Invest in the Deficit Act of 1993

SECTION l. SHORT TITLE.

    This Act may be cited as the ``Invest in the Deficit Act of 1993''.

SEC. 2. NEW REVENUE TO REDUCE DEFICITS.

    (a) In General.--Except as provided by subsection (b), whenever a 
law is enacted that provides new revenue or an asset of the United 
States is sold to the public, all such revenue and the proceeds of all 
such sales shall be dedicated to the reduction of any annual Federal 
budget deficit.
    (b) Exception.--Subsection (a) shall not apply to any fiscal year 
if there was no Federal budget deficit in the immediately preceding 
fiscal year.
    (c) Definition.--As used in this section, the term ``new revenue'' 
refers to additional receipts resulting from the enactment, after the 
date of enactment of this Act, of new taxes or higher rates for 
existing taxes, including any extension of temporary taxes or rates.

SEC. 3. MAXIMUM DEFICIT AMOUNTS AND DISCRETIONARY SPENDING LIMITS FOR 
              FISCAL YEAR 1994-1998.

    (a) Maximum Deficit Amounts.--Section 601(a)(1) of the 
Congressional Budget Act of 1974 is amended by striking subparagraphs 
(D) and (E) and inserting the following:
                    ``(D) with respect to fiscal year 1994, 
                $260,800,000,000;
                    ``(E) with respect to fiscal year 1995, 
                $240,000,000,000;
                    ``(F) with respect to fiscal year 1996, 
                $210,000,000,000;
                    ``(G) with respect to fiscal year 1997, 
                $170,000,000,000; and
                    ``(H) with respect to fiscal year 1998, 
                $130,000,000,000;''.
    (b) Discretionary Spending Limits.--(1) Section 601(a)(2) of the 
Congressional Budget Act of 1974 is amended by striking subparagraphs 
(D) and (E) and by inserting ``and'' at the end of subparagraph (B).
    (2) Section 601(a) of the Congressional Budget Act of 1974 is 
amended by adding at the end the following new paragraph:
            ``(3) Discretionary spending limits for fiscal years 1994-
        1998.--The term `discretionary spending limit' means--
                    ``(A) for the defense category--
                            ``(i) with respect to fiscal year 1994, 
                        $281,151,000,000 in new budget authority and 
                        $290,361,000,000 in outlays;
                            ``(ii) with respect to fiscal year 1995, 
                        $279,151,000,000 in new budget authority and 
                        $288,361,000,000 in outlays;
                            ``(iii) with respect to fiscal year 1996, 
                        $273,151,000,000 in new budget authority and 
                        $282,361,000,000 in outlays;
                            ``(iv) with respect to fiscal year 1997, 
                        $269,651,000,000 in new budget authority and 
                        $278,861,000,000 in outlays; and
                            ``(v) with respect to fiscal year 1998, 
                        $264,651,000,000 in new budget authority and 
                        $273,861,000,000 in outlays; and
                    ``(B) for the international category, as adjusted 
                in strict conformance with section 251 of the Balanced 
                Budget and Emergency Deficit Control Act of 1985--
                            ``(i) with respect to fiscal year 1994, 
                        $34,941,000,000 in new budget authority and 
                        $20,519,000,000 in outlays;
                            ``(ii) with respect to fiscal year 1995, 
                        $35,558,000,000 in new budget authority and 
                        $20,881,000,000 in outlays;
                            ``(iii) with respect to fiscal year 1996, 
                        $36,732,000,000 in new budget authority and 
                        $21,570,000,000 in outlays;
                            ``(iv) with respect to fiscal year 1997, 
                        $37,980,000,000 in new budget authority and 
                        $22,304,000,000 in outlays; and
                            ``(v) with respect to fiscal year 1998, 
                        $39,272,000,000 in new budget authority and 
                        $23,062,000,000 in outlays; and
                    ``(C) for the domestic category, as adjusted in 
                strict conformance with section 251 of the Balanced 
                Budget and Emergency Deficit Control Act of 1985--
                            ``(i) with respect to fiscal year 1994, 
                        $205,501,000,000 in new budget authority and 
                        $228,997,000,000 in outlays;
                            ``(ii) with respect to fiscal year 1995, 
                        $209,131,000,000 in new budget authority and 
                        $233,043,000,000 in outlays;
                            ``(iii) with respect to fiscal year 1996, 
                        $216,032,000,000 in new budget authority and 
                        $240,733,000,000 in outlays;
                            ``(iv) with respect to fiscal year 1997, 
                        $223,378,000,000 in new budget authority and 
                        $248,918,000,000 in outlays; and
                            ``(v) with respect to fiscal year 1998, 
                        $230,972,000,000 in new budget authority and 
                        $257,382,000,000 in outlays.''.
    (c) Conforming Amendments.--(1) Section 601(b)(1) of the 
Congressional Budget Act of 1974 is amended by striking ``or 1995'' and 
inserting ``1995, 1996, 1997, or 1998''.
    (2) Section 602(c) of the Congressional Budget Act of 1974 is 
amended by striking ``1995'' and inserting ``1998''.
    (3) Section 602(d) of the Congressional Budget Act of 1974 is 
amended in its side heading by striking ``1995'' and inserting ``1998'' 
and by striking ``1995'' and inserting ``1998''.
    (4) Section 606(c) of the Congressional Budget Act of 1974 is 
amended--
            (A) in subsection (a), by striking ``or 1995'' and 
        inserting ``1995, 1996, 1997, or 1998''; and
            (B) in subsection (d), by striking ``and 1995'' and 
        inserting ``1995, 1996, 1997, and 1998''.
    (5) Section 607 of the Congressional Budget Act of 1974 is amended 
by striking ``1995'' and inserting ``1998''.

SEC. 4. CONFORMING AMENDMENTS TO THE BALANCED BUDGET AND EMERGENCY 
              DEFICIT CONTROL ACT OF 1985.

    Part C of the Balanced Budget and Emergency Deficit Control Act of 
1985 is amended as follows:
            (1) Section 250(a) is amended by striking ``1995'' and 
        inserting ``1998''.
            (2) Section 250(c) is amended--
                    (A) in paragraph (4), by striking ``(A)'', by 
                striking ``1991, 1992, and 1993'' and inserting ``1991 
                through 1998'', and by repealing subparagraph (B);
                    (B) in paragraph (6)(B), by striking ``or 1995,'' 
                and inserting ``1995, 1996, 1997, or 1998,''; and
                    (C) in paragraph (14), by striking ``1995'' and 
                inserting ``1998''.
            (3)(A) The side heading of section 251(a) is amended by 
        striking ``1995'' and inserting ``1998''.
            (B) Section 251(b) is amended--
                    (i) by striking ``or 1995'' and inserting ``1995, 
                1996, 1997, or 1998'' in the first sentence of 
                paragraph (1), in paragraph (1)(B)(i), in the first 
                sentence of paragraph (2), and in paragraph (2)(D);
                    (ii) in paragraph (1)(B), effective for fiscal year 
                1994, by striking clause (ii) and inserting the 
                following new clause:
            ``(ii) For a budget year the inflation adjustment factor 
        shall be measured by the average of the estimated gross 
        national product implicit price deflator index for a fiscal 
        year divided by the average of the prior fiscal year.'';
                    (iii) in the first sentence of paragraph (2) by 
                striking ``through 1995'' and inserting ``through 
                1998''; and
                    (iv) in paragraph (2)(F) by striking the comma 
                after ``or 1993'' and all that follows and inserting a 
                period.
            (4)(A) The side heading of section 252(a) is amended by 
        striking ``1995'' and inserting ``1998''.
            (B) Section 252(d) is amended by striking ``1995'' and 
        inserting ``1998'' each place it appears.
            (C) Section 252(e) is amended by striking ``or 1995'' and 
        inserting ``1995, 1996, 1997, or 1998'' and by striking 
        ``through 1995'' and inserting ``through 1998''.
            (5) Section 253 is amended--
                    (A) in subsection (g)(1)(B), by inserting ``or any 
                subsequent fiscal year through 1998'' after ``fiscal 
                year 1994'', by striking ``fiscal years 1994 and 1995'' 
                and inserting ``that fiscal year and the subsequent 
                fiscal year (through fiscal year 1998)'', by striking 
                the second sentence, and, in the last sentence, by 
                striking ``through fiscal year'' and all that follows 
                and inserting: ``shall be deemed to apply for that 
                fiscal year.'';
                    (B) in subsection (g)(1)(C), by striking ``or 
                1995'' and inserting ``1995, 1996, 1997, or 1998''; and
                    (C) in subsection (h), by striking ``fiscal year 
                1994 and fiscal year 1995'' both places it appears and 
                inserting ``fiscal year 1994, 1995, 1996, 1997, and 
                1998''.
            (6) Section 254 is amended--
                    (A) in subsection (c), by striking ``or 1995'' and 
                inserting ``1995, 1996, 1997, or 1998'';
                    (B) in subsection (d)(2), by striking ``1995'' and 
                inserting ``1998''; and
                    (C) in paragraphs (2)(A) and (3) of subsection (g), 
                by striking ``1995'' and inserting ``1998''.
            (7) Section 275(b) is amended by striking ``1995'' and 
        inserting ``1998''.

Summary: Invest in the Deficit Act of 1993 - Declares that whenever a law is enacted that provides new revenue or an asset of the United States is sold to the public, all such revenue and proceeds sales shall be dedicated to the reduction of any annual Federal budget deficit. 
Amends the Congressional Budget Act of 1974 to increase the maximum deficit amounts for FY 1994 and 1995 and to establish such amounts for FY 1996 through 1998. 
Repeals discretionary spending limits for FY 1994 and 1995. Establishes such limits for FY 1994 through 1998 for the defense, international, and domestic categories.  Requires adjustments to the international and domestic categories to be made in strict conformance with enforcement provisions of the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act).