Page:United States Statutes at Large Volume 101 Part 1.djvu/784

 101 STAT. 754

PUBLIC LAW 100-119—SEPT. 29, 1987

Public Law 100-119 100th Congress Joint Resolution Sept. 29, 1987 [H.J. Res. 324]

Increasing the statutory limit on the public debt.

Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That subsection (b) of section 3101 of title 31, United States Code, is amended by striking out the dollar limitation contained in such subsection, and inserting in lieu thereof "$2,800,000,000,000". Balanced Budget and Emergency Deficit Control Reaffirmation Act of 1987.

2 USC 901 note.

TITLE I—DEFICIT REDUCTION PROCEDURES SEC. 101. REFERENCES IN TITLE; SHORT TITLE.

(a) REFERENCES IN TITLE.—Except as otherwise specifically provided, whenever in this title an amendment is expressed in terms of an amendment to or repeal of a section or other provision, the reference shall be considered to be made to that section or other provision of the Balanced Budget and Emergency Deficit Control Act of 1985. (h) SHORT TITLE.—This title may be cited as the "Balanced Budget and Emergency Deficit Control Reaffirmation Act of 1987". SEC. 102. AUTOMATIC TRIGGER FOR FISCAL YEARS 1988 THROUGH 1993; OMB AND CBO REPORTS; PRESIDENTIAL ORDER; COMPUTATION OF BUDGET BASE; SEQUESTRATION RULES FOR FISCAL YEARS 1988 THROUGH 1993. (a) IN GENERAL.

-Sections 251 and 252 of the Act are amended to

read as follows: 2 USC 901.

"SEC. 251. REPORTING OF EXCESS DEFICITS. "(a) INITIAL ESTIMATES, DETERMINATIONS, AND REPORTS BY O M B

AND CBO.— "(1) ESTIMATES AND DETERMINATIONS.—The Director of the Office of Management and Budget and the Director of the Congressional Budget Office (in this part referred to as the 'Directors') shall with respect to each fiscal year and in accordance with the requirements, specifications, definitions, and calculations required by this part— "(A) estimate the budget levels of total revenues and outlays that may be anticipated for such fiscal year as of August 15 of the calendar year in which such fiscal year begins (or as of October 10, 1987, in the case of fiscal year 1988), "(B) determine whether the projected deficit for such fiscal year will exceed the maximum deficit amount for such fiscal year and whether such deficit excess will be greater than $10,000,000,000 (zero in the case of fiscal year 1993),

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