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(ii) individuals who are employed by
the agency as of such effective date, or
who become employed by the agency after
such effective date, after such individuals
have become annuitants of the agency (in-
cluding their survivors).
(B)(i) For purposes of determining any
amounts payable by an agency—
(I) this section shall be treated as if
it had taken effect at the beginning of the
20-year period which ends on the effective
date applicable under paragraph (1) with
respect to such agency; and
(II) in addition to any amounts pay-
able under subparagraph (A), each agency
shall also be responsible for paying any
amounts for which it would have been re-
sponsible, with respect to the 20-year pe-
riod described in subclause (I), in connec-
tion with any individuals who are annu-
itants or employees of the agency as of the
applicable effective date under paragraph
(1).
(ii) Any amounts payable under this sub-
paragraph for periods preceding the applicable
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effective date under paragraph (1) shall be pay-
able in equal installments over the 20-year pe-
riod beginning on such effective date.
(c) FASB STANDARDS.—Regulations under sub-
section (b) shall be in conformance with the provisions of
standard 106 of the Financial Accounting Standards
Board, issued in December 1990.
(d) CLARIFICATION.—Nothing in this section shall be
considered to permit or require duplicative payments on
behalf of any individuals.
(e) DRAFT LEGISLATION.—The Office shall prepare
and submit to Congress any draft legislation which may
be necessary in order to carry out this section.
SEC. 13104. APPLICATION OF OMB CIRCULAR A–129.
The provisions of Office of Management and Budget
Circular No. A–129, relating to policies for Federal credit
programs and non-tax receivables, as in effect on the date
of enactment of this Act, shall apply as provided in that
circular.
SEC. 13105. 7-YEAR EXTENSION OF HAZARDOUS SUBSTANCE
SUPERFUND EXCISE TAXES.
(a) 
EXTENSION
OF
HAZARDOUS
SUBSTANCE
SUPERFUND FINANCING RATE.—Subsection (e) of section
4611 of the Internal Revenue Code of 1986 is amended
to read as follows:
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‘‘(e) APPLICATION
OF
HAZARDOUS
SUBSTANCE
SUPERFUND
FINANCING
RATE.—The Hazardous Sub-
stance Superfund financing rate under this section shall
apply after December 31, 1986, and before January 1,
2003.’’
(b) EXTENSION
OF REPAYMENT DEADLINE
FOR
SUPERFUND BORROWING.—Subparagraph (B) of section
9507(d)(3) of such Code is amended by striking ‘‘Decem-
ber 31, 1995’’ and inserting ‘‘December 31, 2002’’.
(c) EFFECTIVE DATE.—The amendments made by
this section shall take effect on January 1, 1996.
TITLE XIV—BUDGET PROCESS
PROVISIONS
CHAPTER 1—SHORT TITLE; PURPOSE
SEC. 14001. SHORT TITLE.
This title may be cited as the ‘‘Balanced Budget En-
forcement Act of 1995’’.
SEC. 14002. PURPOSE.
The purpose of this title is to enforce a path toward
a balanced budget by fiscal year 2002 and to make Fed-
eral budget process more honest and open.
CHAPTER 2—BUDGET ESTIMATES
SEC. 14051. BOARD OF ESTIMATES.
(a) ESTABLISHMENT.—There is established a Board
of Estimates.
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(b) DUTIES OF THE BOARD.—(1) On the dates speci-
fied in section 254, the Board shall issue a report to the
President and the Congress which states whether it has
chosen (with no modification)—
(A) the sequestration preview report for the
budget year submitted by OMB under section
254(d) of the Balanced Budget and Emergency Def-
icit Control Act of 1985 or the report for that year
submitted by CBO under that section; and
(B) the final sequestration report for the budg-
et year submitted by OMB under section 254(g) of
the Balanced Budget and Emergency Deficit Control
Act of 1985 or the report for that year submitted
by CBO under that section;
that shall be used for purposes of the Balanced Budget
and Emergency Deficit Control Act of 1985, chapter 11
of title 31, United States Code, and section 403 of the
Congressional Budget Act of 1974. In making its choice,
the Board shall choose the report that, in its opinion, is
the more accurate.
(2) At any time the Board may change the list of
major estimating assumptions to be used by OMB and
CBO in preparing their sequestration preview reports.
(c) MEMBERSHIP.—
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(1) NUMBER AND APPOINTMENT.—The Board
shall be composed of 5 members, the chairman of
the Board of Governors of the Federal Reserve Sys-
tem and 4 other members to be appointed by the
President as follows:
(A) One from a list of at least 5 individ-
uals nominated for such appointment by the
Speaker of the House of Representatives.
(B) One from a list of at least 5 individ-
uals nominated for such appointment by the
majority leader of the Senate.
(C) One from a list of at least 5 individ-
uals nominated for such appointment by the mi-
nority leader of the House of Representatives.
(D) One from a list of at least 5 individ-
uals nominated for such appointment by the mi-
nority leader of the Senate.
No member appointed by the President may be an
officer or employee of any government. A vacancy in
the Board shall be filled in the manner in which the
original appointment was made.
(2) CONTINUATION OF MEMBERSHIP.—If any
member of the Board appointed by the President be-
comes an officer or employee of a government, he
may continue as a member of the Board for not
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longer than the 30-day period beginning on the date
he becomes such an officer or employee.
(3) TERMS.—(A) Members shall be appointed
for terms of 4 years.
(B) Any member appointed to fill a vacancy oc-
curring before the expiration of the term for which
his predecessor was appointed shall be appointed
only for the remainder of such term. A member may
serve after the expiration of his term until his suc-
cessor has taken office.
(4) BASIC PAY.—Members of the Board shall
serve without pay.
(5) QUORUM.—Three members of the Board
shall constitute a quorum but a lesser number may
hold hearings.
(6) CHAIRMAN.—The Chairman of the Board
shall be chosen annually by its members.
(7) MEETINGS.—The Board shall meet at the
call of the Chairman or a majority of its members.
(d) DIRECTOR AND STAFF.—
(1) APPOINTMENT.—The Board shall have a
Director who shall be appointed by the members of
the Board. Subject to such rules as may be pre-
scribed by the Board, the Director may appoint and
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fix the pay of such personnel as the Director consid-
ers appropriate.
(2) APPLICABILITY OF CERTAIN CIVIL SERVICE
LAWS.—The Director and staff of the Board may be
appointed without regard to the provisions of title 5,
United States Code, governing appointments in the
competitive service, and may be paid without regard
to the provisions of chapter 51 and subchapter III
of chapter 53 of such title relating to classification
and General Schedule pay rates, except that no indi-
vidual so appointed may receive pay in excess of the
annual rate of basic pay payable for GS–18 of the
General Schedule.
(3) STAFF OF FEDERAL AGENCIES.—Upon re-
quest of the Board, the head of any Federal agency
is authorized to detail, on a reimbursable basis, any
of the personnel of such agency to the Board to as-
sist the Board in carrying out its duties, notwith-
standing section 202(a) of the Legislative Reorga-
nization Act of 1946 (2 U.S.C. 72a(a)).
(e) POWERS.—
(1) HEARINGS
AND
SESSIONS.—The Board
may, for the purpose of carrying out its duties, hold
such hearings, sit and act at such times and places,
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take such testimony, and receive such evidence, as it
considers appropriate.
(2) OBTAINING
OFFICIAL
DATA.—The Board
may secure directly from any department or agency
of the United States information necessary to enable
it to carry out its duties. Upon request of the Chair-
man of the Board, the head of such department or
agency shall furnish such information to the Board.
(3) ADMINISTRATIVE SUPPORT SERVICES.—The
Administrator of General Services shall provide to
the Board on a reimbursable basis such administra-
tive support services as the Board may request.
(f) DEFINITIONS.—As used in this section:
(1) The term ‘‘Board’’ refers to the Board of
Estimates established by subsection (a).
(2) The term ‘‘CBO’’ refers to the Director of
the Congressional Budget Office.
(3) The term ‘‘OMB’’ refers to the Director of
the Office of Management and Budget.
Subtitle B—Discretionary
Spending Limits
SEC. 14101. DISCRETIONARY SPENDING LIMITS.
(a) LIMITS.—Section 601(a)(2) of the Congressional
Budget Act of 1974 is amended by striking subparagraphs
(A), (B), (C), (D), and (F), by redesignating subpara-
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graph (E) as subparagraph (A) and by striking ‘‘and’’ at
the end of that subparagraph, and by inserting after sub-
paragraph (A) the following new subparagraphs:
‘‘(B) with respect to fiscal year 1996,
$498,113,000,000 in new budget authority and
$536,600,000,000 in outlays;
‘‘(C) with respect to fiscal year 1997,
$497,200,000,000 in new budget authority and
$530,200,000,000 in outlays;
‘‘(D) with respect to fiscal year 1998,
$496,700,000,000 in new budget authority and
$526,100,000,000 in outlays;
‘‘(E) with respect to fiscal year 1999,
$495,700,000,000 in new budget authority and
$524,200,000,000 in outlays;
‘‘(F) with respect to fiscal year 2000,
$497,700,000,000 in new budget authority and
$523,300,000,000 in outlays;
‘‘(G) with respect to fiscal year 2001,
$506,700,000,000 in new budget authority and
$529,500,000,000 in outlays; and
‘‘(H) with respect to fiscal year 2002,
$509,700,000,000 in new budget authority and
$529,500,000,000 in outlays.’’.
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(b) COMMITTEE
ALLOCATIONS
AND
ENFORCE-
MENT.—Section 602 of the Congressional Budget Act of
1974 is amended—
(1) in subsection (c), by striking ‘‘1995’’ and
inserting ‘‘2002’’ and by striking its last sentence;
and
(2) in subsection (d), by striking ‘‘1992 TO
1995’’ in the side heading and inserting ‘‘1995 TO
2002’’ and by striking ‘‘1992 through 1995’’ and in-
serting ‘‘1995 through 2002’’.
(c) FIVE-YEAR
BUDGET
RESOLUTIONS.—Section
606 of the Congressional Budget Act of 1974 is amend-
ed—
(1) in subsection (a), by striking ‘‘for fiscal
year 1992, 1993, 1994, or 1995’’; and
(2) in subsection (d)(1), by striking ‘‘for fiscal
years 1992, 1993, 1994, and 1995’’ and by striking
‘‘(i) and (ii)’’.
(d) EFFECTIVE DATE REPEALER.—(1) Section 607
of the Congressional Budget Act of 1974 is repealed.
(2) The item relating to section 607 in the table of
contents set forth in section 1(b) of the Congressional
Budget and Impoundment Control Act of 1974 is re-
pealed.
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‘‘(k) USE OF MAJOR ESTIMATING ASSUMPTIONS AND
SCOREKEEPING CONVENTIONS.—In the estimates, projec-
tions, and reports under subsections (c) and (d), CBO and
OMB shall use the best and most recent estimating as-
sumptions available. In all other reports required by this
section and in all estimates or calculations required by this
Act, CBO and OMB shall use—
‘‘(1) current-year and budget-year discretionary
funding limits chosen by the Board and the esti-
mates chosen by the Board of the deficit reduction
necessary to comply with the deficit targets in the
budget year;
‘‘(2) in estimating the effects of bills and dis-
cretionary regulations, the major estimating assump-
tions most recently chosen by the Board, except to
the extent that they must be altered to reflect actual
results occurring or measured after the Board’s
choice; and
‘‘(3) scorekeeping conventions determined after
consultation among the House and Senate Commit-
tees on the Budget, CBO, and OMB.
In applying the two previous sentences, the major estimat-
ing assumptions and other calculations required by this
Act that are included in the statement of managers accom-
panying the conference report on this Act shall be consid-