SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Protecting Against Indebting our 
Descendants through Fully Offset Relief (PAID FOR) Temporary Extension 
Act of 2010''.

SEC. 2. EXTENSION OF UNEMPLOYMENT INSURANCE PROVISIONS.

    (a) In General.--(1) Section 4007 of the Supplemental 
Appropriations Act, 2008 (Public Law 110-252; 26 U.S.C. 3304 note) is 
amended--
            (A) by striking ``June 2, 2010'' each place it appears and 
        inserting ``July 7, 2010'';
            (B) in the heading for subsection (b)(2), by striking 
        ``june 2, 2010'' and inserting ``july 7, 2010''; and
            (C) in subsection (b)(3), by striking ``November 6, 2010'' 
        and inserting ``December 11, 2010''.
    (2) Section 2002(e) of the Assistance for Unemployed Workers and 
Struggling Families Act, as contained in Public Law 111-5 (26 U.S.C. 
3304 note; 123 Stat. 438), is amended--
            (A) in paragraph (1)(B), by striking ``June 2, 2010'' and 
        inserting ``July 7, 2010'';
            (B) in the heading for paragraph (2), by striking ``june 2, 
        2010'' and inserting ``july 7, 2010''; and
            (C) in paragraph (3), by striking ``December 7, 2010'' and 
        inserting ``January 11, 2011''.
    (3) Section 2005 of the Assistance for Unemployed Workers and 
Struggling Families Act, as contained in Public Law 111-5 (26 U.S.C. 
3304 note; 123 Stat. 444), is amended--
            (A) by striking ``June 2, 2010'' each place it appears and 
        inserting ``July 7, 2010''; and
            (B) in subsection (c), by striking ``November 6, 2010'' and 
        inserting ``December 11, 2010''.
    (4) Section 5 of the Unemployment Compensation Extension Act of 
2008 (Public Law 110-449; 26 U.S.C. 3304 note) is amended by striking 
``November 6, 2010'' and inserting ``December 11, 2010''.
    (b) Funding.--Section 4004(e)(1) of the Supplemental Appropriations 
Act, 2008 (Public Law 110-252; 26 U.S.C. 3304 note) is amended--
            (1) in subparagraph (D), by striking ``and'' at the end; 
        and
            (2) by inserting after subparagraph (E) the following:
                    ``(F) the amendments made by section 2(a)(1) of the 
                Protecting Against Indebting our Descendants through 
                Fully Offset Relief (PAID FOR) Temporary Extension Act 
                of 2010; and''.
    (c) Effective Date.--The amendments made by this section shall take 
effect as if included in the enactment of the Continuing Extension Act 
of 2010 (Public Law 111-157).

SEC. 3. EXTENSION AND IMPROVEMENT OF PREMIUM ASSISTANCE FOR COBRA 
              BENEFITS.

    (a) Extension of Eligibility Period.--Subsection (a)(3)(A) of 
section 3001 of division B of the American Recovery and Reinvestment 
Act of 2009 (Public Law 111-5), as amended by section 3(a) of the 
Continuing Extension Act of 2010 (Public Law 111-157), is amended by 
striking ``May 31, 2010'' and inserting ``June 30, 2010''.
    (b) Effective Date.--The amendment made by this section shall take 
effect as if included in the provisions of section 3001 of division B 
of the American Recovery and Reinvestment Act of 2009.

SEC. 4. INCREASE IN THE MEDICARE PHYSICIAN PAYMENT UPDATE.

    Paragraph (10) of section 1848(d) of the Social Security Act, as 
added by section 1011(a) of the Department of Defense Appropriations 
Act, 2010 (Public Law 111-118) and as amended by section 5 of the 
Temporary Extension Act of 2010 (Public Law 111-144) and section 4 of 
the Continuing Extension Act of 2010 (Public Law 111-157), is amended--
            (1) in subparagraph (A), by striking ``May 31, 2010'' and 
        inserting ``June 30, 2010''; and
            (2) in subparagraph (B), by striking ``June 1, 2010'' and 
        inserting ``July 1, 2010''.

SEC. 5. EXTENSION OF USE OF 2009 POVERTY GUIDELINES.

    Section 1012 of the Department of Defense Appropriations Act, 2010 
(Public Law 111-118), as amended by section 6 of the Continuing 
Extension Act of 2010 (Public Law 111-157), is amended by striking 
``May 31, 2010'' and inserting ``June 30, 2010''.

SEC. 6. EXTENSION OF NATIONAL FLOOD INSURANCE PROGRAM.

    (a) Extension.--Section 129 of the Continuing Appropriations 
Resolution, 2010 (Public Law 111-68), as amended by section 7 of the 
Continuing Extension Act of 2010 (Public Law 111-157), is amended by 
striking ``by substituting'' and all that follows through the period at 
the end and inserting ``by substituting June 30, 2010, for the date 
specified in each such section.''.
    (b) Effective Date.--The amendments made by subsection (a) shall be 
considered to have taken effect on February 28, 2010.

SEC. 7. EXTENSION OF SMALL BUSINESS LOAN GUARANTEE PROGRAM.

    (a) Appropriation.--There is appropriated, out of any funds in the 
Treasury not otherwise appropriated, $60,000,000, for an additional 
amount for ``Small Business Administration--Business Loans Program 
Account'', to remain available until expended, for the cost of fee 
reductions and eliminations under section 501 of division A of the 
American Recovery and Reinvestment Act of 2009 (Public Law 111-5; 123 
Stat. 151) and loan guarantees under section 502 of division A of the 
American Recovery and Reinvestment Act of 2009 (Public Law 111-5; 123 
Stat. 152), as amended by this section:  Provided, That such costs 
shall be as defined in section 502 of the Congressional Budget Act of 
1974.
    (b) Extension of Sunset Date.--Section 502(f) of division A of the 
American Recovery and Reinvestment Act of 2009 (Public Law 111-5; 123 
Stat. 153) is amended by striking ``May 31, 2010'' and inserting ``June 
30, 2010''.

SEC. 8. USE OF STIMULUS FUNDS TO OFFSET SPENDING.

    The unobligated balance of each amount appropriated or made 
available under the American Recovery and Reinvestment Act of 2009 
(Public Law 111-5) (other than under title X of division A of such Act) 
is rescinded pro rata such that the aggregate amount of such 
rescissions equals $13,000,000,000 in order to offset the net increase 
in spending resulting from the provisions of, and amendments made by, 
sections 2 through 7. The Director of the Office of Management and 
Budget shall report to each congressional committee the amounts so 
rescinded within the jurisdiction of such committee.

SEC. 9. DETERMINATION OF BUDGETARY EFFECTS.

    (a) In General.--The budgetary effects of this Act, for the purpose 
of complying with the Statutory Pay-As-You-Go Act of 2010, shall be 
determined by reference to the latest statement titled ``Budgetary 
Effects of PAYGO Legislation'' for this Act, submitted for printing in 
the Congressional Record by the Chairman of the Senate Budget 
Committee, provided that such statement has been submitted prior to the 
vote on passage.
    (b) Emergency Designation for Congressional Enforcement.--In the 
House of Representatives, this Act, with the exception of section 4, is 
designated as an emergency for purposes of pay-as-you-go principles. In 
the Senate, this Act is designated as an emergency requirement pursuant 
to section 403(a) of S. Con. Res. 13 (111th Congress), the concurrent 
resolution on the budget for fiscal year 2010.
    (c) Emergency Designation for Statutory PAYGO.--This Act, with the 
exception of section 4, is designated as an emergency requirement 
pursuant to section 4(g) of the Statutory Pay-As-You-Go Act of 2010 
(Public Law 111-139; 2 U.S.C. 933(g)).
Output: Protecting Against Indebting our Descendants through Fully Offset Relief (PAID FOR) Temporary Extension Act of 2010 - Amends the Supplemental Appropriations Act, 2008 with respect to the state-established individual emergency unemployment compensation account (EUCA). Extends the final date for entering a federal-state agreement under the Emergency Unemployment Compensation (EUC) program through July 7, 2010. Postpones the termination of the program until December 11, 2010.

Amends the Assistance for Unemployed Workers and Struggling Families Act to extend until July 7, 2010: (1) federal-state agreements increasing regular unemployment compensation payments to individuals; and (2) requirements that federal payments to states cover 100% of EUC.

Amends the Unemployment Compensation Extension Act of 2008 to exempt weeks of unemployment between enactment of this Act and December 11, 2010, from the prohibition in the Federal-State Extended Unemployment Compensation Act of 1970 against federal matching payments to a state for the first week in an individual's eligibility period for which extended compensation or sharable regular compensation is paid if the state law provides for payment of regular compensation to an individual for his or her first week of otherwise compensable unemployment. (Thus allows temporary federal matching for the first week of extended benefits for states with no waiting period.)

Amends the American Recovery and Reinvestment Act of 2009 (ARRA) to extend through June 30, 2010, premium assistance for COBRA (health insurance continuation benefits under the Consolidated Omnibus Budget Reconciliation Act of 1985) benefits.

Amends title XVIII (Medicare) of the Social Security Act to extend through June 30, 2010, the 0% update to the conversion factor in the Medicare physican payment computation.

Amends the Department of Defense Appropriations Act, 2010 to extend the use of 2009 poverty guidelines through June 30, 2010. Prohibits the Secretary of Health and Human Services (HHS) from publishing updated poverty guidelines for 2010 until after such date.

Amends the Continuing Appropriations Resolution, 2010 to extend through June 30, 2010, the national flood insurance program.

Amends the ARRA to extend through June 30, 2010, the small business loan guarantee program. Makes appropriations for the program as well as for the cost of certain loan guarantee fee reductions and eliminations.

Rescinds pro rata the unobligated balance of each amount appropriated or made available under ARRA (except under title X: Military Construction and Veterans Affairs of division A), so that the aggregate amount of such rescissions equals $13 billion to offset the net increase in spending resulting from this Act.