‘‘(B) the amount available in the Airport
and Airway Trust Fund at such time to make
such appropriation (after all other unliquidated
obligations at such time which are payable from
the Airport and Airway Trust Fund have been
liquidated).’’.
(b) CONFORMING AMENDMENT.—The analysis for
chapter 471 of title 49, United States Code, is amended
by inserting after the item relating to section 47134 the
following:
‘‘47135. Safeguards against deficit spending.’’.
SEC. 4. SAFEGUARDS AGAINST DEFICIT SPENDING OUT OF
THE INLAND WATERWAYS TRUST FUND AND
HARBOR MAINTENANCE TRUST FUND.
(a) ESTIMATES OF UNFUNDED INLAND WATERWAYS
AUTHORIZATIONS AND NET INLAND WATERWAYS RE-
CEIPTS.—Not later than March 31 of each year, the Sec-
retary of the Army, in consultation with the Secretary of
the Treasury, shall estimate—
(1) the amount which would (but for this sec-
tion) be the unfunded inland waterways authoriza-
tions and unfunded harbor maintenance authoriza-
tions at the close of the first fiscal year that begins
after that March 31; and
(2) the net inland waterways receipts and net
harbor maintenance receipts at the close of such fis-
cal year.
(b) PROCEDURE IF EXCESS UNFUNDED INLAND WA-
TERWAYS AUTHORIZATIONS.—If the Secretary of the
Army determines with respect to the Inland Waterways
Trust Fund or the Harbor Maintenance Trust Fund 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 of the Army determines that there is an
excess referred to in subsection (b) for a fiscal year,
the Secretary of the Army shall determine the per-
centage which—
(A) such excess, is of
(B) the total of the amounts authorized to
be appropriated from the Inland Waterways
Trust Fund or the Harbor Maintenance Trust
Fund, as the case may be, for the next fiscal
year.
(2) ADJUSTMENT OF AUTHORIZATIONS.—If the
Secretary of the Army determines a percentage
under paragraph (1), each amount authorized to be
appropriated from the Trust Fund for the next fiscal
year shall be reduced by such percentage.
(d) AVAILABILITY OF AMOUNTS PREVIOUSLY WITH-
HELD.—If, after an adjustment has been made under sub-
section (c)(2), the Secretary of the Army determines with
respect to the Inland Waterways Trust Fund or the Har-
bor Maintenance Trust Fund that the amount described
in subsection (a)(1) does not exceed the amount described
in subsection (a)(2) or that the excess referred to in sub-
section (b) with respect to the Trust Fund is less than
the amount previously determined, each amount author-
ized to be appropriated that was reduced under subsection
(c)(2) with respect to the Trust Fund shall be increased,
by an equal percentage, to the extent the Secretary of the
Army determines that it may be so increased without caus-
ing the amount described in subsection (a)(1) to exceed
with respect to the Trust Fund the amount described in
subsection (a)(2) (but not by more than the amount of
the reduction).
(e) REPORTS.—Any estimate under subsection (a)
and any determination under subsection (b), (c), or (d)
shall be reported by the Secretary of the Army to Con-
gress.
(f) DEFINITIONS.—For purposes of this Act, the fol-
lowing definitions apply:
(1) AIRPORT AND AIRWAY TRUST FUND.—The
term ‘‘Airport and Airway Trust Fund’’ means the
Airport and Airway Trust Fund established by sec-
tion 9502 of the Internal Revenue Code of 1986.
(2) HARBOR MAINTENANCE TRUST FUND.—The
term ‘‘Harbor Maintenance Trust Fund’’ means the
Harbor Maintenance Trust Fund established by sec-
tion 9505 of the Internal Revenue Code of 1986.
(3) HIGHWAY TRUST FUND.—The term ‘‘High-
way Trust Fund’’ means the Highway Trust Fund
established by section 9503 of the Internal Revenue
Code of 1986.
(4) INLAND
WATERWAYS
TRUST
FUND.—The
term ‘‘Inland Waterways Trust Fund’’ means the
Inland Waterways Trust Fund established by section
9506 of the Internal Revenue Code of 1986.
(5) NET HARBOR MAINTENANCE RECEIPTS.—
The term ‘‘net harbor maintenance receipts’’ means,
with respect to any period, the receipts (including in-
terest) of the Harbor Maintenance Trust Fund dur-
ing such period.
(6) NET INLAND WATERWAYS RECEIPTS.—The
term ‘‘net inland waterways receipts’’ means, with