Omnibus Budget Reconciliation Act of 1990/Title XIII/Subtitle B

{{SECTION|SEC. 13201.|SEC. 13201}}. CREDIT ACCOUNTING.

 * (a) CREDIT ACCOUNTING.—
 * Title V of the Congressional Budget Act of 1974 is amended to read as follows:

``{{SECTION|SEC. 500.|SEC. 500}}. SHORT TITLE.

 * This title may be cited as the ``Federal Credit Reform Act of 1990´´.

``{{SECTION|SEC. 501.|SEC. 501}}. PURPOSES.

 * ``The purposes of this title are to—
 * ``(1) measure more accurately the costs of Federal credit programs;


 * ``(2) place the cost of credit programs on a budgetary basis equivalent to other Federal spending;


 * ``(3) encourage the delivery of benefits in the form most appropriate to the needs of beneficiaries; and


 * ``(4) improve the allocation of resources among credit programs and between credit and other spending programs.

``{{SECTION|SEC. 502.|SEC. 502}}. DEFINITIONS.

 * ``For purposes of this title—
 * ``(1) The term ``direct loan´´ means a disbursement of funds by the Government to a non-Federal borrower under a contract that requires the repayment of such funds with or without interest. The term includes the purchase of, or participation in, a loan made by another lender. The term does not include the acquisition of a federally guaranteed loan in satisfaction of default claims or the price support loans of the Commodity Credit Corporation.


 * ``(2) The term ``direct loan obligation´´ means a binding agreement by a Federal agency to make a direct loan when specified conditions are fulfilled by the borrower.


 * ``(3) The term ``loan guarantee´´ means any guarantee, insurance, or other pledge with respect to the payment of all or a part of the principal or interest on any debt obligation of a non-Federal borrower to a non-Federal lender, but does not include the insurance of deposits, shares, or other withdrawable accounts in financial institutions.


 * ``(4) The term ``loan guarantee commitment´´ means a binding agreement by a Federal agency to make a loan guarantee when specified conditions are fulfilled by the borrower, the lender, or any other party to the guarantee agreement.


 * ``(5)(A) The term ``cost´´ means the estimated long-term cost to the Government of a direct loan or loan guarantee, calculated on a net present basis, excluding administrative costs and any incidental effects on governmental receipts or outlays.


 * ``(B) The cost of a direct loan shall be the net present value, at the time when the direct loan is disbursed, of the following cash flows:
 * ``(i) loan disbursements;


 * ``(ii) repayments of principal; and


 * ``(iii) payments of interest and other payments by or to the Government over the life of the loan after adjusting for estimated defaults, prepayments, fees, penalties and other recoveries.


 * ``(C) The cost of a loan guarantee shall be the net present value when a guaranteed loan is disbursed of the cash flow from—
 * ``(i) estimated payments by the Government to cover defaults and delinquencies, interest subsidies, or other payments, and


 * ``(ii) the estimated payments to the Government including origination and other fees, penalties and recoveries.


 * ``(D) Any Government action that alters the estimated net present value of an outstanding direct loan or loan guarantee (except modifications within the terms of existing contracts or through other existing authorities) shall be counted as a change in the cost of that direct loan or loan guarantee. The calculation of such changes shall be based on the estimated present value of the direct loan or loan guarantee at the time of modification.


 * ``(E) In estimating net present values, the discount rate shall be the average interest rate on marketable Treasury securities of similar maturity to the direct loan or loan guarantee for which the estimate is being made.


 * ``(6) The term ``credit program account´´ means the budget account into which an appropriation to cover the cost of a direct loan or loan guarantee program is made and from which such cost is disbursed to the financing account.


 * ``(7) The term ``financing account´´ means the non-budget account or accounts associated with each credit program account which holds balances, receives the cost payment from the credit program account, and also includes all other cash flows to and from the Government resulting from direct loan obligations or loan guarantee commitments made on or after October 1, 1991.


 * ``(8) The term ``liquidating account´´ means the budget account that includes all cash flows to and from the Government resulting from direct loan obligations or loan guarantee commitments made prior to October 1, 1991.


 * ``These accounts shall be shown in the budget on a cash basis.


 * ``(9) The term ``Director´´ means the Director of the Office of Management and Budget.

``{{SECTION|SEC. 503.|SEC. 503}}. OMB AND CBO ANALYSIS, COORDINATION, AND REVIEW.

 * ``(a) IN GENERAL.— For the executive branch, the Director shall be responsible for coordinating the estimates required by this title. The Director shall consult with the agencies that administer direct loan or loan guarantee programs.


 * ``(b) DELEGATION.— The Director may delegate to agencies authority to make estimates of costs. The delegation of authority shall be based upon written guidelines, regulations, or criteria consistent with the definitions in this title.


 * ``(c) COORDINATION WITH THE CONGRESSIONAL BUDGET OFFICE.— In developing estimation guidelines, regulations, or criteria to be used by Federal agencies, the Director shall consult with the Director of the Congressional Budget Office.


 * ``(d) IMPROVING COST ESTIMATES.— The Director and the Director of the Congressional Budget Office shall coordinate the development of more accurate data on historical performance of direct loan and loan guarantee programs. They shall annually review the performance of outstanding direct loans and loan guarantees to improve estimates of costs. The Office of Management and Budget and the Congressional Budget Office shall have access to all agency data that may facilitate the development and improvement of estimates of costs.


 * ``(e) HISTORICAL CREDIT PROGRAM COSTS.— The Director shall review, to the extent possible, historical data and develop the best possible estimates of adjustments that would convert aggregate historical budget data to credit reform accounting.


 * ``(f) ADMINISTRATIVE COSTS.— The Director and the Director of the Congressional Budget Office shall each analyze and report to Congress on differences in long-term administrative costs for credit programs versus grant programs by January 31, 1992. Their reports shall recommend to Congress any changes, if necessary, in the treatment of administrative costs under credit reform accounting.

``{{SECTION|SEC. 504.|SEC. 504}}. BUDGETARY TREATMENT.

 * ``(a) PRESIDENT'S BUDGET.— Beginning with fiscal year 1992, the President's budget shall reflect the costs of direct loan and loan guarantee programs. The budget shall also include the planned level of new direct loan obligations or loan guarantee commitments associated with each appropriations request.


 * ``(b) APPROPRIATIONS REQUIRED.— Notwithstanding any other provision of law, new direct loan obligations may be incurred and new loan guarantee commitments may be made for fiscal year 1992 and thereafter only to the extent that—
 * ``(1) appropriations of budget authority to cover their costs are made in advance;


 * ``(2) a limitation on the use of funds otherwise available for the cost of a direct loan or loan guarantee program is enacted; or


 * ``(3) authority is otherwise provided in appropriation Acts.


 * ``(c) EXEMPTION FOR MANDATORY PROGRAMS.— Subsection (b) shall not apply to a direct loan or loan guarantee program that—
 * ``(1) constitutes an entitlement (such as the guaranteed student loan program or the veterans' home loan guaranty program); or


 * ``(2) all existing credit programs of the Commodity Credit Corporation on the date of enactment of this title.


 * ``(d) BUDGET ACCOUNTING.—
 * ``(1) The authority to incur new direct loan obligations, make new loan guarantee commitments, or directly or indirectly alter the costs of outstanding direct loans and loan guarantees shall constitute new budget authority in an amount equal to the cost of the direct loan or loan guarantee in the fiscal year in which definite authority becomes available or indefinite authority is used. Such budget authority shall constitute an obligation of the credit program account to pay to the financing account.


 * ``(2) The outlays resulting from new budget authority for the cost of direct loans or loan guarantees described in paragraph (1) shall be paid from the credit program account into the financing account and recorded in the fiscal year in which the direct loan or the guaranteed loan is disbursed or its costs altered.


 * ``(3) All collections and payments of the financing accounts shall be a means of financing.


 * ``(e) MODIFICATIONS.— A direct loan obligation or loan guarantee commitment shall not be modified in a manner that increases its cost unless budget authority for the additional cost is appropriated, or is available out of existing appropriations or from other budgetary resources.


 * ``(f) REESTIMATES.— When the estimated cost for a group of direct loans or loan guarantees for a given credit program made in a single fiscal year is reestimated in a subsequent year, the difference between the reestimated cost and the previous cost estimate shall be displayed as a distinct and separately identified subaccount in the credit program account as a change in program costs and a change in net interest. There is hereby provided permanent indefinite authority for these reestimates.


 * ``(g) ADMINISTRATIVE EXPENSES.— All funding for an agency's administration of a direct loan or loan guarantee program shall be displayed as distinct and separately identified subaccounts within the same budget account as the program's cost.

``{{SECTION|SEC. 505.|SEC. 505}}. AUTHORIZATIONS.

 * ``(a) AUTHORIZATION OF APPROPRIATIONS FOR COSTS.— There are authorized to be appropriated to each Federal agency authorized to make direct loan obligations or loan guarantee commitments, such sums as may be necessary to pay the cost associated with such direct loan obligations or loan guarantee commitments.


 * ``(b) AUTHORIZATION FOR FINANCING ACCOUNTS.— In order to implement the accounting required by this title, the President is authorized to establish such non-budgetary accounts as may be appropriate.


 * ``(c) TREASURY TRANSACTIONS WITH THE FINANCING ACCOUNTS.— The Secretary of the Treasury shall borrow from, receive from, lend to, or pay to the financing accounts such amounts as may be appropriate. The Secretary of the Treasury may prescribe forms and denominations, maturities, and terms and conditions for the transactions described above. The authorities described above shall not be construed to supercede or override the authority of the head of a Federal agency to administer and operate a direct loan or loan guarantee program. All of the transactions provided in this subsection shall be subject to the provisions of subchapter II of chapter 15 of title 31, United States Code. Cash balances of the financing accounts in excess of current requirements shall be maintained in a form of uninvested funds and the Secretary of the Treasury shall pay interest on these funds.


 * ``(d) AUTHORIZATION FOR LIQUIDATING ACCOUNTS.— If funds in liquidating accounts are insufficient to satisfy the obligations and commitments of said accounts, there is hereby provided permanent, indefinite authority to make any payments required to be made on such obligations and commitments.


 * ``(e) AUTHORIZATION OF APPROPRIATIONS FOR IMPLEMENTATION EXPENSES.— There are authorized to be appropriated to existing accounts such sums as may be necessary for salaries and expenses to carry out the responsibilities under this title.


 * ``(f) REINSURANCE.— Nothing in this title shall be construed as authorizing or requiring the purchase of insurance or reinsurance on a direct loan or loan guarantee from private insurers. If any such reinsurance for a direct loan or loan guarantee is authorized, the cost of such insurance and any recoveries to the Government shall be included in the calculation of the cost.


 * ``(g) ELIGIBILITY AND ASSISTANCE.— Nothing in this title shall be construed to change the authority or the responsibility of a Federal agency to determine the terms and conditions of eligibility for, or the amount of assistance provided by a direct loan or a loan guarantee.

``{{SECTION|SEC. 506.|SEC. 506}}. TREATMENT OF DEPOSIT INSURANCE PROGRAMS.

 * ``(a) IN GENERAL.—
 * ``(1) This title shall not apply to the credit or insurance activities of the Federal Deposit Insurance Corporation, National Credit Union Administration, Resolution Trust Corporation, Pension Benefit Guaranty Corporation, National Flood Insurance, National Insurance Development Fund, Crop Insurance, or Tennessee Valley Authority.


 * ``(2) The Director and the Director of the Congressional Budget Office shall each study whether the accounting for Federal deposit insurance programs should be on a cash basis on the same basis as loan guarantees, or on a different basis. Each Director shall report findings and recommendations to the President and the Congress on or before May 31, 1991.


 * ``(3) For the purposes of paragraph (2), the Office of Management and Budget and the Congressional Budget Office shall have access to all agency data that may facilitate these studies.

``{{SECTION|SEC. 507.|SEC. 507}}. EFFECT ON OTHER LAWS.

 * ``(a) EFFECT ON OTHER LAWS.— This title shall supersede, modify, or repeal any provision of law enacted prior to the date of enactment of this title to the extent such provision is inconsistent with this title. Nothing in this title shall be construed to establish a credit limitation on any Federal loan or loan guarantee program.


 * ``(b) CREDITING OF COLLECTIONS.— Collections resulting from direct loans obligated or loan guarantees committed prior to October 1, 1991, shall be credited to the liquidating accounts of Federal agencies. Amounts so credited shall be available, to the same extent that they were available prior to the date of enactment of this title, to liquidate obligations arising from such direct loans obligated or loan guarantees committed prior to October 1, 1991, including repayment of any obligations held by the Secretary of the Treasury or the Federal Financing Bank. The unobligated balances of such accounts that are in excess of current needs shall be transferred to the general fund of the Treasury. Such transfers shall be made from time to time but, at least once each year.´´.


 * (b) CONFORMING AMENDMENTS.—
 * (1) DEFINITION.—
 * Section 3(2) of the Congressional Budget Act of 1974 is amended by adding at the end the following: ``The term includes the cost for direct loan and loan guarantee programs, as those terms are defined by title V´´.


 * (2) POINT OF ORDER FOR FISCAL YEAR 1991.—
 * Effective January 1, 1991, for fiscal year 1991 only, section 302(f)(2) of the Congressional Budget Act of 1974 is amended by inserting after ``new budget authority´´ the following: ``or new credit authority´´.


 * (3) SUNSET OF POINT OF ORDER IN FISCAL YEAR 1992.—
 * Effective for fiscal years beginning after September 30, 1991, section 302 of the Congressional Budget Act is amended—
 * (A) in subsection (a)(1)—
 * (i) by striking ``total entitlement authority, and total credit authority´´ and inserting ``and total entitlement authority´´;


 * (ii) by striking ``such entitlement authority, or such credit authority´´ and inserting ``or such entitlement authority´´; and


 * (iii) by striking ``entitlement authority, and credit authority´´ and inserting ``and entitlement authority´´;


 * (B) in subsection (a)(2), by striking ``total budget outlays, total new budget authority and new credit authority´´ and inserting ``total budget outlays and total new budget authority´´;


 * (C) in subsection (b)(1)(A), by striking ``budget outlays, new budget authority, and new credit authority´´ and inserting ``budget outlays and new budget authority´´;


 * (D) in subsection (c)—
 * (i) in paragraph (1), by inserting ``or´´ at the end thereof; and


 * (ii) by striking ``or (3) new credit authority for a fiscal year;´´; and


 * (E) in subsection (f)(1)—
 * (i) by striking ``year, new entitlement authority effective during such fiscal year, or new credit authority for such fiscal year,´´ and inserting ``year or new entitlement authority effective during such fiscal year,´´; and


 * (ii) by striking ``authority, new entitlement authority, or new credit authority´´ and inserting ``authority or new entitlement authority´´.

{{SECTION|SEC. 13202.|SEC. 13202}}. CODIFICATION OF PROVISION REGARDING REVENUE ESTIMATES.

 * (a) REDESIGNATION.—
 * Section 201 of the Congressional Budget Act of 1974 is amended by redesignating subsection (f) as subsection (g).


 * (b) TRANSFER.—
 * The text of section 273 of the Balanced Budget and Emergency Deficit Control Act of 1985 is transferred to section 201 of the Congressional Budget Act of 1974 and is designated as subsection (g).


 * (c) CONFORMING CHANGES.—
 * Section 201(g) of the Congressional Budget Act of 1974 (as redesignated by subsection (b)) is amended by—
 * (1) striking ``this title and the Congressional Budget and Impoundment Control Act of 1974´´ and inserting ``this Act´´; and


 * (2) inserting ``REVENUE ESTIMATES.— ´´ before the first sentence.

{{SECTION|SEC. 13203.|SEC. 13203}}. DEBT INCREASE AS MEASURE OF DEFICIT; DISPLAY OF FEDERAL RETIREMENT TRUST FUND BALANCES.

 * Section 301(b) of the Congressional Budget Act of 1974 is amended by striking ``and´´ at the end of paragraph (3), by striking the period at the end of paragraph (4) and inserting a semicolon, and by adding at the end the following new paragraphs:


 * ``(5) include a heading entitled ``Debt Increase as Measure of Deficit´´ in which the concurrent resolution shall set forth the amounts by which the debt subject to limit (in section 3101 of title 31 of the United States Code) has increased or would increase in each of the relevant fiscal years; and


 * ``(6) include a heading entitled ``Display of Federal Retirement Trust Fund Balances´´ in which the concurrent resolution shall set forth the balances of the Federal retirement trust funds.´´.

{{SECTION|SEC. 13204.|SEC. 13204}}. PAY-AS-YOU-GO PROCEDURES.

 * Section 301(b) of the Congressional Budget Act of 1974 (as amended by section 13203) is further amended by striking ``and´´ at the end of paragraph (5), by striking the period at the end of paragraph (6) and inserting a semicolon, and by adding at the end the following new paragraphs:


 * ``(7) set forth pay-as-you-go procedures for the Senate whereby—
 * ``(A) budget authority and outlays may be allocated to a committee for legislation that increases funding for entitlement and mandatory spending programs within its jurisdiction if that committee or the committee of conference on such legislation reports such legislation, if, to the extent that the costs of such legislation are not included in the concurrent resolution on the budget, the enactment of such legislation will not increase the deficit (by virtue of either deficit reduction in the bill or previously passed deficit reduction) in the resolution for the first fiscal year covered by the concurrent resolution on the budget, and will not increase the total deficit for the period of fiscal years covered by the concurrent resolution on the budget;


 * ``(B) upon the reporting of legislation pursuant to subparagraph (A), and again upon the submission of a conference report on such legislation (if a conference report is submitted), the chairman of the Committee on the Budget of the Senate may file with the Senate appropriately revised allocations under section 302(a) and revised functional levels and aggregates to carry out this paragraph;


 * ``(C) such revised allocations, functional levels, and aggregates shall be considered for the purposes of this Act as allocations, functional levels, and aggregates contained in the concurrent resolution on the budget; and


 * ``(D) the appropriate committee shall report appropriately revised allocations pursuant to section 302(b) to carry out this paragraph; and


 * ``(8) set forth procedures to effectuate pay-as-you-go in the House of Representatives.´´.

{{SECTION|SEC. 13205.|SEC. 13205}}. AMENDMENTS TO SECTION 303.

 * (a) IN GENERAL.—
 * Section 303(a) of the Congressional Budget Act of 1974 is amended—
 * (1) by repealing paragraph (5),


 * (2) by striking ``or´´ at the end of paragraph (4),


 * (3) by inserting after paragraph (4) the following new paragraphs:


 * ``(5) in the Senate only, new spending authority (as defined in section 401(c)(2)) for a fiscal year; or


 * ``(6) in the Senate only, outlays,´´; and


 * (4) by inserting after ``the concurrent resolution on the budget for such fiscal year´´ the following: ``(or, in the Senate, a concurrent resolution on the budget covering such fiscal year)´´.


 * (b) EXCEPTIONS.—
 * Section 303(b) of such Act is amended—
 * (1) by striking ``Subsection (a)´´ and inserting ``(1) In the House of Representatives, subsection (a)´´ and by redesignating paragraphs (1) and (2) as subparagraphs (A) and (B), respectively; and


 * (2) by inserting at the end the following new paragraph:


 * ``(2) In the Senate, subsection (a) does not apply to any bill or resolution making advance appropriations for the fiscal year to which the concurrent resolution applies and the two succeeding fiscal years.´´.

{{SECTION|SEC. 13206.|SEC. 13206}}. AMENDMENTS TO SECTION 308.

 * (a) REPORTS AND SUMMARIES OF CONGRESSIONAL BUDGET ACTIONS.—
 * (1) Section 308(a)(1) of that Act is amended—
 * (1) in the matter preceding subparagraph (A) by inserting after ``fiscal year´´ the following: ``(or fiscal years)´´;


 * (2) in subparagraph (A) by inserting after ``fiscal year´´ the following: ``(or fiscal years)´´; and


 * (3) in subparagraph (C) by inserting after ``such fiscal year´´ the following: ``(or fiscal years)´´.


 * (b) CONFORMING AMENDMENT.—
 * Section 308(a)(2) of that Act is amended by inserting after ``fiscal year´´ the following: ``(or fiscal years)´´.


 * (c) ADDITIONAL CONFORMING AMENDMENT.—
 * Section 308(b)(1) of that Act is amended—
 * (1) by striking ``for a fiscal year´´ in the first sentence and inserting ``for each fiscal year covered by a concurrent resolution on the budget´´; and


 * (2) by striking ``such fiscal year´´ in the second sentence and inserting ``the first fiscal year covered by the appropriate concurrent resolution´´.

{{SECTION|SEC. 13207.|SEC. 13207}}. STANDARDIZATION OF LANGUAGE REGARDING POINTS OF ORDER.

 * (a) IN GENERAL.—
 * The Congressional Budget Act of 1974 is amended—
 * (1)(A) in section 302(c), by striking ``bill or resolution, or amendment thereto´´ and inserting ``bill, joint resolution, amendment, motion, or conference report´´;


 * (B) in section 302(f)(1), by inserting ``joint´´ before ``resolution´´ the second and third places it appears and in section 302(f)(2), by striking ``bill or resolution (including a conference report thereon), or any amendment to a bill or resolution´´ and inserting ``bill, joint resolution, amendment, motion, or conference report´´;


 * (C) in section 303(a), by striking ``bill or resolution (or amendment thereto)´´ and inserting ``bill, joint resolution, amendment, motion, or conference report´´;


 * (D) in section 306, by striking ``bill or resolution, and no amendment to any bill or resolution´´ and inserting ``bill, resolution, amendment, motion, or conference report´´;


 * (E) in section 311(a), by—
 * (i) striking ``bill, resolution, or amendment´´ and inserting ``bill, joint resolution, amendment, motion, or conference report´´; and


 * (ii) striking ``or any conference report on any such bill or resolution´´;


 * (F) in section 401(a), by—
 * (i) striking ``bill, resolution, or conference report´´ and inserting ``bill, joint resolution, amendment, motion, or conference report´´; and


 * (ii) striking ``(or any amendment which provides such new spending authority)´´;


 * (G) in section 401(b)(1), by—
 * (i) striking ``bill or resolution´´ and inserting ``bill, joint resolution, amendment, motion, or conference report, as reported to its House´´; and


 * (ii) striking ``(or any amendment which provides such new spending authority)´´; and


 * (H) in section 402(a), by—
 * (i) striking ``bill, resolution, or conference report´´ and inserting ``bill, joint resolution, amendment, motion, or conference report´´; and


 * (ii) striking ``or any amendment´´; and


 * (2) in section 302(f)(2), by striking ``outlays or new budget authority´´ and inserting ``outlays, new budget authority, or new spending authority (as defined in section 401(c)(2))´´.


 * (b) POINTS OF ORDER IN THE SENATE.—
 * (1) Title III of the Congressional Budget Act of 1974 is amended by adding at the end the following new section:

``{{SECTION|SEC. 312.|SEC. 312}}. EFFECTS OF POINTS OF ORDER.

 * ``(a) POINTS OF ORDER IN THE SENATE AGAINST AMENDMENTS BETWEEN THE HOUSES.— Each provision of this Act that establishes a point of order against an amendment also establishes a point of order in the Senate against an amendment between the Houses. If a point of order under this Act is raised in the Senate against an amendment between the Houses, and the Presiding Officer sustains the point of order, the effect shall be the same as if the Senate had disagreed to the amendment.


 * ``(b) EFFECT OF A POINT OF ORDER ON A BILL IN THE SENATE.— In the Senate, if the Chair sustains a point of order under this Act against a bill, the Chair shall then send the bill to the committee of appropriate jurisdiction for further consideration.´´.


 * (2) The table of contents for the Congressional Budget and Impoundment Control Act of 1974 is amended by adding after the item relating to section 311 the following new item:


 * ``. EFFECTS OF POINTS OF ORDER.´´.


 * (c) ADJUSTMENT IN THE SENATE OF ALLOCATIONS AND AGGREGATES TO REFLECT CHANGES PURSUANT TO SECTION 310(c).—
 * Section 310(c) of the Congressional Budget Act of 1974 is amended by—
 * (1) inserting ``(1)´´ before ``Any committee´´;


 * (2) redesignating subparagraphs (A) and (B) of paragraph (1) as clauses (i) and (ii), respectively;


 * (3) redesignating paragraphs (1) and (2) as subparagraphs (A) and (B), respectively; and


 * (4) inserting at the end the following new paragraph:


 * ``(2)(A) Upon the reporting to the Committee on the Budget of the Senate of a recommendation that shall be deemed to have complied with such directions solely by virtue of this subsection, the chairman of that committee may file with the Senate appropriately revised allocations under section 302(a) and revised functional levels and aggregates to carry out this subsection.
 * ``(B) Upon the submission to the Senate of a conference report recommending a reconciliation bill or resolution in which a committee shall be deemed to have complied with such directions solely by virtue of this subsection, the chairman of the Committee on the Budget of the Senate may file with the Senate appropriately revised allocations under section 302(a) and revised functional levels and aggregates to carry out this subsection.


 * ``(C) Allocations, functional levels, and aggregates revised pursuant to this paragraph shall be considered to be allocations, functional levels, and aggregates contained in the concurrent resolution on the budget pursuant to section 301.


 * ``(D) Upon the filing of revised allocations pursuant to this paragraph, the reporting committee shall report revised allocations pursuant to section 302(b) to carry out this subsection.´´.


 * (d) RECONCILIATION INSTRUCTIONS.—
 * Section 310(a)(4) of the Congressional Budget Act of 1974 is amended by inserting after ``(3)´´ the following: ``(including a direction to achieve deficit reduction)´´.

{{SECTION|SEC. 13208.|SEC. 13208}}. STANDARDIZATION OF ADDITIONAL DEFICIT CONTROL PROVISIONS.

 * (a) Section 904 of the Congressional Budget Act of 1974 is amended—
 * (1) by amending subsection (c) to read as follows:


 * ``(c) WAIVER.— Sections 305(b)(2), 305(c)(4), 306, 904(c), and 904(d) may be waived or suspended in the Senate only by the affirmative vote of three-fifths of the Members, duly chosen and sworn. Sections 301(i), 302(c), 302(f), 310(d)(2), 310(f), 311(a), 313, 601(b), and 606(c) of this Act and sections 258(a)(4)(C), 258A(b)(3)(C)(i), 258B(f)(1), 258B(h)(1), 258B(h)(3), 258C(a)(5), and 258C(b)(1) of the Balanced Budget and Emergency Deficit Control Act of 1985 may be waived or suspended in the Senate only by the affirmative vote of three-fifths of the Members, duly chosen and sworn. ´´; and


 * (2) in subsection (d) by inserting at the end the following: ``An affirmative vote of three-fifths of the Members of the Senate, duly chosen and sworn, shall be required in the Senate to sustain an appeal of the ruling of the Chair on a point of order raised under sections 305(b)(2), 305(c)(4), 306, 904(c), and 904(d). An affirmative vote of three-fifths of the Members of the Senate, duly chosen and sworn, shall be required in the Senate to sustain an appeal of the ruling of the Chair on a point of order raised under sections 301(i), 302(c), 302(f), 310(d)(2), 310(f), 311(a), 313, 601(b), and 606(c) of this Act and sections 258(a)(4)(C), 258A(b)(3)(C)(i), 258B(f)(1), 258B(h)(1), 258B(h)(3), 258C(a)(5), and 258C(b)(1) of the Balanced Budget and Emergency Deficit Control Act of 1985´´.


 * (b) Section 275(b)(2) of the Balanced Budget and Emergency Deficit Control Act of 1985 is amended—
 * (1) in subparagraph (C), by striking the final word ``and´´;


 * (2) in subparagraph (D), by striking the final period and inserting ``; and´´; and


 * (3) by inserting at the end the following new subparagraph:


 * ``(E) the second sentence of section 904(c) of the Congressional Budget and Impoundment Control Act of 1974 and the final sentence of section 904(d) of that Act.´´

{{SECTION|SEC. 13209.|SEC. 13209}}. CODIFICATION OF PRECENT WITH REGARD TO CONFERENCE REPORTS AND AMENDMENTS BETWEEN HOUSES.

 * Section 305(c) of the Congressional Budget Act 1974 is amended—
 * (1) in paragraph (1)—
 * (A) by striking the first sentence; and


 * (B) by inserting after ``consideration of the conference report´´ the following: ``on any concurrent resolution on the budget (or a reconciliation bill or resolution)´´; and


 * (2) in paragraph (2), by inserting ``(or a message between Houses)´´ after ``conference report´´ each place it appears.

{{SECTION|SEC. 13210.|SEC. 13210}}. SUPERCEDED DEADLINES AND CONFORMING CHANGES.

 * The Congressional Budget Act of 1974 is amended—
 * (1) in section 305, by striking subsection (d) and redesignating subsection (e) as subsection (d); and


 * (2) in section 310(f), by striking paragraph (1) and by striking ``(2) POINT OF ORDER IN THE HOUSE OF REPRESENTATIVES.— ´´.

{{SECTION|SEC. 13211.|SEC. 13211}}. DEFINITIONS.

 * (a) BUDGET AUTHORITY.—
 * Section 3(2) of the Congressional Budget and Impoundment Control Act of 1974 is amended to read as follows:


 * ``(2) BUDGET AUTHORITY AND NEW BUDGET AUTHORITY.—
 * ``(A) IN GENERAL.— The term ``budget authority´´ means the authority provided by Federal law to incur financial obligations, as follows:
 * ``(i) provisions of law that make funds available for obligation and expenditure (other than borrowing authority), including the authority to obligate and expend the proceeds of offsetting receipts and collections;


 * ``(ii) borrowing authority, which means authority granted to a Federal entity to borrow and obligate and expend the borrowed funds, including through the issuance of promissory notes or other monetary credits;


 * ``(iii) contract authority, which means the making of funds available for obligation but not for expenditure; and


 * ``(iv) offsetting receipts and collections as negative budget authority, and the reduction thereof as positive budget authority.


 * ``(B) LIMITATIONS ON BUDGET AUTHORITY.— With respect to the Federal Hospital Insurance Trust Fund, the Supplementary Medical Insurance Trust Fund, the Unemployment Trust Fund, and the railroad retirement account, any amount that is precluded from obligation in a fiscal year by a provision of law (such as a limitation or a benefit formula) shall not be budget authority in that year.


 * ``(C) NEW BUDGET AUTHORITY.— The term ``new budget authority´´ means, with respect to a fiscal year—
 * ``(i) budget authority that first becomes available for obligation in that year, including budget authority that becomes available in that year s a result of a reappropriation; or


 * ``(ii) a change in any account in the availability of unobligated balances of budget authority carried over from a prior year, resulting from a provision of law first effective in that year;
 * ``and includes a change in the estimated level of new budget authority provided in indefinite amounts by existing law.´´.


 * (b) EFFECTIVE DATE.—
 * The amendment made by subsection (a) shall be effective for fiscal year 1992 and subsequent fiscal years.

{{SECTION|SEC. 13212.|SEC. 13212}}. SAVINGS TRANSFERS BETWEEN FISCAL YEARS.

 * Section 202 of Public Law 100-119 is repealed.

{{SECTION|SEC. 13213.|SEC. 13213}}. CONFORMING CHANGE TO TITLE 31.

 * (a) LIMITATIONS ON EXPENDING AND OBLIGATING.—
 * Section 1341(a)(1) of title 31, United States Code, is amended—
 * (1) in subparagraph (A), by striking the final word ``or´´;


 * (2) in subparagraph (B), by striking the final period and inserting a semicolon; and


 * (3) by adding at the end the following new subparagraphs:


 * ``(C) make or authorize an expenditure or obligation of funds required to be sequestered under section 252 of the Balanced Budget and Emergency Deficit Control Act of 1985; or


 * ``(D) involve either government in a contract or obligation for the payment of money required to be sequestered under section 252 of the Balanced Budget and Emergency Deficit Control Act of 1985.´´.


 * (b) LIMITATION ON VOLUNTARY SERVICES.—
 * Section 1342 of title 31, United States Code, is amended by inserting at the end the following: ``As used in this section, the term ``emergencies involving the safety of human life or the protection of property´´ does not include ongoing, regular functions of government the suspension of which would not imminently threaten the safety of human life or the protection of property.´´.

{{SECTION|SEC. 13214.|SEC. 13214}}. THE BYRD RULE ON EXTRANEOUS MATTER IN RECONCILIATION.

 * (a) THE BYRD RULE ON EXTRANEOUS MATTER IN RECONCILIATION.—
 * Section 20001 of the Consolidated Omnibus Budget Reconciliation Act of 1985 is amended—


 * (1) in subsection (a)—


 * (A) by inserting after ``(a)´´ the following: ``IN GENERAL.— ´´;


 * (B) by inserting after ``1974´´ the following: ``(whether that bill or resolution originated in the Senate or the House) or section 258C of the Balanced Budget and Emergency Deficit Control Act of 1985´´;


 * (2) in subsection (d) by inserting after ``(d)´´ the following: ``EXTRANEOUS PROVISIONS.— ´´;


 * (3) in subsection (d)(1)(A) by inserting before the semicolon ``(but a provision in which outlay decreases or revenue increases exactly offset outlay increases or revenue decreases shall not be considered extraneous by virtue of this subparagraph)´´;


 * (4) in subsection (d)(1)(D) by striking ``and´´ after the semicolon;


 * (5) in subsection (d)(1)(E), by striking the period at the end and inserting ``; and´´;


 * (6) in subsection (d)(1) by adding at the end the following new subparagraph:


 * ``(F) a provision shall be considered extraneous if it violates section 310(g).´´;


 * (7) in subsection (d)(2), by inserting after ``A´´ the first place it appears the following: ``Senate-originated´´; and


 * (8) by adding at the end the following new subsections:


 * (b) TRANSFER OF BYRD RULE.—


 * (1) Section 20001 of the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended by subsection (a), is transferred to the end of title III of the Congressional Budget Act of 1974, and designated as section 313 of that Act.


 * (2) Section 313 of the Congressional Budget Act of 1974 is amended by—


 * (A) adding at the beginning the following center heading:


 * ``EXTRANEOUS MATTER IN RECONCILIATION LEGISLATION´´;


 * (B) striking subsection (b), subsection (c), and the last sentence of subsection (a); and


 * (C) redesignating subsections (d) (e), (f), and (g) as subsections (b), (c), (d) and (e), respectively.


 * (3) Subsection (a) of the first section of Senate Resolution 286 (99th Congress, 1st Session), as amended by Senate Resolution 509 (99th Congress, 2d Session) is enacted as subsection (c) of section 313 of the Congressional Budget Act of 1974.


 * (4) Section 313 of the Congressional Budget Act of 1974 is amended—


 * (A) in subsections (a), (b)(1)(A), and (c), by striking ``of the Congressional Budget Act of 1974´´;


 * (B) in subsection (a), by striking ``(d)´´ and inserting ``(b)´´;


 * (C) in subsection (b)(2)(C), by adding ``or´´ at the end thereof;


 * (D) in subsection (c), by striking ``when´´ and inserting ``When´´;


 * (E) in subsection (c)(1), by striking ``(d)(1)(A) or (d)(1)(D) of section 20001 of the Consolidated Omnibus Budget Reconciliation Act of 1985´´ and inserting ``(b)(1)(A), (b)(1)(B), (b)(1)(D), (b)(1)(E), or (b)(1)(F)´´; and


 * (F) in subsection (c)(2), by striking ``this resolution´´ and inserting ``this subsection´´.


 * (5) The table of contents for the Congressional Budget and Impoundment Control Act of 1974 is amended by adding after the item for section 312 the following new item:


 * ``SEC. 313. EXTRANEOUS MATTER IN RECONCILIATION LEGISLATION.´´.