[Congressional Bills 103th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1885 Introduced in House (IH)]
103d CONGRESS
1st Session
H. R. 1885
To amend the Internal Revenue Code of 1986 to provide tax incentives
for job creation and economic growth, to expand Individual Retirement
Accounts to encourage savings and investment, to restrain Federal
spending, to require a cost analysis of new regulations, and for other
purposes.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
April 28, 1993
Mr. Dreier (for himself and Mr. King) introduced the following bill;
which was referred jointly to the Committees on Ways and Means, the
Budget, the Judiciary, and Government Operations
_______________________________________________________________________
A BILL
To amend the Internal Revenue Code of 1986 to provide tax incentives
for job creation and economic growth, to expand Individual Retirement
Accounts to encourage savings and investment, to restrain Federal
spending, to require a cost analysis of new regulations, and for other
purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Private Sector Job Creation and
Economic Growth Act''.
SEC. 2. TABLE OF CONTENTS.
TITLE I--REDUCING THE COST OF CAPITAL BY REDUCING CAPITAL GAINS TAX
RATES AND INDEXING THE BASIS OF CERTAIN ASSETS
Sec. 101. Reduction in individual capital gains rate.
Sec. 102. Reduction in corporate capital gains rate.
Sec. 103. Reduction of minimum tax rate on capital gains.
Sec. 104. Indexing of certain assets for purposes of determining gain
or loss.
Sec. 105. Indexing of limitation on capital losses of individuals.
Sec. 106. Effective dates.
TITLE II--ADJUSTING DEPRECIATION RATES TO REFLECT INFLATION
Sec. 201. Depreciation adjustment for certain property placed in
service in taxable years beginning after
December 31, 1993.
Sec. 202. Phase-in of expensing for property placed in service in
taxable years beginning after December 31,
1998.
TITLE III--EXPANSION OF INDIVIDUAL RETIREMENT ACCOUNTS
Sec. 301. Restoration of IRA deduction.
Sec. 302. Increase in maximum IRA deduction; inflation adjustment of
maximum IRA deduction.
Sec. 303. Human capital investment accounts.
TITLE IV--TWO PERCENT CAP ON INCREASES IN ALL FEDERAL SPENDING THROUGH
1998
Sec. 401. Concurrent resolution on the budget for fiscal year 1994.
Sec. 402. Recommended levels and amounts.
TITIE V--REDUCTION IN UNNECESSARY AND BURDENSOME REGULATIONS
Sec. 501. Findings.
Sec. 502. Concurrent resolution of the House.
Sec. 503. Legislative and regulatory analysis.
SEC. 3. AMENDMENT OF 1986 CODE.
Except as otherwise expressly provided, whenever in this Act an
amendment or repeal 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 a section or other provision of the Internal Revenue Code of
1986.
TITLE I--REDUCING THE COST OF CAPITAL BY REDUCING CAPITAL GAINS TAX
RATES AND INDEXING THE BASIS OF CERTAIN ASSETS
SEC. 101. REDUCTION IN INDIVIDUAL CAPITAL GAINS RATE.
(a) General Rule.--Subsection (h) of section 1 (relating to maximum
capital gains rate) is amended to read as follows:
``(h) Maximum Capital Gains Rate.--If a taxpayer has a net capital
gain for any taxable year, then the tax imposed by this section shall
not exceed the sum of--
``(1) a tax computed at the rates and in the same manner as
if this subsection had not been enacted on the taxable income
reduced by the net capital gain, plus
``(2) a tax equal to the sum of--
``(A) 7.5 percent of so much of the net capital
gain as does not exceed--
``(i) the maximum amount of taxable income
to which the 15-percent rate applies under the
table applicable to the taxpayer, reduced by
``(ii) the taxable income to which
paragraph (1) applies, plus
``(iii) 15 percent of the net capital gain
in excess of the net capital gain to which
clause (i) applies.''.
(b) Phaseout of Personal Exemptions and Limitation on Deduction of
Itemized Deductions Not To Result From Net Capital Gain.--
(1)(A) Subparagraph (A) and (B) of section 151(d)(3)
(relating to phaseout of exemption amount) are each amended by
inserting ``modified'' before ``adjusted gross income''.
(B) Paragraph (3) of section 151(d) of such Code is amended
by redesignating subparagraphs (D) and (E) as subparagraphs (E)
and (F), respectively, and by inserting after subparagraph (C)
the following new subparagraph:
``(D) Modified adjusted gross income.--For purposes
of this paragraph, the term `modified adjusted gross
income' means adjusted gross income reduced by net
capital gain.''.
(2) Subsection (a) of section 68 (relating to overall
limitation on itemized deductions) is amended by inserting
``(reduced by net capital gain (determined in accordance with
section 151(d)(3)(D)))'' after ``adjusted gross income''.
(c) Technical Amendments.--
(1) Paragraph (1) of section 170(e) is amended by inserting
after ``such contribution)'' in the last sentence of
subparagraph (B) the words ``, minus the product of such gain
multiplied by the ratio of 15 percent over the highest rate of
taxation that the taxpayer is subject to without such
contribution (with a minimum taxation rate for this calculation
of 15 percent).''
(2)(A) The second sentence of section 7518(g)(6)(A) is
amended by striking ``28 percent (34 percent in the case of a
corporation)'' and inserting ``15 percent''.
(B) The second sentence of section 607(h)(6)(A) of the
Merchant Marine Act, 1936, is amended by striking ``28 percent
(34 percent in the case of a corporation)'' and inserting ``15
percent''.
SEC. 102. REDUCTION IN CORPORATE CAPITAL GAINS RATE.
(a) General Rule.--Section 1201 (relating to alternative tax for
corporations) is amended by redesignating subsection (b) as subsection
(c), and by striking subsection (a) and inserting the following:
``(a) General Rule.--If for any taxable year a corporation has a
net capital gain, then, in lieu of the tax imposed by sections 11, 511,
or 831(a) (whichever applies), there is hereby imposed a tax (if such
tax is less than the tax imposed by such section) which shall consist
of the sum of--
``(1) a tax computed on the taxable income reduced by the
net capital gain, at the same rates and in the same manner as
if this subsection had not been enacted, plus
``(2) a tax of 15 percent of the net capital gain.
``(b) Transitional Rule.--In the case of a taxable year which
includes December 31, 1993, the amount of the net capital gain for
purposes of subsection (a) shall not exceed the net capital gain
determined by only taking into account gains and losses properly taken
into account for the portion of the taxable year on or after such
date.''.
(b) Technical Amendments.--
(1) Clause (iii) of section 852(b)(3)(D) is amended by
striking ``66 percent'' and inserting ``85 percent''.
(2) Paragraphs (1) and (2) of section 1445(e) are each
amended by striking ``34 percent'' and inserting ``15
percent''.
SEC. 103. REDUCTION OF MINIMUM TAX RATE ON CAPITAL GAINS.
Subparagraph (A) of section 55(b)(1) (relating to tentative minimum
tax) is amended to read as follows:
``(A) the sum of--
``(i) 15 percent of the lesser of--
``(I) the net capital gain (determined with
the adjustments provided in this part and (to
the extent applicable) the limitations of
sections 1(h)(2) and 1201(b)), or
``(II) so much of the alternative minimum
taxable income for the taxable year as exceeds
the exemption amount, plus
``(ii) 20 percent (24 percent in the case of a
taxpayer other than a corporation) of the amount (if
any) by which the excess referred to in clause (i)(II)
exceeds the net capital gain (as so determined),
reduced by''.
SEC. 104. INDEXING OF CERTAIN ASSETS FOR PURPOSES OF DETERMINING GAIN
OR LOSS.
(a) In General.--Part II of subchapter O of chapter 1 (relating to
basis rules of general application) is amended by inserting after
section 1021 the following new section:
``SEC. 1022. INDEXING OF CERTAIN ASSETS FOR PURPOSES OF DETERMINING
GAIN OR LOSS.
``(a) General Rule.--
``(1) Indexed basis substituted for adjusted basis.--Except
as provided in paragraph (2), if an indexed asset which has
been held for more than 1 year is sold or otherwise disposed
of, for purposes of this title the indexed basis of the asset
shall be substituted for its adjusted basis.
``(2) Exception for depreciation, etc.--The deduction for
depreciation, depletion, and amortization shall be determined
without regard to the application of paragraph (1) to the
taxpayer or any other person.
``(b) Indexed Asset.--
``(1) In general.--For purposes of this section, the term
`indexed asset' means--
``(A) stock in a corporation, and
``(B) tangible property (or any interest therein),
which is a capital asset of property used in the trade
or business (as defined in section 1231(b)).
``(2) Certain property excluded.--For purposes of this
section, the term `indexed asset' does not include--
``(A) Creditor's interest.--Any interest in
property which is in the nature of a creditor's
interest.
``(B) Options.--Any option or other right to
acquire an interest in property.
``(C) Net lease property.--In the case of a lessor,
net lease property (within the meaning of subsection
(h)(1)).
``(D) Certain preferred stock.--Stock which is
fixed and preferred as to dividends and does not
participate in corporate growth to any significant
extent.
``(E) Stock in certain corporations.--Stock in--
``(i) an S corporation (within the meaning
of section 1361),
``(ii) a personal holding company (as
defined in section 542), and
``(iii) a foreign corporation.
``(3) Exception for stock in foreign corporation which is
regularly traded on national or regional exchange.--Clause
(iii) of paragraph (2)(E) shall not apply to stock in a foreign
corporation the stock of which is listed on the New York Stock
Exchange, the American Stock Exchange, or any domestic regional
exchange for which quotations are published on a regular basis
other than--
``(A) stock of a foreign investment company (within
the meaning of section 1246(b)), and
``(B) stock in a foreign corporation held by a
United States person who meets the requirements of
section 1248(a)(2).
``(c) Indexed Basis.--For purposes of this section--
``(1) Indexed basis.--The indexed basis for any asset is--
``(A) the adjusted basis of the asset, multiplied
by
``(B) the applicable inflation ratio.
``(2) Application inflation ratio.--The applicable
inflation ratio for any asset is the percentage arrived at by
dividing--
``(A) the gross national product deflator for the
calendar quarter in which the disposition takes place,
by
``(B) the gross national product deflator for the
calendar quarter in which the asset was acquired by the
taxpayer (or, if later, the calendar quarter ending
December 31, 1993).
The applicable inflation ratio shall not be taken into account
unless it is greater than 1. The applicable inflation ratio for
any asset shall be rounded to the nearest one-tenth of 1
percent.
``(3) Gross national product deflator.--The gross national
product deflator for any calendar quarter is the implicit price
deflator for the gross national product for such quarter (as
shown in the first revision thereof).
``(4) Secretary to publish tables.--The Secretary shall
publish tables specifying the applicable inflation ratios for
each calendar quarter.
``(d) Special Rules.--For purposes of this section--
``(1) Treatment as separate asset.--In the case of any
asset, the following shall be treated as a separate asset:
``(A) a substantial improvement to property,
``(B) in the case of stock of a corporation, a
substantial contribution to capital, and
``(C) any other portion of an asset to the extent
that separate treatment of such portion is appropriate
to carry out the purposes of this section.
``(2) Assets which are not indexed assets throughout
holding period.--
``(A) In general.--The applicable inflation ratio
shall be appropriately reduced for calendar months at
any time during which the asset was not an indexed
asset.
``(B) Certain short sales.--For purposes of
applying subparagraph (A), an asset shall be treated as
not an indexed asset for any short sale period during
which the taxpayer or the taxpayer's spouse sells short
property substantially identical to the asset. For
purposes of the preceding sentence, the short sale
period begins on the day after the substantially
identical property is sold and ends on the closing date
for the sale.
``(3) Treatment of certain distributions.--A distribution
with respect to stock in a corporation which is not a dividend
shall be treated as a disposition.
``(4) Section cannot increase ordinary loss.--To the extent
that (but for this paragraph) this section would create or
increase a net ordinary loss to which section 1231(a)(2)
applies or an ordinary loss to which any other provision of
this title applies, such provision shall not apply. The
taxpayer shall be treated as having a long-term capital loss in
an amount equal to the amount of the ordinary loss to which the
preceding sentence applies.
``(5) Acquisition date where there has been prior
application of subsection (a)(1) with respect to the
taxpayer.--If there has been a prior application of subsection
(a)(1) to an asset while such asset was held by the taxpayer,
the date of acquisition of such asset by the taxpayer shall be
treated as not earlier than the date of the most recent such
prior application.
``(6) Collapsible corporations.--The application of section
341(a) (relating to collapsible corporations) shall be
determined without regard to this section.
``(e) Certain Conduit Entities.--
``(1) Regulated investment companies; real estate
investment trusts; common trust funds.--
``(A) In general.--Stock in a qualified investment
entity shall be an indexed asset for any calendar month
in the same ratio as the fair market value of the
assets held by such entity at the close of such month
which are indexed assets bears to the fair market value
of all assets of such entity at the close of such
month.
``(B) Ratio of 90 percent or more.--If the ratio
for any calendar month determined under subparagraph
(A) would (but for the subparagraph) be 90 percent or
more, such ratio for such month shall be 100 percent.
``(C) Ratio of 10 percent or less.--If the ratio
for any calendar month determined under subparagraph
(A) would (but for this subparagraph) be 10 percent or
less, such ratio for such month shall be zero.
``(D) Valuation of assets in case of real estate
investment trusts.--Nothing in this paragraph shall
require a real estate investment trust to value its
assets more frequently than once each 36 months (except
where such trust ceases to exist). The ratio under
subparagraph (A) for any calendar month for which there
is no valuation shall be the trustee's good faith
judgment as to such valuation.
``(E) Qualified investment entity.--For purposes of
this paragraph, the term `qualified investment entity'
means--
``(i) a regulated investment company
(within the meaning of section 851),
``(ii) a real estate investment trust
(within the meaning of section 856), and
``(iii) a common trust fund (within the
meaning of section 584).
``(2) Partnerships.--In the case of a partnership, the
adjustment made under subsection (a) at the partnership level
shall be passed through to the partners.
``(3) Subchapter s corporations.--In the case of an
electing small business corporation, the adjustment under
subsection (a) at the corporate level shall be passed through
to the shareholders.
``(f) Dispositions Between Related Persons.--
``(1) In general.--This section shall not apply to any sale
or other disposition of property between related persons except
to the extent that the basis of such property in the hands of
the transferee is a substituted basis.
``(2) Related persons defined.--For purposes of this
section, the term `related persons' means--
``(A) persons bearing a relationship set forth in
section 267(b), and
``(B) persons treated as single employer under
subsection (b) or (c) of section 414.
``(g) Transfers To Increase Indexing Adjustment or Depreciation
Allowance.--If any person transfers cash, debt, or any other property
to another person and the principal purpose of such transfer is--
``(1) to secure or increase an adjustment under subsection
(a), or
``(2) to increase (by reason of an adjustment under
subsection (a)) a deduction for depreciation, depletion, or
amortization, the Secretary may disallow part or all of such
adjustment or increase.
``(h) Definitions.--For purposes of this section--
``(1) Net lease property defined.--The term `net lease
property' means leased real property where--
``(A) the term of the lease (taking into account
options to renew) was 50 percent or more of the useful
life of the property, and
``(B) for the period of the lease, the sum of the
deductions with respect to such property which are
allowable to the lessor solely by reason of section 162
(other than rents and reimbursed amounts with respect
to such property) is 15 percent or less of the rental
income produced by such property.
``(2) Stock includes interest in common trust fund.--The
term `stock in a corporation' includes any interest in a common
fund (as defined in section 584(a)).
``(i) Regulations.--The Secretary shall prescribe such regulations
as may be necessary or appropriate to carry out the purposes of this
section.''.
``(b) Clerical Amendment.--This table of sections for part II of
subchapter O of such chapter 1 is amended by inserting after the item
relating to section 1021 the following new item:
``Sec. 1022. Indexing of certain assets
for purposes of determining
gain or loss.''.
``(c) Adjustment To Apply for Purposes of Determining Earnings and
Profits.--Subsection (f) of section 312 (relating to effect on earnings
and profits of gain or loss and of receipt of tax-free distributions)
is amended by adding at the end thereof the following new paragraph:
``(3) Effect on earnings and profits of indexed basis.--For
substitution of indexed basis for adjusted basis in the case of
the disposition of certain assets after December 31, 1993, see
section 1022(a)(1).''.
SEC. 105. INDEXING OF LIMITATION ON CAPITAL LOSSES OF INDIVIDUALS.
Section 1211 (relating to limitation on capital losses) is amended
by adding at the end thereof the following new subsection:
``(c) Indexation of Limitation on Noncorporate Taxpayers.--
``(1) In general.--In the case of any taxable year
beginning in a calendar year after 1993, the $3,000 and $1,500
amounts under subsection (b)(1) shall be increased by an amount
equal to--
``(A) such dollar amount, multiplied by
``(B) the applicable inflation adjustment for the
calendar year in which the taxable year begins.
``(2) Applicable inflation adjustment.--For purposes of
paragraph (1), the applicable inflation adjustment for any
calendar year is the percentage (if any) by which--
``(A) the gross national product deflator for the
last calendar quarter of the preceding calendar year,
exceeds
``(B) the gross national product deflator for the last
calendar quarter of 1992. For purposes of this paragraph, the
term `gross national product deflator' has the meaning given
such term by section 1022(c)(3).''.
SEC. 106. EFFECTIVE DATES.
(a) In General.--Except as provided in subsection (b), the
amendments made by this title shall apply to sales or exchanges
occurring after December 31, 1993, in taxable years ending after such
date.
(b) Indexing of Loss Limitation.--The amendments made by section
205 shall apply to taxable years beginning after December 31, 1993.
TITLE II--ADJUSTING DEPRECIATION RATES TO REFLECT INFLATION
SEC. 201. DEPRECIATION ADJUSTMENT FOR CERTAIN PROPERTY PLACED IN
SERVICE IN TAXABLE YEARS BEGINNING AFTER DECEMBER 31,
1993.
(a) In General.--Section 168 (relating to accelerated cost recovery
system) is amended by adding at the end thereof the following new
subsection:
``(j) Deduction Adjustment To Allow Equivalent of Expensing for
Certain Property Placed in Service in Taxable Years Beginning After
December 31, 1993.--
``(1) In general.--In the case of tangible property (other
than residential rental property and nonresidential real
property) placed in service in a taxable year beginning after
December 31, 1993, the deduction allowable under this section
with respect to such property for any taxable year (after the
taxable year during which the property is placed in service)
shall be--
``(A) the amount so allowable for such taxable year
without regard to this subsection, multiplied by
``(B) the applicable neutral cost recovery
adjustment.
``(2) Applicable neutral cost recovery adjustment.--For
purposes of paragraph (1), the applicable neutral cost recovery
adjustment for any calendar year is the number determined by--
``(A) dividing--`(i) the gross national product
deflator for the calendar quarter of the preceding
calendar year which corresponds to the calendar quarter
during which the property was placed in service by the
taxpayer', by `(ii) the gross national product deflator
for the calendar quarter during which the property was
placed in service by the taxpayer', and
``(B) then multiplying the number determined under
subparagraph (A) by the number equal to 1.035 to the
nth power where `n' is the number of calendar years
after the calendar year in which the property was
placed in service by the taxpayer and before the 1st
calendar year beginning with or within the taxable year
for which the deduction under this subsection is being
determined.
``(3) Gross national product deflator.--For purposes of
paragraph (2), the term `gross national product deflator' has
the meaning given such term by section 1022(c)(3).''.
(b) Corresponding Modification to Depreciation Schedules.--
Paragraphs (1)(A) and (2) of section 168(b) (relating to applicable
depreciation method) are each amended by striking ``200 percent'' and
inserting ``125 percent''.
(c) Amendments to Alternative Minimum Taxable Income.--
(1) No increase due to indexing.--Subsections (a)(1)(A)(i)
and (g)(4)(A) of section 56 (relating to adjustments in
computing alternative minimum taxable income) are each amended
by inserting ``(as adjusted by section 168(j))'' after
``section 168(g)'' each place it appears.
(2) Phase-out of alternative minimum tax depreciation
deduction.--Section 56 is amended by adding at the end thereof
the following new subsection:
``(i) Phase-In of Full Depreciation Deduction.--
``(1) In general.--The depreciation deduction with respect
to any property determined under subsections (a)(1) and (g)(4)
for each taxable year shall be increased by the applicable
percentage of the depreciation differential for such taxable
year.
``(2) Applicable percentage.--The applicable percentage for
any taxable year shall be determined in accordance with the
following table:
``In the case of a taxable The applicable
year which begins: percentage is:
After January 1 And on or before
of January 1 of
1994 1995 20
1995 1996 30
1996 1997 40
1997 1998 50
1998 1999 60
1999 2000 70
2000 2001 80
2001 2002 90
2002 100.
``(3) Depreciation deduction differential.--With respect to
any property, the depreciation deduction differential for any
taxable year is equal to the excess of--
``(A) the depreciation deduction applicable for
purposes of computing the regular tax for such taxable
year, over
``(B) the depreciation deduction determined under
subsections (a)(1) and (g)(4) for such taxable year.''.
(d) Effective Date.--The amendments made by this section shall
apply to taxable years beginning after December 31, 1993.
SEC. 202. PHASE-IN OF EXPENSING FOR PROPERTY PLACED IN SERVICE IN
TAXABLE YEARS BEGINNING AFTER DECEMBER 31, 1999.
(a) In General.--Section 168 (relating to accelerated cost recovery
system) is amended by adding at the end thereof the following new
subsection:
``(k) Phase-In of Expensing.--
``(1) In general.--In the case of tangible property placed
in service in a taxable year beginning after December 31,
1999--
``(A) the phase-in deductions with respect to such
property shall be allowable under this section for the
taxable year in which such property is placed in
service, and
``(B) the applicable recovery period with respect
to such property shall be reduced by the phase-in
number of years.
``(2) Phase-in deductions and years.--For purposes of this
subsection--
``(A) In general.--The phase-in deductions with
respect to any property are the aggregate deductions
allowable under this section (determined without regard
to this subsection and subsection (j)) for the first
phase-in number of years in the applicable recovery
period.
``(B) Phase-in number of years.--The phase-in
number of years with respect to any property is the
number of calendar years after 1999 and before the
calendar year in which the property is placed in
service.
``(3) Election.--This subsection shall not apply to any
property if the taxpayer elects not to apply this subsection to
such property. Such an election, once made, shall be
irrevocable.''.
(b) Effective Date.--The amendments made by this section shall
apply to taxable years beginning after December 31, 1996.
TITLE III--EXPANSION OF INDIVIDUAL RETIREMENT ACCOUNTS
SEC. 301. RESTORATION OF IRA DEDUCTION.
(a) In General.--Section 219 (relating to deduction for retirement
savings) is amended by striking subsection (g).
(b) Restoration of Deduction for Qualified Voluntary Employee
Contributions.--Subsection (e) of section 219 is amended to read as
follows:
``(e) Qualified Retirement Contribution; Qualified Voluntary
Employee Contribution.--For purposes of this section:
``(1) Qualified retirement contribution.--The term
`qualified retirement contribution' means--
``(A) any qualified voluntary employee contribution
paid in cash by the individual for the taxable year,
``(B) any amount paid in cash for the taxable year
by or on behalf of such individual to an individual
retirement plan for such individual's benefit, and
``(C) any amount contributed on behalf of any
individual to a plan described in section 501(c)(18).
``(2) Qualified voluntary employee contribution.--
``(A) In general.--The term `qualified voluntary
employee contribution' means any voluntary
contribution--
``(i) which is made by an individual as an
employee under a qualified employer plan or
government plan, which plan allows an employee
to make contributions which may be treated as
qualified voluntary employee contributions
under this section, and
``(ii) with respect to which the individual
has not designated such contribution as a
contribution which should not be taken into
account under this section.
``(B) Voluntary contribution.--For purposes of
subparagraph (A), the term `voluntary contribution'
means any contribution which is not a mandatory
contribution (within the meaning of section
411(c)(2)(C)).
``(C) Designation.--For purposes of determining
whether or not an individual has made a designation
described in subparagraph (A)(ii) with respect to any
contribution during any calendar year under a qualified
employer plan or government plan, such individual shall
be treated as having made such designation if he
notifies the plan administrator of such plan, not later
than the earlier of--
``(i) April 15 of the succeeding calendar
year, or
``(ii) the time prescribed by the plan
administrator, that the individual does not
want such contribution taken into account under
this section. Any designation or notification
referred to in the preceding sentence shall be
made in such manner as the Secretary shall be
regulations prescribe and, after the last date
on which such designation or notification may
be made, shall be irrevocable for such taxable
year.
``(D) Qualified employer plan.--The term `qualified
employer plan' has the meaning given such term by
section 72(p)(3)(A)(i).
``(E) Government plan.--The term `government plan'
has the meaning given such term by section 72(p)(3)(B).
``(3) Payments for certain plans.--The term `amounts paid
to an individual retirement plan' includes amounts paid for an
individual retirement annuity.''
(c) Technical and Conforming Amendments.--
(1) Subsection (b) of section 219 is amended by adding at
the end thereof the following new paragraph:
``(4) Special rule for individual retirement plans.--If the
individual has paid any qualified voluntary employee
contributions for the taxable year, the amount of qualified
retirement contributions which are paid for the taxable year to
an individual retirement plan and which are allowable as a
deduction under subsection (a) for such taxable year shall not
exceed--
``(A) the amount determined under paragraph (1) for
such taxable year, reduced by
``(B) the amount of the qualified voluntary
employee contributions for the taxable year''
``(2) Paragraph (3) of section 219(f) is amended to read as
follows:
``(3) Time when contributions deemed made.--For purposes of
this section--
``(A) Individual retirement plans.--A taxpayer
shall be deemed to have had a contribution to an
individual retirement plan on the last day of the
preceding taxable year if the contribution is made on
account of such taxable year and is made not later than
the time prescribed by law for filing the return for
such taxable year (not including extensions thereof).
``(B) Qualified employer or government plans.--If a
qualified employer or government plan elects to have
the provisions of this subparagraph apply, a taxpayer
shall be deemed to have made a voluntary contribution
to such plan on the last day of the preceding calendar
year (if, without regard to this paragraph, such
contribution may be made on such date) if the
contribution is made on account of the taxable year
which includes such last day and by April 15 of the
calendar year or such earlier time as is provided by
the plan administrator.''
(3) Subsection (f) of section 219 is amended by striking
paragraph (7).
(4) Subparagraph (A) of section 72(o)(5) is amended to read
as follows:
``(A) Deductible employee contributions.--The term
`deductible employee contributions' means any qualified
voluntary employee contribution (as defined in section
219(e)(2))--
``(i) which is made--
``(I) after December 31, 1981, in a
taxable year beginning after such date
and for a taxable year beginning before
January 1, 1987, or
``(II) after December 31, 1993, in
a taxable year beginning after such
date, and
``(ii) which is allowable as a deduction
under section 219(a) for such taxable year.''
(5) Section 408 is amended by striking subsection (o) and
by redesignating subsection (p) as subsection (o).
(6) Subsection (b) of section 4973 is amended by striking
the last sentence.
(7) Paragraph (5) of section 408(d) is amended by striking
the last sentence.
(8)(A) Section 6693 is amended by striking subsection (b)
and by redesignating subsection (c) as subsection (b).
(B) The heading of section 6693 is amended by
striking ``; overstatement of designated nondeductible
contributions''.
(C) The table of sections for part I of subchapter
B of chapter 68 is amended by striking ``;
overstatement of designated nondeductible
contributions'' in the item relating to section 6693.
(d) Effective Date.--The amendments made by this section shall
apply to taxable years beginning after December 31, 1993.
SEC. 302. INCREASE IN MAXIMUM IRA DEDUCTION; INFLATION ADJUSTMENT OF
MAXIMUM IRA DEDUCTION.
(a) Increase in Maximum IRA Deduction.--
(1) In general.--The following provisions of the Internal
Revenue Code of 1986 are each amended by striking ``$2,000''
and inserting ``$4,000'':
(A) Subsections (b)(1)(A) and (c)(2) of section
219.
(B) Subsections (a)(1), (b), and (j) of section
408.
(2) Conforming amendment.--Sections 219(c)(2) and 408(d)(5)
are each amended by striking ``$2,250'' and inserting
``$4,250''.
(b) Inflation Adjustment of Maximum IRA Deduction.--Section 219 of
such Code, as amended by section 401, is amended by inserting after
subsection (f) the following new subsection:
``(g) Inflation Adjustment of Maximum IRA Deduction.--
``(1) In general.--In the case of any taxable year
beginning in a calendar year after 1994, each applicable dollar
amount shall be increased by an amount equal to--
``(A) such dollar amount, multiplied by
``(B) the cost-of-living adjustment under section
1(f)(3) for the calendar year in which the taxable year
begins, determined by substituting `calendar year 1994'
for `calendar year 1989' in subparagraph (B) thereof.
``(2) Applicable dollar amount.--For purposes of paragraph
(1), the term `applicable dollar amount' means--
``(A) the $4,000 amount in subsections (b)(1)(A)
and (c)(2) of this section and in subsections (a)(1),
(b), and (j) of section 408, and
``(B) the $4,250 amount in subsection (c)(2) of
this section and in section 408(d)(5).
``(3) Rounding.--If any amount as adjusted under paragraph
(1) is not a multiple of $50, such amount shall be rounded to
the nearest multiple of $50 (or, if such amount is a multiple
of $25 and not of $50, such amount shall be rounded to the next
highest multiple of $50).
``(4) Adjusted Maximum IRA Deduction.--The adjusted maximum
IRA deduction for each year shall be the applicable dollar
amount as increased and rounded by this subsection.''.
(c) Effective Date.--The amendments made by this section shall
apply to taxable years beginning after December 31, 1993.
SEC. 303. HUMAN CAPITAL INVESTMENT ACCOUNTS.
(a) Distributions From IRA's May Be Used Without Penalty To
Purchase First Homes or To Pay Higher Education or Financially
Devastating Medical Expenses.--Paragraph (2) of section 72(t) (relating
to exceptions to 10-percent additional tax on early distributions from
qualified retirement plans) is amended by adding at the end thereof the
following new subparagraph:
``(D) Distributions from individual retirement
plans for first home purchases or educational
expenses.--
``(i) In general.--Distributions to an
individual from an individual retirement plan--
``(I) which are qualified first-
time homebuyer distributions (as
defined in paragraph (6)), or
``(II) to the extent such
distributions do not exceed the
qualified higher education expenses (as
defined in paragraph (7)) of the
taxpayer for the taxable year.
``(ii) Limitation.--Notwithstanding clause
(i) and paragraph (3)(A), the tax imposed by
paragraph (1) shall apply to distributions
described in clause (i) or paragraph (3)(A)
from an individual retirement plan to the
extent that the aggregate of such distributions
exceed the sum of--
``(I) the aggregate contributions
to such plans for taxable years
beginning after December 31, 1993,
taking into account only contributions
for a taxable year to the extent such
contributions exceed the adjusted
maximum IRA deduction (as defined by
section 219(g)) for that year, plus
``(II) the earnings on
contributions taken into account under
subclause (I).''.
(b) Financially Devastating Medical Expenses.--Section 72(t)(3)(A)
is amended by striking ``, (B),''.
(c) Definitions.--Section 72(t) is amended by adding at the end
thereof the following new paragraphs:
``(6) Qualified first-time homebuyer distributions.--For
purposes of paragraph (2)(D)(i)--
``(A) In general.--The term `qualified first-time
homebuyer distribution' means any payment or
distribution received by an individual to the extent
such payment or distribution is used by the individual
before the close of the sixtieth day after the day on
which such payment or distribution is received to pay
qualified acquisition costs with respect to a principal
residence of a first-time homebuyer who is such
individual or the child or grandchild of such
individual.
``(B) Qualified acquisition costs.--For purposes of
this paragraph, the term `qualified acquisition costs'
means the costs of acquiring, constructing, or
reconstructing a residence. Such term includes any
usual or reasonable settlement, financing, or other
closing costs.
``(C) First-time homebuyer; other definitions.--For
purposes of this paragraph--
``(i) First-time homebuyer.--The term
`first-time homebuyer' means any individual if
such individual (and if married, such
individual's spouse) had no present ownership
interest in a principal residence during the 2-
year period ending on the date of acquisition
of the principal residence to which this
paragraph applies.
``(ii) Principal residence.--The term
`principal residence' has the same meaning as
when used in section 1034.
``(iii) Date of acquisition.--The term
`date of acquisition' means the date--
``(I) on which a binding contract
to acquire the principal residence to
which subparagraph (A) applies is
entered into, or
``(II) on which construction or
reconstruction of such a principal
residence is commenced.
``(D) Special rule where delay in acquisition.--
If--
``(i) any amount is paid or distributed
from an individual retirement plan to an
individual for purposes of being used as
provided in subparagraph (A), and
``(ii) by reason of a delay in the
acquisition of the residence, the requirements
of subparagraph (A) cannot be met,
the amount so paid or distributed may be paid into an
individual retirement plan as provided in section
408(d)(3)(A)(i) without regard to section 408(d)(3)(B),
and, if so paid into such other plan, such amount shall
not be taken into account in determining whether
section 408(d)(3)(A)(i) applies to any other amount.
``(7) Qualified higher education expenses.--For purposes of
paragraph (2)(D)(i)--
``(A) In general.--The term `qualified higher
education expenses' means tuition, fees, books,
supplies, and equipment required for the enrollment or
attendance of--
``(i) the taxpayer,
``(ii) the taxpayer's spouse, or
``(iii) the taxpayer's child (as defined in
section 151(c)(3)) or grandchild,
at an eligible educational institution (as defined in
section 135(c)(3)).
``(B) Coordination with savings bond provisions.--
The amount of qualified higher education expenses for
any taxable year shall be reduced by any amount
excludable from gross income under section 135.''
(d) Conforming Amendments.--
(1) Section 401(k)(2)(B)(i) is amended by striking ``or''
at the end of subclause (III), by striking ``and'' at the end
of subclause (IV) and inserting ``or'', and by inserting after
subclause (IV) the following new subclause:
``(V) the date on which qualified
first-time homebuyer distributions (as
defined in section 72(t)(6)) or
distributions for qualified higher
education expenses (as defined in
section 72(t)(7)) are made, and''.
(2) Section 403(b)(11) is amended by striking ``or'' at the
end of subparagraph (A), by striking the period at the end of
subparagraph (B) and inserting ``, or'', and by inserting after
subparagraph (B) the following new subparagraph:
``(C) for qualified first-time homebuyer
distributions (as defined in section 72(t)(6)) or for
the payment of qualified higher education expenses (as
defined in section 72(t)(7)).''
(e) Effective Date.--The amendments made by this section shall
apply to payments and distributions after the date of the enactment of
this Act.
TITLE IV--2 PERCENT CAP ON INCREASES IN ALL FEDERAL SPENDING THROUGH
1998
SEC. 401. CONCURRENT RESOLUTION ON THE BUDGET FOR FISCAL YEAR 1994.
The Congress determines and declares that this resolution is the
concurrent resolution on the budget for fiscal year 1994, including the
appropriate budgetary levels for fiscal years 1995, 1996, 1997, and
1998, as required by section 301 of the Congressional Budget Act of
1974 (as amended by the Budget Enforcement Act of 1990).
SEC. 402. RECOMMENDED LEVELS AND AMOUNTS.
The following budgetary levels are appropriate for the fiscal years
beginning on October 1, 1993, October 1, 1994, October 1, 1995, October
1, 1996, and October 1, 1997:
(1) The recommended levels of Federal revenues are as
follows:
Fiscal year 1994: $1,214,400,000,000.
Fiscal year 1995: $1,289,800,000,000.
Fiscal year 1996: $1,355,300,000,000.
Fiscal year 1997: $1,412,700,000,000.
Fiscal year 1998: $1,480,500,000,000.
and the amounts by which the aggregate levels of Federal
revenues should be increased are as follows:
Fiscal year 1994: $0.
Fiscal year 1995: $0.
Fiscal year 1996: $0.
Fiscal year 1997: $0.
Fiscal year 1998: $0.
and the amounts for Federal Insurance Contributions Act
revenues for hospital insurance within the recommended levels
of Federal revenues are as follows:
Fiscal year 1994: $87,500,000,000.
Fiscal year 1995: $92,700,000,000.
Fiscal year 1996: $97,800,000,000.
Fiscal year 1997: $102,300,000,000.
Fiscal year 1998: $106,800,000,000.
(2) The appropriate levels of total new budget authority
are as follows:
Fiscal year 1994: $1,489,000,000,000.
Fiscal year 1995: $1,521,400,000,000.
Fiscal year 1996: $1,550,800,000,000.
Fiscal year 1997: $1,581,000,000,000.
Fiscal year 1998: $1,614,600,000,000.
(3) The appropriate levels of total budget outlays are as
follows:
Fiscal year 1994: $1,464,100,000,000.
Fiscal year 1995: $1,498,100,000,000.
Fiscal year 1996: $1,511,600,000,000.
Fiscal year 1997: $1,532,900,000,000.
Fiscal year 1998: $1,571,700,000,000.
(4) The amounts of the deficits are as follows:
Fiscal year 1994: $249,700,000,000.
Fiscal year 1995: $208,300,000,000.
Fiscal year 1996: $156,200,000,000.
Fiscal year 1997: $120,300,000,000.
Fiscal year 1998: $91,300,000,000.
(5) The appropriate levels of the public debt are as
follows:
Fiscal year 1994: $4,711,000,000,000.
Fiscal year 1995: $5,026,000,000,000.
Fiscal year 1996: $5,295,000,000,000.
Fiscal year 1997: $5,528,000,000,000.
Fiscal year 1998: $5,729,000,000,000.
(6) The appropriate levels of total Federal credit activity
for the fiscal years beginning on October 1, 1993, October 1,
1994, October 1, 1995, October 1, 1996, and October 1, 1997,
are as follows:
Fiscal year 1994:
(A) New direct loan obligations,
$19,920,000,000.
(B) New primary loan guarantee commitments,
$218,700,000,000.
Fiscal year 1995:
(A) New direct loan obligations,
$10,800,000,000.
(B) New primary loan guarantee commitments,
$49,200,000,000.
Fiscal year 1996:
(A) New direct loan obligations,
$11,200,000,000.
(B) New primary loan guarantee commitments,
$50,900,000,000.
Fiscal year 1997:
(A) New direct loan obligations,
$10,900,000,000.
(B) New primary loan guarantee commitments,
$52,900,000,000.
Fiscal year 1998:
(A) New direct loan obligations,
$10,900,000,000.
(B) New primary loan guarantee commitments,
$53,800,000,000.
SEC. 403. MAJOR FUNCTIONAL CATEGORIES.
The Congress determines and declares that the appropriate levels of
new budget authority, budget outlays, new direct loan obligations, new
primary loan guarantee commitments, and new secondary loan guarantee
commitments for fiscal years 1994 through 1998 for each major
functional category are:
(1) National Defense (050):
Fiscal year 1994:
(A) New budget authority, $282,500,000,000.
(B) Outlays, $279,000,000,000.
(C) New direct loan obligations, $0.
(D) New primary loan guarantee commitments,
$0.
(E) New secondary loan guarantee
commitments, $0.
Fiscal year 1995:
(A) New budget authority, $284,700,000,000.
(B) Outlays, $280,000,000,000.
(C) New direct loan obligations, $0.
(D) New primary loan guarantee commitments,
$0.
(E) New secondary loan guarantee
commitments, $0.
Fiscal year 1996:
(A) New budget authority, $286,600,000,000.
(B) Outlays, $284,000,000,000.
(C) New direct loan obligations, $0.
(D) New primary loan guarantee commitments,
$0.
(E) New secondary loan guarantee
commitments, $0.
Fiscal year 1997:
(A) New budget authority, $291,000,000,000.
(B) Outlays, $288,000,000,000.
(C) New direct loan obligations, $0.
(D) New primary loan guarantee commitments,
$0.
(E) New secondary loan guarantee
commitments, $0.
Fiscal year 1998:
(A) New budget authority, $296,700,000,000.
(B) Outlays, $291,000,000,000.
(C) New direct loan obligations, $0.
(D) New primary loan guarantee commitments,
$0.
(E) New secondary loan guarantee
commitments, $0.
(2) International Affairs (150):
Fiscal year 1994:
(A) New budget authority, $19,900,000,000.
(B) Outlays, $19,000,000,000.
(C) New direct loan obligations,
$2,800,000,000.
(D) New primary loan guarantee commitments,
$16,900,000,000.
(E) New secondary loan guarantee
commitments, $0.
Fiscal year 1995:
(A) New budget authority, $20,100,000,000.
(B) Outlays, $18,900,000,000.
(C) New direct loan obligations, $0.
(D) New primary loan guarantee commitments,
$0.
(E) New secondary loan guarantee
commitments, $0.
Fiscal year 1996:
(A) New budget authority, $20,200,000,000.
(B) Outlays, $18,900,000,000.
(C) New direct loan obligations, $0.
(D) New primary loan guarantee commitments,
$0.
(E) New secondary loan guarantee
commitments, $0.
Fiscal year 1997:
(A) New budget authority, $20,500,000,000.
(B) Outlays, $19,200,000,000.
(C) New direct loan obligations, $0.
(D) New primary loan guarantee commitments,
$0.
(E) New secondary loan guarantee
commitments, $0.
Fiscal year 1998:
(A) New budget authority, $20,900,000,000.
(B) Outlays, $19,600,000,000.
(C) New direct loan obligations, $0.
(D) New primary loan guarantee commitments,
$0.
(E) New secondary loan guarantee
commitments, $0.
(3) General Science, Space, and Technology (250):
Fiscal year 1994:
(A) New budget authority, $17,600,000,000.
(B) Outlays, $17,400,000,000.
(C) New direct loan obligations, $0.
(D) New primary loan guarantee commitments,
$0.
(E) New secondary loan guarantee
commitments, $0.
Fiscal year 1995:
(A) New budget authority, $17,900,000,000.
(B) Outlays, $17,800,000,000.
(C) New direct loan obligations, $0.
(D) New primary loan guarantee commitments,
$0.
(E) New secondary loan guarantee
commitments, $0.
Fiscal year 1996:
(A) New budget authority, $18,300,000,000.
(B) Outlays, $18,100,000,000.
(C) New direct loan obligations, $0.
(D) New primary loan guarantee commitments,
$0.
(E) New secondary loan guarantee
commitments, $0.
Fiscal year 1997:
(A) New budget authority, $18,700,000,000.
(B) Outlays, $18,400,000,000.
(C) New direct loan obligations, $0.
(D) New primary loan guarantee commitments,
$0.
(E) New secondary loan guarantee
commitments, $0.
Fiscal year 1998:
(A) New budget authority, $19,000,000,000.
(B) Outlays, $18,800,000,000.
(C) New direct loan obligations, $0.
(D) New primary loan guarantee commitments,
$0.
(E) New secondary loan guarantee
commitments, $0.
(4) Energy (270):
Fiscal year 1994:
(A) New budget authority, $5,200,000,000.
(B) Outlays, $4,000,000,000.
(C) New direct loan obligations, $0.
(D) New primary loan guarantee commitments,
$0.
(E) New secondary loan guarantee
commitments, $0.
Fiscal year 1995:
(A) New budget authority, $5,300,000,000.
(B) Outlays, $3,800,000,000.
(C) New direct loan obligations, $0.
(D) New primary loan guarantee commitments,
$0.
(E) New secondary loan guarantee
commitments, $0.
Fiscal year 1996:
(A) New budget authority, $5,400,000,000.
(B) Outlays, $4,200,000,000.
(C) New direct loan obligations, $0.
(D) New primary loan guarantee commitments,
$0.
(E) New secondary loan guarantee
commitments, $0.
Fiscal year 1997:
(A) New budget authority, $5,500,000,000.
(B) Outlays, $4,200,000,000.
(C) New direct loan obligations, $0.
(D) New primary loan guarantee commitments,
$0.
(E) New secondary loan guarantee
commitments, $0.
Fiscal year 1998:
(A) New budget authority, $5,500,000,000.
(B) Outlays, $4,100,000,000.
(C) New direct loan obligations, $0.
(D) New primary loan guarantee commitments,
$0.
(E) New secondary loan guarantee
commitments, $0.
(5) Natural Resources and Environment (300):
Fiscal year 1994:
(A) New budget authority, $21,800,000,000.
(B) Outlays, $21,100,000,000.
(C) New direct loan obligations, $0.
(D) New primary loan guarantee commitments,
$0.
(E) New secondary loan guarantee
commitments, $0.
Fiscal year 1995:
(A) New budget authority, $22,200,000,000.
(B) Outlays, $21,300,000,000.
(C) New direct loan obligations, $0.
(D) New primary loan guarantee commitments,
$0.
(E) New secondary loan guarantee
commitments, $0.
Fiscal year 1996:
(A) New budget authority, $22,700,000,000.
(B) Outlays, $22,300,000,000.
(C) New direct loan obligations, $0.
(D) New primary loan guarantee commitments,
$0.
(E) New secondary loan guarantee
commitments, $0.
Fiscal year 1997:
(A) New budget authority, $23,100,000,000.
(B) Outlays, $22,500,000,000.
(C) New direct loan obligations, $0.
(D) New primary loan guarantee commitments,
$0.
(E) New secondary loan guarantee
commitments, $0.
Fiscal year 1998:
(A) New budget authority, $23,600,000,000.
(B) Outlays, $22,900,000,000.
(C) New direct loan obligations, $0.
(D) New primary loan guarantee commitments,
$0.
(E) New secondary loan guarantee
commitments, $0.
(6) Agriculture (350):
Fiscal year 1994:
(A) New budget authority, $15,600,000,000.
(B) Outlays, $14,700,000,000.
(C) New direct loan obligations,
$9,400,000,000.
(D) New primary loan guarantee commitments,
$6,600,000,000.
(E) New secondary loan guarantee
commitments, $0.
Fiscal year 1995:
(A) New budget authority, $14,300,000,000.
(B) Outlays, $12,900,000,000.
(C) New direct loan obligations,
$7,500,000,000.
(D) New primary loan guarantee commitments,
$5,000,000,000.
(E) New secondary loan guarantee
commitments, $0.
Fiscal year 1996:
(A) New budget authority, $13,900,000,000.
(B) Outlays, $11,900,000,000.
(C) New direct loan obligations,
$7,800,000,000.
(D) New primary loan guarantee commitments,
$5,000,000,000.
(E) New secondary loan guarantee
commitments, $0.
Fiscal year 1997:
(A) New budget authority, $14,200,000,000.
(B) Outlays, $12,300,000,000.
(C) New direct loan obligations,
$7,400,000,000.
(D) New primary loan guarantee commitments,
$5,000,000,000.
(E) New secondary loan guarantee
commitments, $0.
Fiscal year 1998:
(A) New budget authority, $14,400,000,000.
(B) Outlays, $12,800,000,000.
(C) New direct loan obligations,
$7,400,000,000.
(D) New primary loan guarantee commitments,
$5,000,000,000.
(E) New secondary loan guarantee
commitments, $0.
(7) Commerce and Housing Credit (370):
Fiscal year 1994:
(A) New budget authority, $20,800,000,000.
(B) Outlays, $11,000,000,000.
(C) New direct loan obligations,
$2,300,000,000.
(D) New primary loan guarantee commitments,
$145,800,000,000.
(E) New secondary loan guarantee
commitments, $0.
Fiscal year 1995:
(A) New budget authority, $17,700,000,000.
(B) Outlays, $13,600,000,000.
(C) New direct loan obligations, $0.
(D) New primary loan guarantee commitments,
$0.
(E) New secondary loan guarantee
commitments, $0.
Fiscal year 1996:
(A) New budget authority, $14,000,000,000.
(B) Outlays, $1,500,000,000.
(C) New direct loan obligations, $0.
(D) New primary loan guarantee commitments,
$0.
(E) New secondary loan guarantee
commitments, $0.
Fiscal year 1997:
(A) New budget authority, $10,400,000,000.
(B) Outlays, -$11,200,000,000.
(C) New direct loan obligations, $0.
(D) New primary loan guarantee commitments,
$0.
(E) New secondary loan guarantee
commitments, $0.
Fiscal year 1998:
(A) New budget authority, $10,600,000,000.
(B) Outlays, -$6,100,000,000.
(C) New direct loan obligations, $0.
(D) New primary loan guarantee commitments,
$0.
(E) New secondary loan guarantee
commitments, $0.
(8) Transportation (400):
Fiscal year 1994:
(A) New budget authority, $40,800,000,000.
(B) Outlays, $36,700,000,000.
(C) New direct loan obligations, $0.
(D) New primary loan guarantee commitments,
$0.
(E) New secondary loan guarantee
commitments, $0.
Fiscal year 1995:
(A) New budget authority, $41,100,000,000.
(B) Outlays, $37,300,000,000.
(C) New direct loan obligations, $0.
(D) New primary loan guarantee commitments,
$0.
(E) New secondary loan guarantee
commitments, $0.
Fiscal year 1996:
(A) New budget authority, $42,000,000,000.
(B) Outlays, $38,700,000,000.
(C) New direct loan obligations, $0.
(D) New primary loan guarantee commitments,
$0.
(E) New secondary loan guarantee
commitments, $0.
Fiscal year 1997:
(A) New budget authority, $42,800,000,000.
(B) Outlays, $38,300,000,000.
(C) New direct loan obligations, $0.
(D) New primary loan guarantee commitments,
$0.
(E) New secondary loan guarantee
commitments, $0.
Fiscal year 1998:
(A) New budget authority, $43,700,000,000.
(B) Outlays, $39,100,000,000.
(C) New direct loan obligations, $0.
(D) New primary loan guarantee commitments,
$0.
(E) New secondary loan guarantee
commitments, $0.
(9) Community and Regional Development (450):
Fiscal year 1994:
(A) New budget authority, $8,700,000,000.
(B) Outlays, $8,700,000,000.
(C) New direct loan obligations,
$1,900,000,000.
(D) New primary loan guarantee commitments,
$2,300,000,000.
(E) New secondary loan guarantee
commitments, $0.
Fiscal year 1995:
(A) New budget authority, $8,700,000,000.
(B) Outlays, $8,500,000,000.
(C) New direct loan obligations, $0.
(D) New primary loan guarantee commitments,
$0.
(E) New secondary loan guarantee
commitments, $0.
Fiscal year 1996:
(A) New budget authority, $8,900,000,000.
(B) Outlays, $8,300,000,000.
(C) New direct loan obligations, $0.
(D) New primary loan guarantee commitments,
$0.
(E) New secondary loan guarantee
commitments, $0.
Fiscal year 1997:
(A) New budget authority, $9,000,000,000.
(B) Outlays, $8,500,000,000.
(C) New direct loan obligations, $0.
(D) New primary loan guarantee commitments,
$0.
(E) New secondary loan guarantee
commitments, $0.
Fiscal year 1998:
(A) New budget authority, $9,200,000,000.
(B) Outlays, $8,700,000,000.
(C) New direct loan obligations, $0.
(D) New primary loan guarantee commitments,
$0.
(E) New secondary loan guarantee
commitments, $0.
(10) Education, Training, Employment, and Social Services
(500):
Fiscal year 1994:
(A) New budget authority, $52,500,000,000.
(B) Outlays, $50,900,000,000.
(C) New direct loan obligations, $0.
(D) New primary loan guarantee commitments,
$21,700,000,000.
(E) New secondary loan guarantee
commitments, $0.
Fiscal year 1995:
(A) New budget authority, $52,900,000,000.
(B) Outlays, $51,000,000,000.
(C) New direct loan obligations, $0.
(D) New primary loan guarantee commitments,
$22,200,000,000.
(E) New secondary loan guarantee
commitments, $0.
Fiscal year 1996:
(A) New budget authority, $53,600,000,000.
(B) Outlays, $47,500,000,000.
(C) New direct loan obligations, $0.
(D) New primary loan guarantee commitments,
$22,600,000.
(E) New secondary loan guarantee
commitments, $0.
Fiscal year 1997:
(A) New budget authority, $54,600,000,000.
(B) Outlays, $52,500,000,000.
(C) New direct loan obligations, $0.
(D) New primary loan guarantee commitments,
$23,100,000,000.
(E) New secondary loan guarantee
commitments, $0.
Fiscal year 1998:
(A) New budget authority, $55,700,000,000.
(B) Outlays, $54,000,000,000.
(C) New direct loan obligations, $0.
(D) New primary loan guarantee commitments,
$23,500,000,000.
(E) New secondary loan guarantee
commitments, $0.
(11) Health (550):
Fiscal year 1994:
(A) New budget authority, $107,900,000,000.
(B) Outlays, $107,400,000,000.
(C) New direct loan obligations, $0.
(D) New primary loan guarantee commitments,
$0.
(E) New secondary loan guarantee
commitments, $0.
Fiscal year 1995:
(A) New budget authority, $110,100,000,000.
(B) Outlays, $109,600,000,000.
(C) New direct loan obligations, $0.
(D) New primary loan guarantee commitments,
$0.
(E) New secondary loan guarantee
commitments, $0.
Fiscal year 1996:
(A) New budget authority, $112,300,000,000.
(B) Outlays, $111,700,000,000.
(C) New direct loan obligations, $0.
(D) New primary loan guarantee commitments,
$0.
(E) New secondary loan guarantee
commitments, $0.
Fiscal year 1997:
(A) New budget authority, $114,500,000,000.
(B) Outlays, $113,800,000,000.
(C) New direct loan obligations, $0.
(D) New primary loan guarantee commitments,
$0.
(E) New secondary loan guarantee
commitments, $0.
Fiscal year 1998:
(A) New budget authority, $116,800,000.
(B) Outlays, $116,000,000,000.
(C) New direct loan obligations, $0.
(D) New primary loan guarantee commitments,
$0.
(E) New secondary loan guarantee
commitments, $0.
(12) Medicare (570):
Fiscal year 1994:
(A) New budget authority, $138,100,000,000.
(B) Outlays, $136,200,000,000.
(C) New direct loan obligations, $0.
(D) New primary loan guarantee commitments,
$0.
(E) New secondary loan guarantee
commitments, $0.
Fiscal year 1995:
(A) New budget authority, $140,900,000,000.
(B) Outlays, $136,900,000,000.
(C) New direct loan obligations, $0.
(D) New primary loan guarantee commitments,
$0.
(E) New secondary loan guarantee
commitments, $0.
Fiscal year 1996:
(A) New budget authority, $143,700,000,000.
(B) Outlays, $142,100,000,000.
(C) New direct loan obligations, $0.
(D) New primary loan guarantee commitments,
$0.
(E) New secondary loan guarantee
commitments, $0.
Fiscal year 1997:
(A) New budget authority, $146,600,000,000.
(B) Outlays, $145,400,000,000.
(C) New direct loan obligations, $0.
(D) New primary loan guarantee commitments,
$0.
(E) New secondary loan guarantee
commitments, $0.
Fiscal year 1998:
(A) New budget authority, $149,500,000,000.
(B) Outlays, $148,300,000,000.
(C) New direct loan obligations, $0.
(D) New primary loan guarantee commitments,
$0.
(E) New secondary loan guarantee
commitments, $0.
(13) Income Security (600):
Fiscal year 1994:
(A) New budget authority, $210,000,000,000.
(B) Outlays, $210,400,000,000.
(C) New direct loan obligations, $0.
(D) New primary loan guarantee commitments,
$0.
(E) New secondary loan guarantee
commitments, $0.
Fiscal year 1995:
(A) New budget authority, $214,200,000,000.
(B) Outlays, $215,600,000,000.
(C) New direct loan obligations, $0.
(D) New primary loan guarantee commitments,
$0.
(E) New secondary loan guarantee
commitments, $0.
Fiscal year 1996:
(A) New budget authority, $218,400,000,000.
(B) Outlays, $213,800,000,000.
(C) New direct loan obligations, $0.
(D) New primary loan guarantee commitments,
$0.
(E) New secondary loan guarantee
commitments, $0.
Fiscal year 1997:
(A) New budget authority, $222,800,000,000.
(B) Outlays, $215,300,000,000.
(C) New direct loan obligations, $0.
(D) New primary loan guarantee commitments,
$0.
(E) New secondary loan guarantee
commitments, $0.
Fiscal year 1998:
(A) New budget authority, $227,300,000,000.
(B) Outlays, $222,800,000,000.
(C) New direct loan obligations, $0.
(D) New primary loan guarantee commitments,
$0.
(E) New secondary loan guarantee
commitments, $0.
(14) Social Security (650):
Fiscal year 1994:
(A) New budget authority, $312,400,000,000.
(B) Outlays, $311,100,000,000.
(C) New direct loan obligations, $0.
(D) New primary loan guarantee commitments,
$0.
(E) New secondary loan guarantee
commitments, $0.
Fiscal year 1995:
(A) New budget authority, $318,700,000,000.
(B) Outlays, $317,400,000,000.
(C) New direct loan obligations, $0.
(D) New primary loan guarantee commitments,
$0.
(E) New secondary loan guarantee
commitments, $0.
Fiscal year 1996:
(A) New budget authority, $325,100,000,000.
(B) Outlays, $323,700,000,000.
(C) New direct loan obligations, $0.
(D) New primary loan guarantee commitments,
$0.
(E) New secondary loan guarantee
commitments, $0.
Fiscal year 1997:
(A) New budget authority, $331,600,000,000.
(B) Outlays, $330,200,000,000.
(C) New direct loan obligations, $0.
(D) New primary loan guarantee commitments,
$0.
(E) New secondary loan guarantee
commitments, $0.
Fiscal year 1998:
(A) New budget authority, $338,200,000,000.
(B) Outlays, $336,900,000,000.
(C) New direct loan obligations, $0.
(D) New primary loan guarantee commitments,
$0.
(E) New secondary loan guarantee
commitments, $0.
(15) Veterans Benefits and Services (700):
Fiscal year 1994:
(A) New budget authority, $35,000,000,000.
(B) Outlays, $36,400,000,000.
(C) New direct loan obligations, $0.
(D) New primary loan guarantee commitments,
$0.
(E) New secondary loan guarantee
commitments, $0.
Fiscal year 1995:
(A) New budget authority, $35,700,000,000.
(B) Outlays, $35,600,000,000.
(C) New direct loan obligations, $0.
(D) New primary loan guarantee commitments,
$0.
(E) New secondary loan guarantee
commitments, $0.
Fiscal year 1996:
(A) New budget authority, $36,400,000,000.
(B) Outlays, $34,900,000,000.
(C) New direct loan obligations, $0.
(D) New primary loan guarantee commitments,
$0.
(E) New secondary loan guarantee
commitments, $0.
Fiscal year 1997:
(A) New budget authority, $37,200,000,000.
(B) Outlays, $37,100,000,000.
(C) New direct loan obligations, $0.
(D) New primary loan guarantee commitments,
$0.
(E) New secondary loan guarantee
commitments, $0.
Fiscal year 1998:
(A) New budget authority, $37,900,000,000.
(B) Outlays, $37,800,000,000.
(C) New direct loan obligations, $0.
(D) New primary loan guarantee commitments,
$0.
(E) New secondary loan guarantee
commitments, $0.
(16) Administration of Justice (750):
Fiscal year 1994:
(A) New budget authority, $15,200,000,000.
(B) Outlays, $15,300,000,000.
(C) New direct loan obligations, $0.
(D) New primary loan guarantee commitments,
$0.
(E) New secondary loan guarantee
commitments, $0.
Fiscal year 1995:
(A) New budget authority, $15,500,000,000.
(B) Outlays, $15,700,000,000.
(C) New direct loan obligations, $0.
(D) New primary loan guarantee commitments,
$0.
(E) New secondary loan guarantee
commitments, $0.
Fiscal year 1996:
(A) New budget authority, $15,900,000,000.
(B) Outlays, $15,900,000,000.
(C) New direct loan obligations, $0.
(D) New primary loan guarantee commitments,
$0.
(E) New secondary loan guarantee
commitments, $0.
Fiscal year 1997:
(A) New budget authority, $16,200,000,000.
(B) Outlays, $16,100,000,000.
(C) New direct loan obligations, $0.
(D) New primary loan guarantee commitments,
$0.
(E) New secondary loan guarantee
commitments, $0.
Fiscal year 1998:
(A) New budget authority, $16,500,000,000.
(B) Outlays, $16,300,000,000.
(C) New direct loan obligations, $0.
(D) New primary loan guarantee commitments,
$0.
(E) New secondary loan guarantee
commitments, $0.
(17) General Government (800):
Fiscal year 1994:
(A) New budget authority, $13,600,000,000.
(B) Outlays, $13,700,000,000.
(C) New direct loan obligations, $0.
(D) New primary loan guarantee commitments,
$0.
(E) New secondary loan guarantee
commitments, $0.
Fiscal year 1995:
(A) New budget authority, $13,900,000,000.
(B) Outlays, $14,900,000,000.
(C) New direct loan obligations, $0.
(D) New primary loan guarantee commitments,
$0.
(E) New secondary loan guarantee
commitments, $0.
Fiscal year 1996:
(A) New budget authority, $14,200,000,000.
(B) Outlays, $14,400,000,000.
(C) New direct loan obligations, $0.
(D) New primary loan guarantee commitments,
$0.
(E) New secondary loan guarantee
commitments, $0.
Fiscal year 1997:
(A) New budget authority, $14,500,000,000.
(B) Outlays, $14,400,000,000.
(C) New direct loan obligations, $0.
(D) New primary loan guarantee commitments,
$0.
(E) New secondary loan guarantee
commitments, $0.
Fiscal year 1998:
(A) New budget authority, $14,800,000,000.
(B) Outlays, $14,600,000,000.
(C) New direct loan obligations, $0.
(D) New primary loan guarantee commitments,
$0.
(E) New secondary loan guarantee
commitments, $0.
(18) Net Interest (900):
Fiscal year 1994:
(A) New budget authority, $209,600,000,000.
(B) Outlays, $209,600,000,000.
(C) New direct loan obligations, $0.
(D) New primary loan guarantee commitments,
$0.
(E) New secondary loan guarantee
commitments, $0.
Fiscal year 1995:
(A) New budget authority, $226,600,000,000.
(B) Outlays, $226,600,000,000.
(C) New direct loan obligations, $0.
(D) New primary loan guarantee commitments,
$0.
(E) New secondary loan guarantee
commitments, $0.
Fiscal year 1996:
(A) New budget authority, $239,900,000,000.
(B) Outlays, $239,900,000,000.
(C) New direct loan obligations, $0.
(D) New primary loan guarantee commitments,
$0.
(E) New secondary loan guarantee
commitments, $0.
Fiscal year 1997:
(A) New budget authority, $249,800,000,000.
(B) Outlays, $249,800,000,000.
(C) New direct loan obligations, $0.
(D) New primary loan guarantee commitments,
$0.
(E) New secondary loan guarantee
commitments, $0.
Fiscal year 1998:
(A) New budget authority, $257,800,000,000.
(B) Outlays, $257,800,000,000.
(C) New direct loan obligations, $0.
(D) New primary loan guarantee commitments,
$0.
(E) New secondary loan guarantee
commitments, $0.
(19) Allowances (920):
Fiscal year 1994:
(A) New budget authority, $0.
(B) Outlays, $0.
(C) New direct loan obligations, $0.
(D) New primary loan guarantee commitments,
$0.
(E) New secondary loan guarantee
commitments, $0.
Fiscal year 1995:
(A) New budget authority, $0.
(B) Outlays, $0.
(C) New direct loan obligations, $0.
(D) New primary loan guarantee commitments,
$0.
(E) New secondary loan guarantee
commitments, $0.
Fiscal year 1996:
(A) New budget authority, $0.
(B) Outlays, $0.
(C) New direct loan obligations, $0.
(D) New primary loan guarantee commitments,
$0.
(E) New secondary loan guarantee
commitments, $0.
Fiscal year 1997:
(A) New budget authority, $0.
(B) Outlays, $0.
(C) New direct loan obligations, $0.
(D) New primary loan guarantee commitments,
$0.
(E) New secondary loan guarantee
commitments, $0.
Fiscal year 1998:
(A) New budget authority, $0.
(B) Outlays, $0.
(C) New direct loan obligations, $0.
(D) New primary loan guarantee commitments,
$0.
(E) New secondary loan guarantee
commitments, $0.
(20) Undistributed Offsetting Receipts (950):
Fiscal year 1994:
(A) New budget authority, -$38,500,000,000.
(B) Outlays, -$38,500,000,000.
(C) New direct loan obligations, $0.
(D) New primary loan guarantee commitments,
$0.
(E) New secondary loan guarantee
commitments, $0.
Fiscal year 1995:
(A) New budget authority, -$39,300,000,000.
(B) Outlays, -$39,300,000,000.
(C) New direct loan obligations, $0.
(D) New primary loan guarantee commitments,
$0.
(E) New secondary loan guarantee
commitments, $0.
Fiscal year 1996:
(A) New budget authority, -$40,400,000,000.
(B) Outlays, -$40,400,000,000.
(C) New direct loan obligations, $0.
(D) New primary loan guarantee commitments,
$0.
(E) New secondary loan guarantee
commitments, $0.
Fiscal year 1997:
(A) New budget authority, -$41,900,000,000.
(B) Outlays, -$41,900,000,000.
(C) New direct loan obligations, $0.
(D) New primary loan guarantee commitments,
$0.
(E) New secondary loan guarantee
commitments, $0.
Fiscal year 1998:
(A) New budget authority, -$43,500,000,000.
(B) Outlays, -$43,500,000,000.
(C) New direct loan obligations, $0.
(D) New primary loan guarantee commitments,
$0.
(E) New secondary loan guarantee
commitments, $0.
SEC. 404. RECONCILIATION.
(a) In General.--Not later than May 14, 1993, the House committees
named in subsections (b) through (r) of this section shall submit their
recommendations to the Committee on the Budget of the House. After
receiving those recommendations, the Committee on the Budget shall
report to the House a reconciliation bill or resolution or both
carrying out all such recommendations without any substantive revision.
(b) The House Committee on Agriculture shall report (1) changes in
laws within its jurisdiction which provide spending authority as
defined in section 401(c)(2)(C) of the Congressional Budget Act of
1974, sufficient to reduce outlays, (2) changes in laws within its
jurisdiction which provide spending authority other than as defined in
section 401(c)(2)(C) of the Act, sufficient to reduce outlays, or (3)
any combination thereof, as follows: $0 in outlays in fiscal year 1994,
$0 in outlays in fiscal year 1995, $0 in outlays in fiscal year 1996,
$0 in outlays in fiscal year 1997, and $0 in outlays in fiscal year
1998.
(b) The House Committee on Armed Services shall report (1) changes
in laws within its jurisdiction which provide spending authority as
defined in section 401(c)(2)(C) of the Congressional Budget Act of
1974, sufficient to reduce outlays, (2) changes in laws within its
jurisdiction which provide spending authority other than as defined in
section 401(c)(2)(C) of the Act, sufficient to reduce outlays, or (3)
any combination thereof, as follows: $823,000,000 in outlays in fiscal
year 1994, $1,205,000,000 in outlays in fiscal year 1995,
$1,656,000,000 in outlays in fiscal year 1996, $2,172,000,000 in
outlays in fiscal year 1997, and $2,651,000,000 in outlays in fiscal
year 1998.
(c) The House Committee on Banking, Finance and Urban Affairs shall
report (1) changes in laws within its jurisdiction which provide
spending authority as defined in section 401(c)(2)(C) of the
Congressional Budget Act of 1974, sufficient to reduce outlays, (2)
changes in laws within its jurisdiction which provide spending
authority other than as defined in section 401(c)(2)(C) of the Act,
sufficient to reduce outlays, or (3) any combination thereof, as
follows: $35,000,000 in outlays in fiscal year 1994, $86,000,000 in
outlays in fiscal year 1995, $151,000,000 in outlays in fiscal year
1996, $173,000,000 in outlays in fiscal year 1997, and $124,000,000 in
outlays in fiscal year 1998.
(d) The House Committee on the District of Columbia shall report
(1) changes in laws within its jurisdiction which provide spending
authority as defined in section 401(c)(2)(C) of the Congressional
Budget Act of 1974, sufficient to reduce outlays, (2) changes in laws
within its jurisdiction which provide spending authority other than as
defined in section 401(c)(2)(C) of the Act, sufficient to reduce
outlays, or (3) any combination thereof, as follows: $1,000,000 in
outlays in fiscal year 1994, $2,000,000 in outlays in fiscal year 1995,
$4,000,000 in outlays in fiscal year 1996, $6,000,000 in outlays in
fiscal year 1997, and $7,000,000 in outlays in fiscal year 1998.
(e) The House Committee on Education and Labor shall report changes
in laws within its jurisdiction sufficient to reduce the deficit as
follows: $0 in fiscal year 1994, $0 in fiscal year 1995, $0 in fiscal
year 1996, $3,860,000,000 in fiscal year 1997, and $4,301,000,000 in
fiscal year 1998.
(f) The House Committee on Energy and Commerce shall report (1)
changes in laws within its jurisdiction which provide spending
authority as defined in section 401(c)(2)(C) of the Congressional
Budget Act of 1974, sufficient to reduce outlays, (2) changes in laws
within its jurisdiction which provide spending authority other than as
defined in section 401(c)(2)(C) of the Act, sufficient to reduce
outlays, or (3) any combination thereof, as follows: $335,000,000 in
outlays in fiscal year 1994, $449,000,000 in outlays in fiscal year
1995, $582,000,000 in outlays in fiscal year 1996, $582,000,000 in
outlays in fiscal year 1997, and $584,000,000 in outlays in fiscal year
1998.
(g) The House Committee on Foreign Affairs shall report (1) changes
in laws within its jurisdiction which provide spending authority as
defined in section 401(c)(2)(C) of the Congressional Budget Act of
1974, sufficient to reduce outlays, (2) changes in laws within its
jurisdiction which provide spending authority other than as defined in
section 401(c)(2)(C) of the Act, sufficient to reduce outlays, or (3)
any combination thereof, as follows: $6,000,000 in outlays in fiscal
year 1994, $0 in outlays in fiscal year 1995, $0 in outlays in fiscal
year 1996, $0 in outlays in fiscal year 1997, and $0 in outlays in
fiscal year 1998.
(h) The House Committee on Government Operations shall report (1)
changes in laws within its jurisdiction which provide spending
authority as defined in section 401(c)(2)(C) of the Congressional
Budget Act of 1974, sufficient to reduce outlays, (2) changes in laws
within its jurisdiction which provide spending authority other than as
defined in section 401(c)(2)(C) of the Act, sufficient to reduce
outlays, or (3) any combination thereof, as follows: $3,000,000 in
outlays in fiscal year 1994, $90,000,000 in outlays in fiscal year
1995, $96,000,000 in outlays in fiscal year 1996, $96,000,000 in
outlays in fiscal year 1997, and $97,000,000 in outlays in fiscal year
1998.
(i) The House Committee on House Administration shall report (1)
changes in laws within its jurisdiction which provide spending
authority as defined in section 401(c)(2)(C) of the Congressional
Budget Act of 1974, sufficient to reduce outlays, (2) changes in laws
within its jurisdiction which provide spending authority other than as
defined in section 401(c)(2)(C) of the Act, sufficient to reduce
outlays, or (3) any combination thereof, as follows: $0 in outlays in
fiscal year 1994, $24,000,000 in outlays in fiscal year 1995,
$93,000,000 in outlays in fiscal year 1996, $3,000,000 in outlays in
fiscal year 1997, and $0 in outlays in fiscal year 1998.
(j) The House Committee on Judiciary shall report (1) changes in
laws within its jurisdiction which provide spending authority as
defined in section 401(c)(2)(C) of the Congressional Budget Act of
1974, sufficient to reduce outlays, (2) changes in laws within its
jurisdiction which provide spending authority other than as defined in
section 401(c)(2)(C) of the Act, sufficient to reduce outlays, or (3)
any combination thereof, as follows: $250,000,000 in outlays in fiscal
year 1994, $0 in outlays in fiscal year 1995, $0 in outlays in fiscal
year 1996, $28,000,000 in outlays in fiscal year 1997, and $30,000,000
in outlays in fiscal year 1998.
(k) The House Committee on Merchant Marine and Fisheries shall
report (1) changes in laws within its jurisdiction which provide
spending authority as defined in section 401(c)(2)(C) of the
Congressional Budget Act of 1974, sufficient to reduce outlays, (2)
changes in laws within its jurisdiction which provide spending
authority other than as defined in section 401(c)(2)(C) of the Act,
sufficient to reduce outlays, or (3) any combination thereof, as
follows: $21,000,000 in outlays in fiscal year 1994, $0 in outlays in
fiscal year 1995, $25,000,000 in outlays in fiscal year 1996,
$21,000,000 in outlays in fiscal year 1997, and $0 in outlays in fiscal
year 1998.
(l) The House Committee on Natural Resources shall report (1)
changes in laws within its jurisdiction which provide spending
authority as defined in section 401(c)(2)(C) of the Congressional
Budget Act of 1974, sufficient to reduce outlays, (2) changes in laws
within its jurisdiction which provide spending authority other than as
defined in section 401(c)(2)(C) of the Act, sufficient to reduce
outlays, or (3) any combination thereof, as follows: $0 in outlays in
fiscal year 1994, $199,000,000 in outlays in fiscal year 1995,
$355,000,000 in outlays in fiscal year 1996, $404,000,000 in outlays in
fiscal year 1997, and $238,000,000 in outlays in fiscal year 1998.
(m) The House Committee on Post Office and Civil Service shall
report (1) changes in laws within its jurisdiction which provide
spending authority as defined in section 401(c)(2)(C) of the
Congressional Budget Act of 1974, sufficient to reduce outlays, (2)
changes in laws within its jurisdiction which provide spending
authority other than as defined in section 401(c)(2)(C) of the Act,
sufficient to reduce outlays, or (3) any combination thereof, as
follows: $1,349,000,000 in outlays in fiscal year 1994, $0 in outlays
in fiscal year 1995, $2,643,000,000 in outlays in fiscal year 1996,
$5,910,000,000 in outlays in fiscal year 1997, and $8,742,000,000 in
outlays in fiscal year 1998.
(n) The House Committee on Public Works and Transportation shall
report (1) changes in laws within its jurisdiction which provide
spending authority as defined in section 401(c)(2)(C) of the
Congressional Budget Act of 1974, sufficient to reduce outlays, (2)
changes in laws within its jurisdiction which provide spending
authority other than as defined in section 401(c)(2)(C) of the Act,
sufficient to reduce outlays, or (3) any combination thereof, as
follows: $0 in outlays in fiscal year 1994, $166,000,000 in outlays in
fiscal year 1995, $84,000,000 in outlays in fiscal year 1996, $0 in
outlays in fiscal year 1997, and $0 in outlays in fiscal year 1998.
(o) The House Committee on Science, Space, and Technology shall
report (1) changes in laws within its jurisdiction which provide
spending authority as defined in section 401(c)(2)(C) of the
Congressional Budget Act of 1974, sufficient to reduce outlays, (2)
changes in laws within its jurisdiction which provide spending
authority other than as defined in section 401(c)(2)(C) of the Act,
sufficient to reduce outlays, or (3) any combination thereof, as
follows: $0 in outlays in fiscal year 1994, $0 in outlays in fiscal
year 1995, $0 in outlays in fiscal year 1996, $0 in outlays in fiscal
year 1997, and $0 in outlays in fiscal year 1998.
(p) The House Committee on Small Business shall report (1) changes
in laws within its jurisdiction which provide spending authority as
defined in section 401(c)(2)(C) of the Congressional Budget Act of
1974, sufficient to reduce outlays, (2) changes in laws within its
jurisdiction which provide spending authority other than as defined in
section 401(c)(2)(C) of the Act, sufficient to reduce outlays, or (3)
any combination thereof, as follows: $75,000,000 in outlays in fiscal
year 1994, $119,000,000 in outlays in fiscal year 1995, $135,000,000 in
outlays in fiscal year 1996, $166,000,000 in outlays in fiscal year
1997, and $204,000,000 in outlays in fiscal year 1998.
(q) The House Committee on Veterans' Affairs shall report (1)
changes in laws within its jurisdiction which provide spending
authority as defined in section 401(c)(2)(C) of the Congressional
Budget Act of 1974, sufficient to reduce outlays, (2) changes in laws
within its jurisdiction which provide spending authority other than as
defined in section 401(c)(2)(C) of the Act, sufficient to reduce
outlays, or (3) any combination thereof, as follows: $52,000,000 in
outlays in fiscal year 1994, $0 in outlays in fiscal year 1995, $0 in
outlays in fiscal year 1996, $0 in outlays in fiscal year 1997, and $0
in outlays in fiscal year 1998.
(r)(1) The House Committee on Ways and Means shall report (A)
changes in laws within its jurisdiction which provide spending
authority as defined in section 401(c)(2)(C) of the Congressional
Budget Act of 1974, sufficient to reduce outlays, (B) changes in laws
within its jurisdiction which provide spending authority other than as
defined in section 401(c)(2)(C) of the Act, sufficient to reduce
outlays, or (C) any combination thereof, as follows: $14,134,000,000 in
outlays in fiscal year 1994, $44,702,000,000 in outlays in fiscal year
1995, $73,013,000,000 in outlays in fiscal year 1996, $103,437,000,000
in outlays in fiscal year 1997, and $136,144,000,000 in outlays in
fiscal year 1998.
(2) The House Committee on Ways and Means shall report changes in
laws within its jurisdiction sufficient to increase revenues as
follows: $0 in fiscal year 1994, $0 in fiscal year 1995, $0 in fiscal
year 1996, $0 in fiscal year 1997, and $0 in fiscal year 1998.
(3) In addition to the instructions in paragraphs (1) and (2), the
House Committee on Ways and Means shall report changes in laws within
its jurisdiction sufficient to reduce the deficit as follows: $0 in
fiscal year 1994, $0 in fiscal year 1995, $0 in fiscal year 1996, $0 in
fiscal year 1997, and $0 in fiscal year 1998.
TITLE V--REDUCTION IN UNNECESSARY AND BURDENSOME REGULATIONS
SEC. 501. FINDINGS.
The Congress makes the following findings:
(1) The level of Federal regulation of the private sector
has dramatically increased in recent years and there are over
50 Federal regulatory agencies and nearly 5,000 new regulations
are currently being promulgated;
(2) The Federal Government spends approximately $11 billion
per year on the regulatory program and employs over 122,000
regulators;
(3) The estimated cost of Federal regulation to the private
sector is $400,000,000,000 per year, or over $4,000 per
household;
(4) Increasing Federal regulations require private
enterprises to expend a growing level of resources to meet
regulatory mandates, rather than investing in new capital of
expanding operations, therefore inhibiting the creation of new
jobs;
(5) Excessive Federal regulations have slowed job creation
and economic expansion in the United States;
(6) Increased costs to business of Federal regulations has
generally led to an increase in the costs of products to
consumers;
(7) The increased level of Federal regulations of private
enterprises and the costs associated with these regulations
have hindered the ability of American businesses to compete
effectively in the international marketplace;
(8) Past moratorium on unnecessary Federal regulations were
ordered to help spur economic activity.
SEC. 502. CONCURRENT RESOLUTION OF THE HOUSE.
Resolved by the House of Representatives (the Senate concurring),
That it is the sense of the Congress that the President should extend
for a period of one year the provisions of the 90-day moratorium on new
unnecessary regulations ordered in the President's ``Memorandum on
Reducing the Burden of Government Regulations'' dated January 28, 1992.
SEC. 503. LEGISLATIVE AND REGULATORY ANALYSIS.
(a) Section 403(a) of the Congressional Budget Act of 1974 (2
U.S.C. 653(a)) is amended in subsection (a)(1) by striking ``of the
costs'', and inserting ``of the economic costs to both the Federal
Government and the private sector, including adjustments in employment
levels,''.
(b) Section 553(b) of the Government Organization and Employees Act
(5 U.S.C. 553(b)) is amended--
(1) in paragraph (2), after the phrase ``is proposed;'' by
striking ``and'';
(2) in paragraph (3), by striking ``involved.'' and
inserting ``involved; and'';
(3) by inserting after paragraph (3) the following new
paragraph:
``(4) an economic impact statement, as set forth in
subsection (f).''.
(c) Section 553(b) of the Government Organization and Employees Act
(5 U.S.C. 553(b)) is further amended by inserting after subsection (e)
the following new section:
``(f) Economic Impact Statement.--
``(1) An economic impact statement shall be required in
conjunction with the general notice of any proposed rule making
published in the Federal Register, as set forth in subsection
(b), whenever practicable, or where in the judgment of the head
of the rule making agency or the Director of the Office of
Management and Budget, the proposed rule will result in an
annual combined cost to State and local governments and the
private sector in excess of $200,000,000, or is likely to have
exceptional fiscal consequences for a particular geographic
region or level of government.
``(2) The economic impact statement shall be prepared by
the agency in coordination with the Office of Management and
Budget, and shall include an estimation of the costs of the
proposed rule that would be incurred in carrying out such rule
in the fiscal year in which it is to become effective and in
each of the 4 fiscal years following such fiscal year, together
with the basis for such estimate, including the--
``(A) economic cost to the private sector of the
proposed rule,
``(B) resulting impact on employment levels, and
``(C) costs incurred by the State and local
governments in carrying out or complying with such
rule.
``(3) This section shall become effective six months after
the date of enactment.''.
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