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‘‘(2) the allocations made pursuant to the most
recently adopted concurrent resolution on the budget
pursuant to section 302(a); and
‘‘(3) the budgetary aggregates as set forth in the
most recently adopted concurrent resolution on the
budget.
‘‘(d) REPORTING REVISED SUBALLOCATIONS.—Fol-
lowing the adjustments made under subsection (a), the Com-
mittees on Appropriations of the Senate and the House of
Representatives shall report appropriately revised sub-
allocations pursuant to section 302(b) to carry out this sub-
section.
‘‘(e) DEFINITIONS.—As used in subsection (a)(1)(A),
when referring to continuing disability reviews, the terms
‘continuing disability reviews’, ‘additional new budget au-
thority’, and ‘additional outlays’ shall have the same mean-
ings as provided in section 251(b)(2)(C)(ii) of the Balanced
Budget and Emergency Deficit Control Act of 1985.’’.
(b) TABLE OF CONTENTS.—The table of contents set
forth in section 1(b) of the Congressional Budget and Im-
poundment Control Act of 1974 is amended by—
(1) striking the item for section 312 and insert-
ing the following:
‘‘Sec. 312. Points of order.’’; and
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(2) adding after the item relating to section 313
the following new item:
‘‘Sec. 314. Adjustments.’’.
SEC. 1612. AMENDMENTS TO TITLE V.
(a) SECTION 502.—Section 502 of the Federal Credit
Reform Act of 1990 is amended as follows:
(1) In the second sentence of paragraph (1), in-
sert ‘‘and refinancing arrangements that defer pay-
ment for more than 90 days, including the sale of a
government asset on credit terms’’ before the period.
(2) In paragraph (5)(A), insert ‘‘or modification
thereof’’ before the first comma.
(3) In paragraph (5)(B)(iii), strike ‘‘and other
recoveries’’ and insert ‘‘, other recoveries, and routine
workouts of troubled loans or loans in imminent de-
fault when those workouts are to maximize repay-
ments to the Government or to minimize claims on
the Government’’.
(4) In paragraph (5)(C), strike ‘‘, and’’ at the
end of clause (i), strike ‘‘the’’ in clause (ii) and strike
the period and insert ‘‘, and’’ at the end of that
clause, and at the end add the following new clause:
‘‘(iii) routine workouts of troubled loans or
loans in imminent default when those workouts
are to maximize the repayments to the Govern-
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ment or to minimize claims on the Govern-
ment.’’.
(5) In paragraph (5), amend subparagraph (D)
to read as follows:
‘‘(D) The cost of a modification is the difference
in cost that results from the modification of a direct
loan or loan guarantee (or direct loan obligation or
loan guarantee commitment). This difference in cost
is the difference between the currently estimated net
present value of the remaining cash flows under the
terms of the direct loan or loan guarantee contract as-
sumed in the most recent President’s budget submitted
to Congress, and the currently estimated net present
value of the remaining cash flows under the terms of
the contract, as modified. Except for interest rates,
the estimates shall be consistent with the economic
and technical assumptions underlying the most recent
President’s budget submitted to Congress.’’.
(6) Redesignate paragraph (9) as paragraph
(10) and after paragraph (8) add the following new
paragraph:
‘‘(9) The term ‘modification’ means any Govern-
ment action that alters the estimated cost of an out-
standing direct loan (or direct loan obligation) or an
outstanding loan guarantee (or loan guarantee com-
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mitment) from the estimate based on the cash flows
contained in the most recent President’s budget sub-
mitted to Congress. This includes the sale of loan as-
sets, with or without recourse, and the purchase of
guaranteed loans. This also includes any action re-
sulting from new legislation, or from the exercise of
administrative discretion under existing law, that di-
rectly or indirectly alters the estimated cost of out-
standing direct loans (or direct loan obligations) or
loan guarantees (or loan guarantee commitments)
such as a change in collection procedures. The term
‘modification’ does not include the routine adminis-
trative work-outs of troubled loans or loans in immi-
nent default. Work-outs are actions undertaken to
maximize the repayments to the Government under
existing direct loans or to minimize claims under ex-
isting loan guarantees. The expected effects of such
work-outs shall be included in the original estimate of
the cash flows. Insofar as the effects on cash flows are
more or less than originally estimated, the differences
in cash flows shall be included in a reestimate of the
cost. The term ‘modification’ does not include changes
in loan or guarantee terms resulting from the exercise
by the borrower of an option included in the loan or
guarantee contract. The expected effects of such
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changes in terms shall be included in the original es-
timate of the cash flow. Insofar as the effects on cash
flow are more or less than originally estimated, the
differences in cash flow shall be included in a reesti-
mate of the cost; and’’.
(b) SECTION 504.—Section 504 of the Federal Credit
Reform Act of 1990 is amended as follows:
(1) Amend subsection (b)(1) to read as follows:
‘‘(1) new budget authority to cover their costs is
provided in advance in appropriation Acts;’’.
(2) In subsection (b)(2), strike ‘‘enacted’’ and in-
sert ‘‘provided in an appropriation Act’’.
(3) In subsection (d)(1), strike ‘‘directly or indi-
rectly alter the costs of outstanding direct loans and
loan guarantees’’ and insert ‘‘modify outstanding di-
rect loans (or direct loan obligations) or loan guaran-
tees (or loan guarantee commitments)’’.
(4) In subsection (e), strike ‘‘A direct loan obli-
gation or loan guarantee commitment’’ and insert
‘‘An outstanding direct loan (or direct loan obliga-
tion) or loan guarantee (or loan guarantee commit-
ment)’’, after ‘‘unless’’ insert ‘‘new’’, and strike ‘‘or
from other budgetary resources’’.
(c) SECTION 505.—Section 505 of the Federal Credit
Reform Act of 1990 is amended as follows:
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(1) In subsection (c), by inserting before the pe-
riod at the end of the second sentence the following:
‘‘, except that the rate of interest charged by the Sec-
retary on lending to financing accounts (including
amounts treated as lending to financing accounts by
the Federal Financing Bank (hereinafter in this sub-
section referred to as the ‘Bank‘) pursuant to section
406(b)) and the rate of interest paid to financing ac-
counts on uninvested balances in financing accounts
shall be the same as the rate determined pursuant to
section 502(5)(E). For guaranteed loans financed by
the Bank and treated as direct loans by a Federal
agency pursuant to section 406(b), any fee or interest
surcharge (the amount by which the interest rate
charged exceeds the rate determined pursuant to sec-
tion 502(5)(E)) that the Bank charges to a private
borrower pursuant to section 6(c) of the Federal Fi-
nancing Bank Act of 1973 shall be considered a cash
flow to the Government for the purposes of determin-
ing the cost of the direct loan pursuant to section
502(5). All such amounts shall be credited to the ap-
propriate financing account. The Bank is authorized
to require reimbursement from a Federal agency to
cover the administrative expenses of the Bank that are
attributable to the direct loans financed for that agen-
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cy. All such payments by an agency shall be consid-
ered administrative expenses subject to section 504(g).
This section shall apply to transactions related to di-
rect loan obligations or loan guarantee commitments
made on or after October 1, 1991.’’.
(2) In subsection (c), by striking ‘‘supercede’’
and inserting ‘‘supersede’’.
(3) By amending subsection (d) to read as fol-
lows:
‘‘(d) AUTHORIZATION FOR LIQUIDATING ACCOUNTS.—
(1) Amounts in liquidating accounts shall be available only
for payments resulting from direct loan obligations or loan
guarantee commitments made prior to October 1, 1991.
These payments shall include—
‘‘(A) interest payments and principal repay-
ments to the Treasury or the Federal Financing Bank
for amounts borrowed;
‘‘(B) disbursements of loans;
‘‘(C) default and other guarantee claim pay-
ments;
‘‘(D) interest supplement payments;
‘‘(E) payments for the costs of foreclosing, man-
aging, and selling collateral that are capitalized or
routinely deducted from the proceeds of sales;
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‘‘(F) payments to financing accounts when re-
quired for modifications;
‘‘(G) administrative expenses, if—
‘‘(i) amounts credited to the liquidating ac-
count would have been available for administra-
tive expenses under a provision of law in effect
prior to October 1, 1991; and
‘‘(ii) no direct loan obligation or loan guar-
antee commitment has been made, or any modi-
fication of a direct loan or loan guarantee has
been made, since September 30, 1991; and
‘‘(H) such other payments as are necessary for
the liquidation of such direct loan obligations and
loan guarantee commitments.
‘‘(2) Amounts credited to liquidating accounts in any
year shall be available only for payments required in that
year. Any unobligated balances in liquidating accounts at
the end of a fiscal year shall be transferred to miscellaneous
receipts as soon as practicable after the end of the fiscal
year.
‘‘(3) If funds in liquidating accounts are insufficient
to satisfy obligations and commitments of said accounts,
there is hereby provided permanent, indefinite authority to
make any payments required to be made on such obligations
and commitments.’’.
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SEC. 1613. REPEAL OF TITLE VI.
(a) REPEALER.—Title VI of the Congressional Budget
Act of 1974 is repealed.
(b) CONFORMING AMENDMENTS.—Title VI of the table
of contents set forth in section 1(b) of the Congressional
Budget and Impoundment Control Act of 1974 is repealed.
SEC. 1614. AMENDMENTS TO SECTION 904.
(a) WAIVERS.—Section 904(c) of the Congressional
Budget Act of 1974 is amended to read as follows:
‘‘(c) WAIVERS.—
‘‘(1) 
Sections 
305(b)(2), 
305(c)(4), 
306,
310(d)(2), 313, 904(c), and 904(d) of this Act may be
waived or suspended in the Senate only by the affirm-
ative vote of three-fifths of the Members, duly chosen
and sworn.
‘‘(2) Sections 301(i), 302(c), 302(f), 310(g),
311(a), 312(b), and 312(c) of this Act and sections
258(a)(4)(C), 
258A(b)(3)(C)(I), 
258B(f)(1),
258B(h)(1), 258(h)(3), 258C(a)(5), and 258C(b)(1) of
the Balanced Budget and Emergency Deficit Control
Act of 1985 may be waived or suspended in the Sen-
ate only by the affirmative vote of three-fifths of the
Members, duly chosen and sworn.’’.
(b) APPEALS.—Section 904(d) of the Congressional
Budget Act of 1974 is amended to read as follows:
‘‘(d) APPEALS.—
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‘‘(1) Appeals in the Senate from the decisions of
the Chair relating to any provision of title III or IV
or section 1017 shall, except as otherwise provided
therein, be limited to 1 hour, to be equally divided be-
tween, and controlled by, the mover and the manager
of the resolution, concurrent resolution, reconciliation
bill, or rescission bill, as the case may be.
‘‘(2) An affirmative vote of three-fifths of the
Members, duly chosen and sworn, shall be required in
the Senate to sustain an appeal of the ruling of the
Chair on a point of order raised under sections
305(b)(2), 305(c)(4), 306, 310(d)(2), 313, 904(c), and
904(d) of this Act.
‘‘(3) An affirmative vote of three-fifths of the
Members, duly chosen and sworn, shall be required in
the Senate to sustain an appeal of the ruling of the
Chair on a point of order raised under sections
301(i), 302(c), 302(f), 310(g), 311(a), 312(b), and
312(c) of this Act and sections 258(a)(4)(C),
258A(b)(3)(C)(I), 258B(f)(1), 258B(h)(1), 258(h)(3),
258C(a)(5), and 258C(b)(1) of the Balanced Budget
and Emergency Deficit Control Act of 1985.’’.
(c) EXPIRATION
OF SUPERMAJORITY VOTING RE-
QUIREMENTS.—Section 904 of the Congressional Budget
Act of 1974 is amended by adding at the end the following: