(1) shall not be counted as new budget authority,
outlays, receipts, or deficit or surplus for purposes
of—
(A) the budget of the United States Govern-
ment as submitted by the President,
(B) the congressional budget (including al-
locations of budget authority and outlays pro-
vided therein), or
(C) the Balanced Budget and Emergency
Deficit Control Act of 1985; and
(2) shall be exempt from any general budget lim-
itation imposed by statute on expenditures and net
lending (budget outlays) of the United States Govern-
ment.
SEC. 3. SAFEGUARDS AGAINST DEFICIT SPENDING OUT OF
AIRPORT AND AIRWAY TRUST FUND.
(a) IN GENERAL.—Chapter 471 of title 49, United
States Code, is amended—
(1) by redesignating section 47131 as section
47132; and
(2) by inserting after section 47130 the following
new section:
‘‘§ 47131. Safeguards against deficit spending
‘‘(a) ESTIMATES OF UNFUNDED AVIATION AUTHOR-
IZATIONS AND NET AVIATION RECEIPTS.—Not later than
March 31 of each year, the Secretary, in consultation with
the Secretary of the Treasury, shall estimate—
‘‘(1) the amount which would (but for this sec-
tion) be the unfunded aviation authorizations at the
close of the first fiscal year that begins after that
Mach 31, and
‘‘(2) the net aviation receipts at the close of such
fiscal year.
‘‘(b) PROCEDURE IF EXCESS UNFUNDED AVIATION
AUTHORIZATIONS.—If the Secretary determines for any fis-
cal year that the amount described in subsection (a)(1) ex-
ceeds the amount described in subsection (a)(2), the Sec-
retary shall determine the amount of such excess.
‘‘(c) ADJUSTMENT OF AUTHORIZATIONS IF UNFUNDED
AUTHORIZATIONS EXCEED RECEIPTS.—
‘‘(1) DETERMINATION OF PERCENTAGE.—If the
Secretary determines that there is an excess referred
to in subsection (b) for a fiscal year, the Secretary
shall determine the percentage which—
‘‘(A) such excess, is of
‘‘(B) the total of the amounts authorized to
be appropriated from the Airport and Airway
Trust Fund for the next fiscal year.
‘‘(2) ADJUSTMENT OF AUTHORIZATIONS.—If the
Secretary determines a percentage under paragraph
(1), each amount authorized to be appropriated from
the Airport and Airway Trust Fund for the next fis-
cal year shall be reduced by such percentage.
‘‘(d) AVAILABILITY OF AMOUNTS PREVIOUSLY WITH-
HELD.—
‘‘(1) ADJUSTMENT
OF
AUTHORIZATIONS.—If,
after a reduction has been made under subsection
(c)(2), the Secretary determines that the amount de-
scribed in subsection (a)(1) does not exceed the
amount described in subsection (a)(2) or that the ex-
cess referred to in subsection (b) is less than the
amount previously determined, each amount author-
ized to be appropriated that was reduced under sub-
section (c)(2) shall be increased, by an equal percent-
age, to the extent the Secretary determines that it
may be so increased without causing the amount de-
scribed in subsection (a)(1) to exceed the amount de-
scribed in subsection (a)(2) (but not by more than the
amount of the reduction).
‘‘(2) APPORTIONMENT.—The Secretary shall ap-
portion amounts made available for apportionment
by paragraph (1).
‘‘(3) PERIOD OF AVAILABILITY.—Any funds ap-
portioned under paragraph (2) shall remain available
for the period for which they would be available if
such apportionment took effect with the fiscal year in
which they are apportioned under paragraph (2).
‘‘(e) REPORTS.—Any estimate under subsection (a)
and any determination under subsection (b), (c), or (d)
shall be reported by the Secretary to Congress.
‘‘(f) DEFINITIONS.—For purposes of this section, the
following definitions apply:
‘‘(1) NET AVIATION RECEIPTS.—The term ‘net
aviation receipts’ means, with respect to any period,
the excess of—
‘‘(A) the receipts (including interest) of the
Airport and Airway Trust Fund during such pe-
riod, over
‘‘(B) the amounts to be transferred during
such period from the Airport and Airway Trust
Fund under section 9502(d) of the Internal Reve-
nue Code of 1986 (other than paragraph (1)
thereof).
‘‘(2) UNFUNDED
AVIATION
AUTHORIZATIONS.—
The term ‘unfunded aviation authorization’ means, at
any time, the excess (if any) of—
‘‘(A) the total amount authorized to be ap-
propriated from the Airport and Airway Trust
Fund which has not been appropriated, over