essary to make the reductions in direct spending re-
quired by paragraph (1). 
‘‘(ii) For purposes of determining reductions 
under clause (i), outlay reductions (as a result of se-
questration of Commodity Credit Corporation com-
modity price support contracts in the fiscal year of 
a sequestration) that would occur in the following 
fiscal year shall be credited as outlay reductions in 
the fiscal year of the sequestration. 
‘‘(2) For purposes of this subsection, accounts shall 
be assumed to be at the level in the baseline for fiscal 
year 2007 and for fiscal years 2008 through 2011 at the 
baseline after adjusting for any sequester in fiscal year 
2006. 
‘‘(d) ESTIMATES.— 
‘‘(1) CBO ESTIMATES.—As soon as practicable 
after Congress completes action on any direct spend-
ing, CBO shall provide an estimate to OMB of that 
legislation. 
‘‘(2) OMB ESTIMATES.—Not later than 7 cal-
endar days (excluding Saturdays, Sundays, and legal 
holidays) after the date of enactment of any direct 
spending, OMB shall transmit a report to the House 
of Representatives and to the Senate containing— 
‘‘(A) the CBO estimate of that legislation;
‘‘(B) an OMB estimate of that legislation 
using current economic and technical assump-
tions; and 
‘‘(C) an explanation of any difference be-
tween the 2 estimates. 
‘‘(3) SIGNIFICANT
DIFFERENCES.—If during 
the preparation of the report under paragraph (2) 
OMB determines that there is a significant dif-
ference between the OMB and CBO estimates, OMB 
shall consult with the Committees on the Budget of 
the House of Representatives and the Senate regard-
ing that difference and that consultation, to the ex-
tent practicable, shall include written communication 
to such committees that affords such committees the 
opportunity to comment before the issuance of that 
report. 
‘‘(4) SCOPE
OF
ESTIMATES.—The estimates 
under this section shall include the amount of 
change in outlays for the current year (if applica-
ble), the budget year, and each outyear excluding 
any amounts resulting from— 
‘‘(A) full funding of, and continuation of, 
the deposit insurance guarantee commitment in 
effect under current estimates; and
‘‘(B) emergency provisions as designated 
under subsection (e). 
‘‘(5) SCOREKEEPING GUIDELINES.—OMB and 
CBO, after consultation with each other and the 
Committees on the Budget of the House of Rep-
resentatives and the Senate, shall— 
‘‘(A) 
determine 
common 
scorekeeping 
guidelines; and 
‘‘(B) in conformance with such guidelines, 
prepare estimates under this section. 
‘‘(e) EMERGENCY LEGISLATION.—If a provision of 
direct spending legislation is enacted that the President 
designates as an emergency requirement and that the Con-
gress so designates in statute, the amounts of new budget 
authority, outlays, and receipts in all fiscal years resulting 
from that provision shall be designated as an emergency 
requirement in the reports required under subsection (d) 
of this section.’’. 
SEC. 4. CONFORMING AMENDMENTS. 
(a) EXPIRATION.—(1) Section 254(c)(2) of the Bal-
anced Budget and Emergency Deficit Control Act of 1985 
is amended by striking ‘‘2002’’ and inserting ‘‘2011’’. 
(2) Section 254(f)(2)(A) of the Balanced Budget and 
Emergency Deficit Control Act of 1985 is amended by 
striking ‘‘2002’’ and inserting ‘‘2011’’.