairs shall report (1) changes 
in laws within its jurisdiction which provide spending authority as 
defined in section 401(c)(2)(C) of the Congressional Budget Act of 
1974, sufficient to reduce outlays, (2) changes in laws within its 
jurisdiction which provide spending authority other than as defined in 
section 401(c)(2)(C) of the Act, sufficient to reduce outlays, or (3) 
any combination thereof, as follows: $6,000,000 in outlays in fiscal 
year 1994, $0 in outlays in fiscal year 1995, $0 in outlays in fiscal 
year 1996, $0 in outlays in fiscal year 1997, and $0 in outlays in 
fiscal year 1998.
    (h) The House Committee on Government Operations shall report (1) 
changes in laws within its jurisdiction which provide spending 
authority as defined in section 401(c)(2)(C) of the Congressional 
Budget Act of 1974, sufficient to reduce outlays, (2) changes in laws 
within its jurisdiction which provide spending authority other than as 
defined in section 401(c)(2)(C) of the Act, sufficient to reduce 
outlays, or (3) any combination thereof, as follows: $3,000,000 in 
outlays in fiscal year 1994, $90,000,000 in outlays in fiscal year 
1995, $96,000,000 in outlays in fiscal year 1996, $96,000,000 in 
outlays in fiscal year 1997, and $97,000,000 in outlays in fiscal year 
1998.
    (i) The House Committee on House Administration shall report (1) 
changes in laws within its jurisdiction which provide spending 
authority as defined in section 401(c)(2)(C) of the Congressional 
Budget Act of 1974, sufficient to reduce outlays, (2) changes in laws 
within its jurisdiction which provide spending authority other than as 
defined in section 401(c)(2)(C) of the Act, sufficient to reduce 
outlays, or (3) any combination thereof, as follows: $0 in outlays in 
fiscal year 1994, $24,000,000 in outlays in fiscal year 1995, 
$93,000,000 in outlays in fiscal year 1996, $3,000,000 in outlays in 
fiscal year 1997, and $0 in outlays in fiscal year 1998.
    (j) The House Committee on Judiciary shall report (1) changes in 
laws within its jurisdiction which provide spending authority as 
defined in section 401(c)(2)(C) of the Congressional Budget Act of 
1974, sufficient to reduce outlays, (2) changes in laws within its 
jurisdiction which provide spending authority other than as defined in 
section 401(c)(2)(C) of the Act, sufficient to reduce outlays, or (3) 
any combination thereof, as follows: $250,000,000 in outlays in fiscal 
year 1994, $0 in outlays in fiscal year 1995, $0 in outlays in fiscal 
year 1996, $28,000,000 in outlays in fiscal year 1997, and $30,000,000 
in outlays in fiscal year 1998.
    (k) The House Committee on Merchant Marine and Fisheries shall 
report (1) changes in laws within its jurisdiction which provide 
spending authority as defined in section 401(c)(2)(C) of the 
Congressional Budget Act of 1974, sufficient to reduce outlays, (2) 
changes in laws within its jurisdiction which provide spending 
authority other than as defined in section 401(c)(2)(C) of the Act, 
sufficient to reduce outlays, or (3) any combination thereof, as 
follows: $21,000,000 in outlays in fiscal year 1994, $0 in outlays in 
fiscal year 1995, $25,000,000 in outlays in fiscal year 1996, 
$21,000,000 in outlays in fiscal year 1997, and $0 in outlays in fiscal 
year 1998.
    (l) The House Committee on Natural Resources shall report (1) 
changes in laws within its jurisdiction which provide spending 
authority as defined in section 401(c)(2)(C) of the Congressional 
Budget Act of 1974, sufficient to reduce outlays, (2) changes in laws 
within its jurisdiction which provide spending authority other than as 
defined in section 401(c)(2)(C) of the Act, sufficient to reduce 
outlays, or (3) any combination thereof, as follows: $0 in outlays in 
fiscal year 1994, $199,000,000 in outlays in fiscal year 1995, 
$355,000,000 in outlays in fiscal year 1996, $404,000,000 in outlays in 
fiscal year 1997, and $238,000,000 in outlays in fiscal year 1998.
    (m) The House Committee on Post Office and Civil Service shall 
report (1) changes in laws within its jurisdiction which provide 
spending authority as defined in section 401(c)(2)(C) of the 
Congressional Budget Act of 1974, sufficient to reduce outlays, (2) 
changes in laws within its jurisdiction which provide spending 
authority other than as defined in section 401(c)(2)(C) of the Act, 
sufficient to reduce outlays, or (3) any combination thereof, as 
follows: $1,349,000,000 in outlays in fiscal year 1994, $0 in outlays 
in fiscal year 1995, $2,643,000,000 in outlays in fiscal year 1996, 
$5,910,000,000 in outlays in fiscal year 1997, and $8,742,000,000 in 
outlays in fiscal year 1998.
    (n) The House Committee on Public Works and Transportation shall 
report (1) changes in laws within its jurisdiction which provide 
spending authority as defined in section 401(c)(2)(C) of the 
Congressional Budget Act of 1974, sufficient to reduce outlays, (2) 
changes in laws within its jurisdiction which provide spending 
authority other than as defined in section 401(c)(2)(C) of the Act, 
sufficient to reduce outlays, or (3) any combination thereof, as 
follows: $0 in outlays in fiscal year 1994, $166,000,000 in outlays in 
fiscal year 1995, $84,000,000 in outlays in fiscal year 1996, $0 in 
outlays in fiscal year 1997, and $0 in outlays in fiscal year 1998.
    (o) The House Committee on Science, Space, and Technology shall 
report (1) changes in laws within its jurisdiction which provide 
spending authority as defined in section 401(c)(2)(C) of the 
Congressional Budget Act of 1974, sufficient to reduce outlays, (2) 
changes in laws within its jurisdiction which provide spending 
authority other than as defined in section 401(c)(2)(C) of the Act, 
sufficient to reduce outlays, or (3) any combination thereof, as 
follows: $0 in outlays in fiscal year 1994, $0 in outlays in fiscal 
year 1995, $0 in outlays in fiscal year 1996, $0 in outlays in fiscal 
year 1997, and $0 in outlays in fiscal year 1998.
    (p) The House Committee on Small Business shall report (1) changes 
in laws within its jurisdiction which provide spending authority as 
defined in section 401(c)(2)(C) of the Congressional Budget Act of 
1974, sufficient to reduce outlays, (2) changes in laws within its 
jurisdiction which provide spending authority other than as defined in 
section 401(c)(2)(C) of the Act, sufficient to reduce outlays, or (3) 
any combination thereof, as follows: $75,000,000 in outlays in fiscal 
year 1994, $119,000,000 in outlays in fiscal year 1995, $135,000,000 in 
outlays in fiscal year 1996, $166,000,000 in outlays in fiscal year 
1997, and $204,000,000 in outlays in fiscal year 1998.
    (q) The House Committee on Veterans' Affairs shall report (1) 
changes in laws within its jurisdiction which provide spending 
authority as defined in section 401(c)(2)(C) of the Congressional 
Budget Act of 1974, sufficient to reduce outlays, (2) changes in laws 
within its jurisdiction which provide spending authority other than as 
defined in section 401(c)(2)(C) of the Act, sufficient to reduce 
outlays, or (3) any combination thereof, as follows: $52,000,000 in 
outlays in fiscal year 1994, $0 in outlays in fiscal year 1995, $0 in 
outlays in fiscal year 1996, $0 in outlays in fiscal year 1997, and $0 
in outlays in fiscal year 1998.
    (r)(1) The House Committee on Ways and Means shall report (A) 
changes in laws within its jurisdiction which provide spending 
authority as defined in section 401(c)(2)(C) of the Congressional 
Budget Act of 1974, sufficient to reduce outlays, (B) changes in laws 
within its jurisdiction which provide spending authority other than as 
defined in section 401(c)(2)(C) of the Act, sufficient to reduce 
outlays, or (C) any combination thereof, as follows: $14,134,000,000 in 
outlays in fiscal year 1994, $44,702,000,000 in outlays in fiscal year 
1995, $73,013,000,000 in outlays in fiscal year 1996, $103,437,000,000 
in outlays in fiscal year 1997, and $136,144,000,000 in outlays in 
fiscal year 1998.
    (2) The House Committee on Ways and Means shall report changes in 
laws within its jurisdiction sufficient to increase revenues as 
follows: $0 in fiscal year 1994, $0 in fiscal year 1995, $0 in fiscal 
year 1996, $0 in fiscal year 1997, and $0 in fiscal year 1998.
    (3) In addition to the instructions in paragraphs (1) and (2), the 
House Committee on Ways and Means shall report changes in laws within 
its jurisdiction sufficient to reduce the deficit as follows: $0 in 
fiscal year 1994, $0 in fiscal year 1995, $0 in fiscal year 1996, $0 in 
fiscal year 1997, and $0 in fiscal year 1998.

      TITLE V--REDUCTION IN UNNECESSARY AND BURDENSOME REGULATIONS

SEC. 501. FINDINGS.

    The Congress makes the following findings:
            (1) The level of Federal regulation of the private sector 
        has dramatically increased in recent years and there are over 
        50 Federal regulatory agencies and nearly 5,000 new regulations 
        are currently being promulgated;
            (2) The Federal Government spends approximately $11 billion 
        per year on the regulatory program and employs over 122,000 
        regulators;
            (3) The estimated cost of Federal regulation to the private 
        sector is $400,000,000,000 per year, or over $4,000 per 
        household;
            (4) Increasing Federal regulations require private 
        enterprises to expend a growing level of resources to meet 
        regulatory mandates, rather than investing in new capital of 
        expanding operations, therefore inhibiting the creation of new 
        jobs;
            (5) Excessive Federal regulations have slowed job creation 
        and economic expansion in the United States;
            (6) Increased costs to business of Federal regulations has 
        generally led to an increase in the costs of products to 
        consumers;
            (7) The increased level of Federal regulations of private 
        enterprises and the costs associated with these regulations 
        have hindered the ability of American businesses to compete 
        effectively in the international marketplace;
            (8) Past moratorium on unnecessary Federal regulations were 
        ordered to help spur economic activity.

SEC. 502. CONCURRENT RESOLUTION OF THE HOUSE.

    Resolved by the House of Representatives (the Senate concurring), 
That it is the sense of the Congress that the President should extend 
for a period of one year the provisions of the 90-day moratorium on new 
unnecessary regulations ordered in the President's ``Memorandum on 
Reducing the Burden of Government Regulations'' dated January 28, 1992.

SEC. 503. LEGISLATIVE AND REGULATORY ANALYSIS.

    (a) Section 403(a) of the Congressional Budget Act of 1974 (2 
U.S.C. 653(a)) is amended in subsection (a)(1) by striking ``of the 
costs'', and inserting ``of the economic costs to both the Federal 
Government and the private sector, including adjustments in employment 
levels,''.
    (b) Section 553(b) of the Government Organization and Employees Act 
(5 U.S.C. 553(b)) is amended--
            (1) in paragraph (2), after the phrase ``is proposed;'' by 
        striking ``and'';
            (2) in paragraph (3), by striking ``involved.'' and 
        inserting ``involved; and'';
            (3) by inserting after paragraph (3) the following new 
        paragraph:
            ``(4) an economic impact statement, as set forth in 
        subsection (f).''.
    (c) Section 553(b) of the Government Organization and Employees Act 
(5 U.S.C. 553(b)) is further amended by inserting after subsection (e) 
the following new section:
    ``(f) Economic Impact Statement.--
            ``(1) An economic impact statement shall be required in 
        conjunction with the general notice of any proposed rule making 
        published in the Federal Register, as set forth in subsection 
        (b), whenever practicable, or where in the judgment of the head 
        of the rule making agency or the Director of the Office of 
        Management and Budget, the proposed rule will result in an 
        annual combined cost to State and local governments and the 
        private sector in excess of $200,000,000, or is likely to have 
        exceptional fiscal consequences for a particular geographic 
        region or level of government.
            ``(2) The economic impact statement shall be prepared by 
        the agency in coordination with the Office of Management and 
        Budget, and shall include an estimation of the costs of the 
        proposed rule that would be incurred in carrying out such rule 
        in the fiscal year in which it is to become effective and in 
        each of the 4 fiscal years following such fiscal year, together 
        with the basis for such estimate, including the--
                    ``(A) economic cost to the private sector of the 
                proposed rule,
                    ``(B) resulting impact on employment levels, and
                    ``(C) costs incurred by the State and local 
                governments in carrying out or complying with such 
                rule.
            ``(3) This section shall become effective six months after 
        the date of enactment.''.

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