[Congressional Bills 106th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1016 Introduced in House (IH)]







106th CONGRESS
  1st Session
                                H. R. 1016

To amend the Balanced Budget and Emergency Deficit Control Act of 1985 
to allow the projected on-budget surplus for any fiscal year to be used 
                             for tax cuts.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             March 4, 1999

Mr. Ryan of Wisconsin introduced the following bill; which was referred 
                     to the Committee on the Budget

_______________________________________________________________________

                                 A BILL


 
To amend the Balanced Budget and Emergency Deficit Control Act of 1985 
to allow the projected on-budget surplus for any fiscal year to be used 
                             for tax cuts.

    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 ``Budget Surplus Accountability Act''.

SEC. 2. FINDINGS.

    The Congress finds that--
            (1) the current budget rules, also known as PAYGO, are 
        obsolete because they do not address a budget surplus;
            (2) the current PAYGO requirements need to be updated 
        because they were written within the framework of a deficit;
            (3) the current PAYGO requirements do not allow using on-
        budget surplus funds to pay for tax cuts; and
            (4) paygo rules shall require that any on-budget surplus be 
        used for tax cuts or debt reduction.

SEC. 3. PAYGO REQUIREMENTS AND THE ON-BUDGET SURPLUS.

    (a) Sequestration.--(1) Section 252(b)(1) of the Balanced Budget 
and Emergency Deficit Control Act of 1985 is amended by inserting ``, 
minus the amount for the budget year, if any, estimated under paragraph 
(3)'' after ``as calculated under paragraph (2)''.
    (2) Section 252(b) of such Act is amended by adding at the end the 
following new paragraph:
            ``(3) Estimate of on-budget surplus in excess of social 
        security surplus.--OMB estimates for the budget year of the 
        amount (if any) of the budget surplus as set forth in the OMB 
        sequestration preview report as calculated pursuant to section 
        254(c)(3).''.
    (b) Reports.--Section 254(c)(3) of the Balanced Budget and 
Emergency Deficit Control Act of 1985 is amended by adding at the end 
the following new subparagraph:
                    ``(D) The estimated excess of receipts over outlays 
                for the budget year (if any).''.
                                 <all>