SEC. 2. BUDGETARY TREATMENT OF HIGHWAY TRUST
FUND, AIRPORT AND AIRWAY TRUST FUND,
INLAND WATERWAYS TRUST FUND, AND HAR-
BOR MAINTENANCE TRUST FUND.
(a) IN GENERAL.—Notwithstanding any other provi-
sion of law except the Line Item Veto Act of 1996, the
receipts and disbursements of the Highway Trust Fund,
the Airport and Airway Trust Fund, the Inland Water-
ways Trust Fund, and the Harbor Maintenance Trust
Fund—
(1) shall not be counted as new budget author-
ity, outlays, receipts, or deficit or surplus for pur-
poses of—
(A) the budget of the United States Gov-
ernment 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
limitation imposed by statute on expenditures and
net lending (budget outlays) of the United States
Government.
(b) LIMITATION
ON INTEREST PAID
TO TRUST
FUNDS.—
(1) IN
GENERAL.—Paragraph (3) of section
9602(b) of the Internal Revenue Code of 1986 is
amended by adding at the end the following new
sentence: ‘‘The amount of interest credited to the
Airport and Airway Trust Fund, the Highway Trust
Fund, the Harbor Maintenance Trust Fund, or the
Inland Waterways Trust Fund for any fiscal year
shall not exceed the amount of interest which would
be credited to such Fund if such interest were deter-
mined at the average interest rate on 52-week
Treasury securities sold to the public during such
fiscal year.’’.
(2) EFFECTIVE DATE.—The amendment made
by paragraph (1) shall apply to fiscal years begin-
ning after the date of the enactment of this Act.
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 by inserting after section 47134
the following new section:
‘‘§ 47135. 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
March 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
fiscal year that the amount described in subsection (a)(1)
exceeds the amount described in subsection (a)(2), the
Secretary shall determine the amount of such excess.
‘‘(c) ADJUSTMENT
OF AUTHORIZATIONS IF UN-
FUNDED 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 para-
graph (1), each amount authorized to be appro-
priated from the Airport and Airway Trust Fund for
the next fiscal year shall be reduced by such percent-
age.
‘‘(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 per-
centage, to the extent the Secretary determines that
it may be so increased without causing the amount
described in subsection (a)(1) to exceed the amount
described in subsection (a)(2) (but not by more than
the amount of the reduction).
‘‘(2) APPORTIONMENT.—The Secretary shall
apportion 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
period, over
‘‘(B) the amounts to be transferred during
such period from the Airport and Airway Trust
Fund under section 9502(d) of the Internal
Revenue 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