Teacher:In this task, you are given text for US Congressional and California state bills, your task is to generate a summary for this bill.
Teacher: Now, understand the problem? Solve this instance: SECTION 1. SHORT TITLE.

This Act may be cited as the ''Deficit Reduction Lock-box Act of
1995''.

SEC. 2. DEFICIT REDUCTION LOCK-BOX LEDGER.

(a) Establishment of Ledger.--Title III of the Congressional Budget
Act of 1974 is amended by adding at the end the following new section:

''deficit reduction lock-box ledger

''Sec. 314. (a) Establishment of Ledger.--The Director of the
Congressional Budget Office (hereinafter in this section referred to as
the ''Director'') shall maintain a ledger to be known as the ''Deficit
Reduction Lock-box Ledger''. The Ledger shall be divided into entries
corresponding to the subcommittees of the Committees on Appropriations.
Each entry shall consist of three parts: the 'House Lock-box Balance';
the 'Senate Lock-box Balance'; and the 'Joint House-Senate Lock-box
Balance'.
''(b) Components of Ledger.--Each component in an entry shall
consist only of amounts credited to it under subsection (c). No entry
of a negative amount shall be made.
''(c) Credit of Amounts to Ledger.--(1) The Director shall, upon
the engrossment of any appropriation bill by the House of
Representatives and upon the engrossment of that bill by the Senate,
credit to the applicable entry balance of that House amounts of new
budget authority and outlays equal to the net amounts of reductions in
new budget authority and in outlays resulting from amendments agreed to
by that House to that bill.
''(2) The Director shall, upon the engrossment of Senate amendments
to any appropriation bill, credit to the applicable Joint House-Senate
Lock-box Balance the amounts of new budget authority and outlays equal
to--
''(A) an amount equal to one-half of the sum of (i) the
amount of new budget authority in the House Lock-box Balance
plus (ii) the amount of new budget authority in the Senate
Lock-box Balance for that bill; and
''(B) an amount equal to one-half of the sum of (i) the
amount of outlays in the House Lock-box Balance plus (ii) the
amount of outlays in the Senate Lock-box Balance for that bill.
''(3) Calculation of Lock-Box Savings in Senate.--For purposes of
calculating under this section the net amounts of reductions in new
budget authority and in outlays resulting from amendments agreed to by
the Senate on an appropriation bill, the amendments reported to the
Senate by its Committee on Appropriations shall be considered to be
part of the original text of the bill.
''(d) Definition.--As used in this section, the term 'appropriation
bill' means any general or special appropriation bill, and any bill or
joint resolution making supplemental, deficiency, or continuing
appropriations through the end of a fiscal year.''.
(b) Conforming Amendment.--The table of contents set forth in
section 1(b) of the Congressional Budget and Impoundment Control Act of
1974 is amended by inserting after the item relating to section 313 the
following new item:

''Sec. 314. Deficit reduction lock-box ledger.''.
SEC. 3. TALLY DURING HOUSE CONSIDERATION.

There shall be available to Members in the House of Representatives
during consideration of any appropriations bill by the House a running
tally of the amendments adopted reflecting increases and decreases of
budget authority in the bill as reported.

SEC. 4. DOWNWARD ADJUSTMENT OF 602(a) ALLOCATIONS AND SECTION 602(b)
SUBALLOCATIONS.

(a) Allocations.--Section 602(a) of the Congressional Budget Act of
1974 is amended by adding at the end the following new paragraph:
''(5) Upon the engrossment of Senate amendments to any
appropriation bill (as defined in section 314(d)) for a fiscal
year, the amounts allocated under paragraph (1) or (2) to the
Committee on Appropriations of each House upon the adoption of
the most recent concurrent resolution on the budget for that
fiscal year shall be adjusted downward by the amounts credited
to the applicable Joint House-Senate Lock-box Balance under
section 314(c)(2). The revised levels of budget authority and
outlays shall be submitted to each House by the chairman of the
Committee on the Budget of that House and shall be printed in
the Congressional Record.''.
(b) Suballocations.--Section 602(b)(1) of the Congressional Budget
Act of 1974 is amended by adding at the end the following new sentence:
''Whenever an adjustment is made under subsection (a)(5) to an
allocation under that subsection, the chairman of the Committee on
Appropriations of each House shall make downward adjustments in the
most recent suballocations of new budget authority and outlays under
subparagraph (A) to the appropriate subcommittees of that committee in
the total amounts of those adjustments under section 314(c)(2). The
revised suballocations shall be submitted to each House by the chairman
of the Committee on Appropriations of that House and shall be printed
in the Congressional Record.''.

SEC. 5. PERIODIC REPORTING OF LEDGER STATEMENTS.

Section 308(b)(1) of the Congressional Budget Act of 1974 is
amended by adding at the end the following new sentence: ''Such reports
shall also include an up-to-date tabulation of the amounts contained in
the ledger and each entry established by section 314(a).''.
SEC. 6. DOWNWARD ADJUSTMENT OF DISCRETIONARY SPENDING LIMITS.

The discretionary spending limits for new budget authority and
outlays for any fiscal year set forth in section 601(a)(2) of the
Congressional Budget Act of 1974, as adjusted in strict conformance
with section 251 of the Balanced Budget and Emergency Deficit Control
Act of 1985, shall be reduced by the amounts set forth in the final
regular appropriation bill for that fiscal year or joint resolution
making continuing appropriations through the end of that fiscal year.
Those amounts shall be the sums of the Joint House-Senate Lock-box
Balances for that fiscal year, as calculated under section 602(a)(5) of
the Congressional Budget Act of 1974. That bill or joint resolution
shall contain the following statement of law: ''As required by section
6 of the Deficit Reduction Lock-box Act of 1995, for fiscal year
[insert appropriate fiscal year] and each outyear, the adjusted
discretionary spending limit for new budget authority shall be reduced
by $ [insert appropriate amount of reduction] and the adjusted
discretionary limit for outlays shall be reduced by $ [insert
appropriate amount of reduction] for the budget year and each
outyear.'' Notwithstanding section 904(c) of the Congressional Budget
Act of 1974, section 306 of that Act as it applies to this statement
shall be waived. This adjustment shall be reflected in reports under
sections 254(g) and 254(h) of the Balanced Budget and Emergency Deficit
Control Act of 1985.

SEC. 7. EFFECTIVE DATE.

(a) In General.--This Act shall apply to all appropriation bills
making appropriations for fiscal year 1996 or any subsequent fiscal
year.
(b) FY96 Application.--In the case of any appropriation bill for
fiscal year 1996 engrossed by the House of Representatives after August
4, 1995 and before the date of enactment of this bill, the Director of
the Congressional Budget Office, the Director of the Office of
Management and Budget, and the Committees on Appropriations and the
Committees on the Budget of the House of Representatives and of the
Senate shall, within 10 calendar days after that date of enactment of
this Act, carry out the duties required by this Act and amendments made
by it that occur after the date this Act was engrossed by the House of
Representatives.
(c) FY96 Allocations.--The duties of the Director of the
Congressional Budget Office and of the Committees on the Budget and on
Appropriations of the House of Representatives pursuant to this Act and
the amendments made by it regarding appropriation bills for fiscal year
1996 shall be based upon the revised section 602(a) allocations in
effect on August 4, 1995.
(d) Definition.--As used in this section, the term ''appropriation
bill'' means any general or special appropriation bill, and any bill or
joint resolution making supplemental, deficiency, or continuing
appropriations through the end of a fiscal year.
Passed the House of Representatives September 13, 1995.

Attest:

Clerk.
Student:
Deficit Reduction Lock-box Act of 1995 - Amends the Congressional Budget Act of 1974 to require the Director of the Congressional Budget Office to maintain a Deficit Reduction Lock-box Ledger which shall be divided into entries corresponding to the subcommittees of the Committees on Appropriations. Requires each entry to consist of three parts: (1) the House Lock-box Balance; (2) the Senate Lock-box Balance; and (3) the Joint House-Senate Lock-box Balance. Requires the Director of the Congressional Budget Office, upon the engrossment of any appropriation bill by the House of Representatives and upon the engrossment of that bill by the Senate, to credit to the applicable entry balance of that House amounts of new budget authority and outlays equal to the net amounts of reductions in new budget authority and in outlays resulting from amendments agreed to by that House to that bill. Specifies the amounts to be credited to the Joint House- Senate Lock-box Balance. (Sec. 3) Requires a running tally to be available to Members of the House of Representatives, during the consideration of any appropriations bill by the House, of the amendments reflecting increases and decreases of budget authority in such bill as reported. (Sec. 4) Provides for the downward adjustment of: (1) allocations for the House and Senate upon the engrossment of Senate amendments to any appropriation bill; and (2) suballocations, whenever a such a downward adjustment is made to an allocation. (Sec. 5) Requires the Director of the Congressional Budget Office to include an up-to-date tabulation of the amounts contained in the Deficit Reduction Lock-box Ledger and each entry in periodic reports. (Sec. 6) Provides for the downward adjustment of discretionary spending limits. (Sec. 7) Makes this Act applicable to all appropriation bills making appropriations for FY 1996 or any subsequent fiscal years. Makes special retroactive provisions for any appropriation bill for FY 1996 engrossed by the House after August 4, 1995, but before the enactment of this bill.