Page:United States Statutes at Large Volume 112 Part 1.djvu/517

 PUBLIC LAW 105-178-JUNE 9, 1998 112 STAT. 491 "(cc) OMB shall take the sum of the amounts calculated under items (aa) and (bb), add that sum to the amount of obligations set forth in section 8103 of the Transportation Equity Act for the 21st Century for the highway category for the budget year, and calculate the outlay change resulting from that change in obligations relative to that amount for the budget year and each outyear using current estimates. After making the calculation under the preceding sentence, OMB shall adjust the amount of obligations set forth in that section for the budget year by adding the sum of the amounts calculated under items (aa) and (bb). "(11) The estimated level of highway receipts for the purposes of this clause are— "(aa) for fiscal year 1998, $22,164,000,000; "(bb) for fiscal year 1999, $32,619,000,000; "(cc) for fiscal year 2000, $28,066,000,000; "(dd) for fiscal year 2001, $28,506,000,000; "(ee) for fiscal year 2002, $28,972,000,000; and "(fO for fiscal year 2003, $29,471,000,000. "(Ill) In this clause, the term 'highway receipts' means the governmental receipts credited to the highway account of the Highway Trust Fund. "(C)(i) In addition to the adjustment required by subparagraph (B), when the President submits the budget under section 1105 of title 31, United States Code, for fiscal years 2000, 2001, 2002, or 2003, OMB shall calculate and the budget shall include for the budget year and each outyear an adjustment to the limits on outlays for the highway category and the mass transit category equal to— "(I) the outlays for the applicable category calculated assuming obligation levels consistent with the estimates prepared pursuant to subparagraph (D), as adjusted, using current technical assumptions; minus "(II) the outlays for the applicable category set forth in the subparagraph (D) estimates, as adjusted. "(ii) The adjustment made pursuant to clause (i) in the fiscal years 2002 and 2003 budget submissions of the President under section 1105(a) of title 31, United States Code, shall not exceed 4 percent plus cumulative carryovers. In this clause, the term 'cumulative carryovers' means the total of each amount by which outlays for the highway and mass transit category for any fiscal year are less than the outlay limit for that category, as adjusted, for that year less any amount of carryover used in the previous year, "(D)(i) When OMB and CBO submit their final sequester report for fiscal year 1999, that report shall include an estimate of the outlays for each of the categories that would result in fiscal years 2000 through 2003 from obligations at the levels specified in section 8103 of the Transportation Equity Act for the 21st Century using current assumptions. "(ii) When the President submits the budget under section 1105 of title 31, United States Code, for fiscal years 2000, 2001, 2002, or 2003, OMB shall adjust the estimates made in clause (i) by the adjustments by subparagraphs (B) and (C).

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