‘‘(33) an estimate of the amount of debt obliga-
tions required to be retired under section 3114 for
the fiscal year for which the budget is submitted, in-
dicating the amount of this required debt retirement
to be retired through on-budget direct spending and
the amount (if any) of this required debt retirement
expected to be retired through the projected off-
budget surplus for that fiscal year.’’.
(e) ADDITIONAL REPORTING REQUIREMENTS.—(1)
Within 3 months after the date of enactment of this Act,
the Secretary of the Treasury shall report to Congress a
plan to change the composition of debt issued under chap-
ter 31 of title 31, United States Code, in order to accom-
modate most efficiently the debt reduction and control
schedule set forth in section 3114 of such title.
(2) Within 6 months after the date of enactment of
this Act, the Comptroller General of the United States
shall report to Congress on the efficacy of such plan and
possible alternatives to such plan.
(3) Within 6 months after the date of enactment of
this Act, the Secretary of the Treasury, the chairman of
the Federal Reserve Board, and the Comptroller General
shall report to Congress on the fiscal, monetary, and other
budget and economic consequences and considerations re-
sulting from this Act and the amendments made by it that
should be taken into account by Congress that might re-
quire further legislative action.
(4) Within 24 months after the date of enactment
of this Act, the Secretary of the Treasury, the chairman
of the Federal Reserve Board, and the Comptroller Gen-
eral shall report to Congress with recommendations on the
optimal long-term size and composition of Federal pub-
licly-held debt and proposals for changes in current pro-
grams and practices necessary to accommodate such a
level of debt, including any changes to or alternatives for
the savings bond program and Federal bonds issued in
connection with State and local bonds.
(5) Within 24 months after the date of enactment
of this Act and annually thereafter, the entities listed in
paragraph (4) shall report to Congress any updates or re-
visions to any reports they have made under this sub-
section.
SEC. 5. CONGRESSIONAL ENFORCEMENT.
(a) IN GENERAL.—Section 312 of the Congressional
Budget Act of 1974 is amended by adding at the end the
following new subsection:
‘‘(g) POINT OF ORDER TO ENFORCE DEBT REDUC-
TION AND CONTROL SCHEDULE.—It shall not be in order
in the House of Representatives or in the Senate to con-
sider any concurrent resolution on the budget, or any
amendment thereto or conference report thereon, that
would result in a projected deficit for the first fiscal year
of the resolution.’’.
(b) 
CONFORMING
AMENDMENTS.—(1) 
Section
904(c)(2) of the Congressional Budget Act of 1974 is
amended by striking ‘‘and 312(c)’’ and inserting ‘‘312(c),
and 312(g)’’.
(2) Section 904(d)(3) of the Congressional Budget
Act of 1974 is amended by striking ‘‘and 312(c)’’ and in-
serting ‘‘312(c), and 312(g)’’.
SEC. 6. EXEMPTIONS FROM THE BALANCED BUDGET AND
EMERGENCY DEFICIT CONTROL ACT OF 1985.
(a) PAYGO EXEMPTION.—Upon the enactment of this
Act, the Director of the Office of Management and Budget
shall not make any estimates of changes in direct spending
outlays under section 252(d) of the Balanced Budget and
Emergency Deficit Control Act of 1985 resulting from the
enactment of this Act.
(b) EXEMPTION
FROM SEQUESTRATION.—Section
255(c) of the Balanced Budget and Emergency Deficit
Control Act of 1985 is amended—
(1) by inserting ‘‘; DEBT RETIREMENT’’ after
‘‘NET INTEREST’’ in its side heading;
(2) by inserting ‘‘(1)’’ before ‘‘No’’; and
(3) by adding at the end the following new
paragraph:
‘‘(2) No reduction of payments to retire the public
debt under section 3114 of title 31, United States Code,
shall be made under any order made under this part.’’
SEC. 7. EFFECTIVE DATE.
The amendments made by this Act shall apply to fis-
cal year 2002 and each fiscal year thereafter.
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