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(2) the revenue targets are the revenue
amounts provided in H. Con. Res. 84, the concur-
rent resolution on the budget for fiscal year 1998.
SEC. 3. ANNUAL REVIEW OF DIRECT SPENDING AND RE-
CEIPTS BY PRESIDENT.
As part of each budget submitted under section
1105(a) of title 31, United States Code, the President
shall provide an annual review of direct spending and re-
ceipts, which shall include—
(1) information on total outlays for programs
covered by the direct spending targets, including ac-
tual outlays for the prior fiscal year and projected
outlays for the current fiscal year and the 5 succeed-
ing fiscal years; and
(2) any amount by which revenues for a budget
year and any outyears through fiscal year 2002 ex-
ceed the revenue target in section 2(2).
SEC. 4. FINANCING TRANSITION TO A SOUND SOCIAL SECU-
RITY SYSTEM.
(a) INCLUSION ON SCORECARD.—The Office of Man-
agement and Budget shall include the amount of any
changes in revenues determined pursuant to section 3(2)
as a deficit decrease under the estimates and reports re-
quired by section 252(b) and section 254 of the Balanced
Budget and Emergency Deficit Control Act of 1985.
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(b) USE OF REVENUES EXCEEDING TARGET.—Any
amount not to exceed the amount of deficit decrease deter-
mined under section 3(2) may only be offset by legislation
to help pay for the transition costs to a fully funded Social
Security system that includes individually owned accounts
that are invested in real assets such as equities, bonds and
similar financial instruments.
SEC. 5. SPECIAL DIRECT SPENDING MESSAGE BY PRESI-
DENT.
(a) TRIGGER.—If the information submitted by the
President under section 3(1) indicates—
(1) that actual outlays for direct spending in
the prior fiscal year exceeded the applicable direct
spending target; or
(2) that outlays for direct spending for the cur-
rent or future budget years are projected to exceed
the applicable direct spending targets,
the President shall include in his budget a special direct
spending message meeting the requirements of subsection
(b).
(b) CONTENTS.—The special direct spending message
shall include—
(1) an analysis of the variance in direct spend-
ing over the direct spending targets; and
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(2) the President’s recommendations for elimi-
nating overages, if any, in the prior, current, or fu-
ture budget years.
(c) PROPOSED SPECIAL DIRECT SPENDING RESOLU-
TION.—The special direct spending message shall include
the text of a special direct spending resolution implement-
ing the President’s recommendations through reconcili-
ation directives instructing the appropriate committees of
the House of Representatives and Senate to determine and
recommend changes in laws within their jurisdictions. If
the President recommends no reductions pursuant to
(b)(2)(C), the special direct spending message shall in-
clude the text of a special resolution concurring in the
President’s recommendation of no legislative action.
SEC. 6. REQUIRED RESPONSE BY CONGRESS.
(a) IN GENERAL.—It shall not be in order in the
House of Representatives or the Senate to consider a con-
current resolution on the budget unless that concurrent
resolution fully eliminates the entirety of any overage con-
tained in the applicable report of the President under sec-
tion 5 through reconciliation directives.
(b) WAIVER AND SUSPENSION.—This section may be
waived or suspended in the House of Representatives or
the Senate only by the affirmative vote of three-fifths of
the Members duly chosen and sworn. This section shall
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be subject to the provisions of section 258 of the Balanced
Budget and Emergency Deficit Control Act of 1985.
(c) APPEALS.—Appeals in the House of Representa-
tives or the Senate from the decisions of the Chair relating
to any provision of this section shall be limited to 1 hour,
to be equally divided between, and controlled by, the appel-
lant and the manager of the bill or joint resolution, as
the case may be. An affirmative vote of three-fifths of the
Members, duly chosen and sworn, shall be required to sus-
tain an appeal of the ruling of the Chair on a point of
order raised under this section.
SEC. 7. RELATIONSHIP TO BALANCED BUDGET AND EMER-
GENCY DEFICIT CONTROL ACT.
Reductions in outlays resulting from legislation re-
ported pursuant to section 6 shall not be taken into ac-
count for purposes of any budget enforcement procedure
under the Balanced Budget and Emergency Deficit Con-
trol Act of 1985 and the Congressional Budget Act of
1974.
SEC. 8. ESTIMATING MARGIN.
For any fiscal year for which the overage is less than
one-half of 1 percent of the direct spending target for that
year, the procedures set forth in sections 5 and 6 shall
not apply.
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SEC. 9. EFFECTIVE DATE.
This Act shall apply to direct spending targets and
revenues for fiscal years 1998 through 2002 and shall ex-
pire at the end of fiscal year 2002.
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