Page:United States Statutes at Large Volume 99 Part 1.djvu/1085

 PUBLIC LAW 99-177-DEC. 12, 1985

99 STAT. 1063

PART B—BUDGET SUBMITTED BY THE PRESIDENT SEC. 241. SUBMISSION OF PRESIDENT'S BUDGET; MAXIMUM DEFICIT AMOUNT MAY NOT BE EXCEEDED.

(a) SUBMISSION OF PRESIDENT'S BUDGET.—The first sentence of section 1105(a) of title 31, United States Code, is amended by strik- 98 Stat. 2324. ing out "During the first 15 days of each regular session of Congress" and inserting in lieu thereof the following: "On or before the first Monday after January 3 of each year (or on or before February 5 in 1986)". 03) MAXIMUM DEFICIT AMOUNT MAY NOT B E EXCEEDED.—Section

1105 of title 31, United States Code, is amended by adding at the end thereof the following new subsection: "(f)(1) The budget transmitted pursuant to subsection (a) for a fiscal year shall be prepared on the basis of the best estimates then available, in such a manner as to ensure that the deficit for such fiscal year shall not exceed the maximum deficit amount for such fiscal year as determined under paragraph (7) of section 3 of the Congressional Budget and Impoundment Control Act of 1974. "(2) The deficit set forth in the budget so transmitted for any fiscal year shall not exceed the maximum deficit amount for such fiscal year as determined under paragraph (7) of section 3 of the Congressional Budget and Impoundment Control Act of 1974, with budget outlays and Federal revenues at such levels as the President may consider most desirable and feasible. "(3) Paragraphs (1) and (2) shall not apply if a declaration of war by the Congress is in effect.".

Ante, p. 1039.

SEC. 242. SUPPLEMENTAL BUDGET ESTIMATES AND CHANGES.

(a) CHANGE IN DATE OF SUBMISSION.—The first sentence of section ll6(b) of title 31, United States Code, is amended by striking out "April 11 and". (b) REVISIONS AND SUPPLEMENTAL SUMMARIES.—Section 1106

of

title 31 of such Code is further amended by adding at the end thereof the following new subsection: "(c) Subsection (f) of section 1105 shall apply to revisions and Supra. supplemental summaries submitted under this section to the same extent that such subsection applies to the budget submitted under section 1105(a) to which such revisions and summaries relate.".

PART C—EMERGENCY POWERS TO ELIMINATE DEFICITS IN EXCESS OF MAXIMUM DEFICIT AMOUNT SEC. 251. REPORTING OF EXCESS DEFICITS. (a) INITIAL ESTIMATES, DETERMINATIONS, AND REPORT 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— (A) estimate the budget base levels of total revenues and budget outlays that may be anticipated for such fiscal year as of August 15 of the calendar year in which such fiscal

2 USC 901.

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