<enum>I</enum><header>General reforms</header> <section id="ID9768EEA8EF38423290DACDE324CB7C56"><enum>101.</enum><header>Extension of the discretionary spending caps</header> <subsection id="IDF695B2DA22AA43DBAEEB5CC0D2C186ED"><enum>(a)</enum><header>In general</header><text>Section 251(c) of the Balanced Budget and Emergency Deficit Control Act of 1985 is amended by striking paragraphs (7) through (16) and inserting the following:</text> <quoted-block id="ID284A1BE2380E4E76B7D5CC88514161EF"> <paragraph id="ID5A57F16890DA41F5BA3462093B16EC05"><enum>(7)</enum><text>with respect to fiscal years 2006 through 2011 an amount equal to the appropriated amount of discretionary spending in budget authority and outlays for fiscal year 2003 adjusted to reflect inflation;</text> </paragraph><after-quoted-block>.</after-quoted-block></quoted-block> </subsection><subsection id="id7E781B8F371C4532B383C4263AA42BC8"><enum>(b)</enum><header>Emergency Designation</header><text>Section 314 of the Congressional Budget Act of 1974 (2 U.S.C. 645) is amended by adding at the end the following:</text> <quoted-block display-inline="no-display-inline" id="idEB9A85E38A6D47EFB5B62038CFD07EF8" style="OLC"> <subsection id="id9C2CB760E71C43CCB3BB663FD3505713"><enum>(f)</enum><header>Emergency legislation</header> <paragraph id="IDa449a4a9cfa94652b91706db1905efae"><enum>(1)</enum><header>Authority to designate</header><text>If a provision of direct spending or receipts legislation, not to include revisions to the income tax, is enacted or if appropriations for discretionary accounts are enacted that the President designates as an emergency requirement and that Congress so designates in statute, the amounts of new budget authority, outlays, and receipts in all fiscal years resulting from that provision shall be designated as an emergency requirement for the purpose of subsection (b)(1).</text> </paragraph><paragraph id="ID40170ee973a64e57b3fd16ace679c052"><enum>(2)</enum><header>Designations</header> <subparagraph id="ID679ff0faa6a84793873f954f0a3efb8d"><enum>(A)</enum><header>Guidance</header><text>If a provision of legislation is designated as an emergency requirement under paragraph (1), the committee report and any statement of managers accompanying that legislation shall analyze whether a proposed emergency requirement meets all the criteria in subparagraph (B).</text> </subparagraph><subparagraph id="IDfb3fe5dd887f4dec9c60d602a78f3ac9"><enum>(B)</enum><header>Criteria</header> <clause id="ID320a79ced6084349a52b50b05754eb10"><enum>(i)</enum><header>In general</header><text>The criteria to be considered in determining whether a proposed expenditure or tax change is an emergency requirement are that the expenditure or tax change is—</text> <subclause id="IDb0667a25065742318ee2f21bc52f95b9"><enum>(I)</enum><text>necessary, essential, or vital (not merely useful or beneficial);</text> </subclause><subclause id="IDb654d15cda1b481e8557e29734a2ccbd"><enum>(II)</enum><text>sudden, quickly coming into being, and not building up over time;</text> </subclause><subclause id="ID3e3a2f6eac78463280ba20962385339d"><enum>(III)</enum><text>an urgent, pressing, and compelling need requiring immediate action;</text> </subclause><subclause id="ID4add221137564b0b9204daff09f38b42"><enum>(IV)</enum><text>subject to subparagraph (B), unforeseen, unpredictable, and unanticipated; and</text> </subclause><subclause id="IDf936857a8dc44528aa98c77fbcbad791"><enum>(V)</enum><text>not permanent, temporary in nature.</text> </subclause></clause><clause id="ID7a2a6107c8f741b48e268289fcd09740"><enum>(ii)</enum><header>Unforeseen</header><text>An emergency that is part of an aggregate level of anticipated emergencies, particularly when normally estimated in advance, is not unforeseen.</text> </clause></subparagraph><subparagraph id="ID71dc8c2c83d74870b25d63f405d71dc6"><enum>(C)</enum><header>Justification for use of designation</header><text>When an emergency designation is proposed in any bill, joint resolution, or conference report thereon, the committee report and the statement of managers accompanying a conference report, as the case may be, shall provide a written justification of why the provision meets the criteria set forth in subparagraph (B).</text> </subparagraph></paragraph><paragraph id="ID1f2dd5eede0c4c5b9ae1593cb89a003d"><enum>(3)</enum><header>Definitions</header><text>In this subsection, the terms <quote>direct spending</quote>, <quote>receipts</quote>, and <quote>appropriations for discretionary accounts</quote> means any provision of a bill, joint resolution, amendment, motion or conference report that affects direct spending, receipts, or appropriations as those terms have been defined and interpreted for purposes of the Balanced Budget and Emergency Deficit Control Act of 1985.</text> </paragraph><paragraph commented="no" display-inline="no-display-inline" id="ID8bf4a73c1fad45e7a41ecb5230ea3dd5"><enum>(4)</enum><header>Definition of an emergency requirement</header><text display-inline="yes-display-inline">A provision shall be considered an emergency designation if it designates any item as an emergency requirement pursuant to paragraph (1).</text> </paragraph><paragraph id="ID610b2f75f1924379a93e0d3a6deae401"><enum>(5)</enum><header>Point of order</header> <subparagraph id="id2FB4282372EF4055845D8AC46EFCFA9C"><enum>(A)</enum><header>In general</header><text>When the Senate is considering a bill, resolution, amendment, motion, or conference report, a point of order may be made by a Senator against an emergency designation in that measure and if the Presiding Officer sustains that point of order, that provision making such a designation shall be stricken from the measure and may not be offered as an amendment from the floor.</text> </subparagraph><subparagraph id="ID06085a86cee94d34a3efb10724363cc0"><enum>(B)</enum><header>Waiver and appeal</header><text>This subsection may be waived or suspended in the Senate only by an affirmative vote of <fraction>3/5</fraction> of the Members, duly chosen and sworn. An affirmative vote of <fraction>3/5</fraction> of the Members of the Senate, duly chosen and sworn, shall be required to sustain an appeal of the ruling of the Chair on a point of order raised under this section.</text> </subparagraph><subparagraph id="IDdf2634b1b80147d1982ad0077c9e2a91"><enum>(C)</enum><header>Form of the point of order</header><text>A point of order under this subsection may be raised by a Senator as provided in section 313(e).</text> </subparagraph><subparagraph id="ID9536233232d24c06915f2bd43fcfed64"><enum>(D)</enum><header>Conference reports</header><text>If a point of order is sustained under this subsection against a conference report, the report shall be disposed of as provided in section 313(d).</text> </subparagraph><subparagraph id="IDa2a07a242eca4aa2a93581fa5ae21951"><enum>(E)</enum><header>Exception for defense and homeland security spending</header><text>Subparagraph (A) shall not apply against an emergency designation for a provision making discretionary appropriations in the defense category and for homeland security programs.</text> </subparagraph></paragraph></subsection><after-quoted-block>.</after-quoted-block></quoted-block> </subsection><subsection id="IDD89E7B267BA34C88BEBC995C8901B852"><enum>(c)</enum><header>Expiration</header><text>Section 275(b) of the Balanced Budget and Emergency Deficit Control Act of 1985 (<external-xref legal-doc="usc" parsable-cite="usc/2/900 note">2 U.S.C. 900 note</external-xref>) is amended by striking subsection (b).</text> </subsection></section><section id="IDF51B52760EFE47EB85500078C06EB9F4"><enum>102.</enum><header>Extension of Pay-as-You-Go requirement</header><text display-inline="no-display-inline">Section 252(a) of the Balanced Budget and Emergency Deficit Control Act of 1985 is amended by striking <quote>enacted before October 1, 2002,</quote> both places it appears.</text> </section><section id="ID972D9AA5048246FE85587166CC1C2050"><enum>103.</enum><header>Point of order to require compliance with the caps and Pay-as-You-Go</header><text display-inline="no-display-inline">Section 312(b) of the Congressional Budget Act of 1974 (<external-xref legal-doc="usc" parsable-cite="usc/2/643(b)">2 U.S.C. 643(b)</external-xref>) is amended to read as follows:</text> <quoted-block id="IDD73AC694B9AF456E9B0003C28184FDF2"> <subsection id="IDDD35CA843606481E9D25C276E697702E"><enum>(b)</enum><header>Discretionary spending and Pay-as-You-Go point of order in the Senate</header> <paragraph id="ID2437A8EE830042BF9D224B00719C5D39"><enum>(1)</enum><header>In general</header><text>Except as otherwise provided in this subsection, it shall not be in order in the Senate to consider any bill or resolution or any separate provision of a bill or resolution (or amendment, motion, or conference report on that bill or resolution) that would—</text> <subparagraph id="ID68D21CB134954BF4857BF54C04EEB01B"><enum>(A)</enum><text>exceed any of the discretionary spending limits in section 251(c) of the Balanced Budget and Emergency Deficit Control Act of 1985; or</text> </subparagraph><subparagraph id="IDEAB7094FA7CF43AFA60836FB371B24EB"><enum>(B)</enum><text>for direct spending or revenue legislation, would cause or increase an on-budget deficit for any one of the following three applicable time periods—</text> <clause id="IDDB9CF9182EA341689E1FC498E3361B04"><enum>(i)</enum><text>the first year covered by the most recently adopted concurrent resolution on the budget;</text> </clause><clause id="ID7334EB8F8160414DA1FC08540059D3B2"><enum>(ii)</enum><text>the period of the first 5 fiscal years covered by the most recently adopted concurrent resolution on the budget; or</text> </clause><clause id="ID295B656B66784D4A8C3D06081EC5A2E0"><enum>(iii)</enum><text>the period of the 5 fiscal years following the first five fiscal years covered in the most recently adopted concurrent resolution on the budget.</text> </clause></subparagraph></paragraph><paragraph id="ID1D2DD8637F084FFF9E4C98EDFAD02473"><enum>(2)</enum><header>Point of order against a specific provision</header><text>If the Presiding Officer sustains a point of order under paragraph (1) with respect to any separate provision of a bill or resolution, that provision shall be stricken from the measure and may not be offered as an amendment from the floor.</text> </paragraph><paragraph id="IDB925CAD5F6C74FD5894F578070521672"><enum>(3)</enum><header>Form of the point of order</header><text>A point of order under this section may be raised by a Senator as provided in section 313(e) of the Congressional Budget Act of 1974.</text> </paragraph><paragraph id="ID81B22D535FD947AF9F23B20333288726"><enum>(4)</enum><header>Conference reports</header><text>If a point of order is sustained under this section against a conference report the report shall be disposed of as provided in section 313(d) of the Congressional Budget Act of 1974.</text> </paragraph><paragraph id="ID7F7A1913C97246B5A700F584936B0046"><enum>(5)</enum><header>Exceptions</header><text>This subsection shall not apply if a declaration of war by the Congress is in effect or if a joint resolution pursuant to section 258 of the Balanced Budget and Emergency Deficit Control Act of 1985 has been enacted.</text> </paragraph></subsection><after-quoted-block>.</after-quoted-block></quoted-block> </section><section id="IDB2DD7784E738449BA5C8BBE6D6D65833"><enum>104.</enum><header>Disclosure of interest costs</header><text display-inline="no-display-inline">Section 308(a)(1) of the Congressional Budget Act of 1974 (<external-xref legal-doc="usc" parsable-cite="usc/2/639(a)(1)">2 U.S.C. 639(a)(1)</external-xref>) is amended—</text> <paragraph id="IDFB8DBE4833014DD8886FB7F1C90020D1"><enum>(1)</enum><text>in subparagraph (B), by striking <quote>and</quote> after the semicolon;</text> </paragraph><paragraph id="ID9C9AE78B8E2145518CB823BD8965B027"><enum>(2)</enum><text>in subparagraph (C), by striking the period and inserting <quote>; and</quote>; and</text> </paragraph><paragraph id="ID9745DE9D601242AE9F9C145984A5A233"><enum>(3)</enum><text>by adding at the end the following:</text> <quoted-block id="ID574133DC6A6F4C04A8EA167E5006C1F2"> <subparagraph id="IDD02704FF49F548A2A135BC5520005134"><enum>(D)</enum><text>containing a projection by the Congressional Budget Office of the cost of the debt servicing that would be caused by such measure for such fiscal year (or fiscal years) and each of the 4 ensuing fiscal years.</text> </subparagraph><after-quoted-block>.</after-quoted-block></quoted-block> </paragraph></section><section id="ID89FB61BC72C84CF2864D1C85566B6D43"><enum>105.</enum><header>Executive branch report on fiscal exposures</header> <subsection id="IDC759F8B536EA485EA1EF287F6B164FDE"><enum>(a)</enum><header>In general</header><text>The President shall submit to the Committees on Appropriations, Budget, Finance, and Homeland Security and Governmental Affairs of the Senate, and the Committees on Appropriations, Budget, Government Reform, and Ways and Means of the House of Representatives, not later than 2 weeks before the first Monday in February of each year, a report (in this section referred to as the <quote>report</quote>) on the fiscal exposures of the United States Federal Government and their implications for long-term financial health. The report shall also be included as part of the Consolidated Financial Statement of the United States Government.</text> </subsection><subsection id="ID41BFEF68E2A24D8486E7AE6E6BC31658"><enum>(b)</enum><header>Contents</header> <paragraph id="ID022EEF2888A24ACC91E3BCC307A57439"><enum>(1)</enum><header>In general</header><text>The report shall include fiscal exposures for the following categories of fiscal exposures:</text> <subparagraph id="ID0EE7F88CC2124720ABDE2FBB5C0018B7"><enum>(A)</enum><header>Debt</header><text>Debt, including—</text> <clause id="IDC6BFA9FD713D466F803961B0270168D1"><enum>(i)</enum><text>total gross debt;</text> </clause><clause id="ID879ECCE3E9E04E1C8BD3E025BB71E88F"><enum>(ii)</enum><text>publicly held debt; and</text> </clause><clause id="IDEEF839C48B874CBEA4BC806F275589B2"><enum>(iii)</enum><text>debt held by Government accounts.</text> </clause></subparagraph><subparagraph id="ID962CF11EB44C41A99BF499690496519E"><enum>(B)</enum><header>Other financial liabilities</header><text>Other financial liabilities, including—</text> <clause id="IDB504D5CD9DB3459584C4D36B49D79B3B"><enum>(i)</enum><text>civilian and military pensions;</text> </clause><clause id="IDE298884D26134EFEBBEE289042A97D9F"><enum>(ii)</enum><text>post-retirement health benefits;</text> </clause><clause id="IDFCAF4D9BB37C40A5AA2657EA515B189C"><enum>(iii)</enum><text>environmental liabilities;</text> </clause><clause id="ID36D31C5AC69A4F1EA646DB7075381F01"><enum>(iv)</enum><text>accounts payable;</text> </clause><clause id="ID3F83536BAA5A439BB378C552071256F0"><enum>(v)</enum><text>loan guarantees; and</text> </clause><clause id="ID4A4655EA40044F47B1787795B32886AC"><enum>(vi)</enum><text>Social Security benefits due and payable.</text> </clause></subparagraph><subparagraph id="ID5EDCF69EC9F6451DA81EBCA8A0973F12"><enum>(C)</enum><header>Financial commitments</header><text>Financial commitments, including—</text> <clause id="IDD056E8ECC7844F87BF8B3E0096B695C1"><enum>(i)</enum><text>undelivered orders; and</text> </clause><clause id="IDE7254C6578A94970A97200ADF5FA1184"><enum>(ii)</enum><text>long-term operating leases.</text> </clause></subparagraph><subparagraph id="IDBB52C50AAF4344F5861644E50307725E"><enum>(D)</enum><header>Financial contingencies and other exposure</header><text>Financial contingencies and other exposures, including—</text> <clause id="ID28406183F5D8482DB561B4E6D7A112E9"><enum>(i)</enum><text>unadjudicated claims;</text> </clause><clause id="ID2DB0F1FE7B23470192BB1C3996293DC7"><enum>(ii)</enum><text>Federal insurance programs (including both the financial contingency for and risk assumed by such programs);</text> </clause><clause id="IDE63504002DAD44FF97D0D850C69B1C47"><enum>(iii)</enum><text>net future benefits under Social Security, Medicare Part A, Medicare Part B, and other social insurance programs;</text> </clause><clause id="IDC5B0FE1BB9ED41A084C823F7BB0014D1"><enum>(iv)</enum><text>life cycle costs, including deferred and future maintenance and operating costs associated with operating leases and the maintenance of capital assets;</text> </clause><clause id="ID97A90B79440A4C9FB54E974BD337AF6C"><enum>(v)</enum><text>unfunded portions of incrementally funded capital projects;</text> </clause><clause id="ID9B83621B03D94A84A88520B2F100B361"><enum>(vi)</enum><text>disaster relief; and</text> </clause><clause id="IDFAD8BA7E3F4B45D2A202BE7DD0569CB5"><enum>(vii)</enum><text>others as deemed appropriate.</text> </clause></subparagraph></paragraph><paragraph id="IDCC59928B9D774F69A0E799879DA75222"><enum>(2)</enum><header>Estimates</header><text>Where available, estimates for each exposure should be included. Where reasonable estimates are not available, a range of estimates may be appropriate.</text> </paragraph><paragraph id="ID887EB478E8914FD1BEC5E863598C98CA"><enum>(3)</enum><header>Other exposures</header><text>Exposures that are analogous to those specified in paragraph (1) shall also be included in the exposure categories identified in such paragraph.</text> </paragraph></subsection><subsection id="IDC0CED340905940FDABF67800FD5F9F7D"><enum>(c)</enum><header>Format</header><text>The report shall include a 1-page list of all exposures. Additional disclosures shall include descriptions of exposures, the estimation methodologies and significant assumptions used, and an analysis of the implications of the exposures for the long-term financial outlook. Additional analysis deemed informative may be provided on subsequent pages.</text> </subsection><subsection id="IDB3198AEE75084B4700F60954985CF807"><enum>(d)</enum><header>Review with Congress</header><text>Following the submission of the report on fiscal exposures to the Senate and the House of Representatives, the Comptroller General shall review and report to the committee reviewing the report on the report, discussing—</text> <paragraph id="ID201210D1DB774628B647902E88C7B300"><enum>(1)</enum><text>the extent to which all required disclosures under this section have been made;</text> </paragraph><paragraph id="ID3B9A3CF87C944D889299C4BC8BF5A2DE"><enum>(2)</enum><text>the quality of the cost estimates;</text> </paragraph><paragraph id="IDD089F22207C54C4B0085BEBA69B794CF"><enum>(3)</enum><text>the scope of the information;</text> </paragraph><paragraph id="ID6731CE7E869D4027AFCCCDFC2F420099"><enum>(4)</enum><text>the long-range financial outlook; and</text> </paragraph><paragraph id="ID327FD02ACE2347EF85A5FEBC9DF32546"><enum>(5)</enum><text>any other matters deemed appropriate.</text> </paragraph></subsection><subsection id="ID6ED21767B75C4584A37C51F8A95BA967"><enum>(e)</enum><header>Definitions</header><text>In this section:</text> <paragraph id="ID0627EB1937044505BC59561248EE1266"><enum>(1)</enum><header>Liabilities</header><text>The terms <term>liabilities</term>, <term>commitments</term>, and <term>contingencies</term> shall be defined in accordance with generally accepted accounting principles and standards of the United States Federal Government.</text> </paragraph><paragraph id="ID5D9664672475473E94FC51FA63BBBC27"><enum>(2)</enum><header>Net future benefit payments</header><text>The term <term>net future benefit payments</term> means the net present value of negative cashflow. Negative cashflow is to be calculated as the current amount of funds needed to cover projected shortfalls, excluding trust fund balances, over a 75-year period. This estimate should include births during the period and individuals below age 15 as of January 1 of the valuation year.</text> </paragraph><paragraph id="id983CC509C6D94F8D825E30D2916204F8"><enum>(3)</enum><header>Risk assumed</header><text>The term <term>risk assumed</term> means the full portion of the risk premium based on the expected cost of losses inherent in the Government’s commitment that is not charged to the insured. For example, the present value of unpaid expected losses net of associated premiums, based on the risk assumed as a result of insurance coverage.</text> </paragraph></subsection></section><section id="ID25A7E6D116204FE98B7EA299DECBBAFD"><enum>106.</enum><header>Senate sets 302<enum-in-header>(b)</enum-in-header> allocations</header><text display-inline="no-display-inline">The Congressional Budget Act of 1974 (<external-xref legal-doc="usc" parsable-cite="usc/2/621">2 U.S.C. 621</external-xref> et seq.) is amended—</text> <paragraph id="IDE472650326124909AD54B3B1003C1550"><enum>(1)</enum><text>in section 301(e)(2)(F) (<external-xref legal-doc="usc" parsable-cite="usc/2/632(e)(2)(F)">2 U.S.C. 632(e)(2)(F)</external-xref>), by striking <quote>section 302(a)</quote> and inserting <quote>subsections (a) and (b) of section 302</quote>; and</text> </paragraph><paragraph id="ID0440BE5D362140D0B10564328DBF78BC"><enum>(2)</enum><text>in section 302 (<external-xref legal-doc="usc" parsable-cite="usc/2/633">2 U.S.C. 633</external-xref>), by striking subsection (b) and inserting the following:</text> <quoted-block id="IDBDFB7344F18C4897B2E6E422A0BFE2A2"> <subsection id="ID0EF98C02F69944F487932F51CBF3BDF7"><enum>(b)</enum><header>Suballocations for appropriations Committee</header><text>The joint explanatory statement accompanying a conference report on a concurrent resolution on the budget shall include suballocations of amounts allocated to the Committees on Appropriations of each amount allocated to those committees under subsection (a) among each of the subcommittees of those committees.</text> </subsection><after-quoted-block>.</after-quoted-block></quoted-block> </paragraph></section><section id="ID8D1CFD6AF74B44DFA9DAA65D724B6CAC"><enum>107.</enum><header>Long-Term Cost Recognition Point of Order</header> <subsection id="ID9F01F888FC5548508523276B67D8C819"><enum>(a)</enum><header>In general</header><text>Title III of the Congressional Budget Act of 1974 is amended by adding at the end the following:</text> <quoted-block act-name="" id="IDCDFB2A3D971B4ADF8490DDC554DE362C" style="traditional"><section id="IDAA2000B5941F494D9912C960FD90BDF9"><enum>318.</enum><header>Long-Term Cost Recognition Point of Order</header><subsection commented="no" display-inline="yes-display-inline" id="ID53844F99F86D4EAF918346BFF8B7AE56"><enum>(a)</enum> <header>Congressional budget office analysis</header> <paragraph id="ID9B3C8CC082724E9F895712127124187E"><enum>(1)</enum><header>In general</header><text>CBO shall, in conjunction with the analysis required by section 402, prepare and submit to the Committees on the Budget of the House of Representatives and Senate a report on each bill, joint resolution, amendment, motion, or conference report reported by any committee of the House of Representatives or the Senate that contains any cost drivers that CBO concludes are likely to have the effect of increasing the cost path of that measure such that the estimated discounted cash flows of the measure in the 10 years following the 10th year after the measure takes effect would be 150 percent or greater of the level of the estimated discounted cash flows of the measure at the end of the 10 years following the enactment of the measure.</text> </paragraph><paragraph id="IDE2A9552A95B8496D8251265107344D8D"><enum>(2)</enum><header>Projections</header><text>Where possible, CBO should use existing long-term projections of cost drivers prepared by the appropriate Federal agency.</text> </paragraph><paragraph id="IDFFDC145EDB73414CB6782C19B4A1E7E7"><enum>(3)</enum><header>Limit</header><text>Nothing in this section requires CBO to develop cost estimates for a measure beyond the 10th year after the measure takes effect.</text> </paragraph></subsection><subsection id="ID4737E899ABD54A19A920048E006F11BA"><enum>(b)</enum><header>Cost drivers</header><text>Cost drivers CBO shall consider under subsection (a) include—</text> <paragraph id="IDF25C2BCE44F1403DBD94574C7B04AC77"><enum>(1)</enum><text>demographic changes;</text> </paragraph><paragraph id="IDF454275692F94ED687B2208724D432AF"><enum>(2)</enum><text>new technologies; and</text> </paragraph><paragraph id="ID5BD21BFF6A20479AA11CADFA3822CEC5"><enum>(3)</enum><text>environmental factors.</text> </paragraph></subsection><subsection id="ID99F804A842184992A325064EB616955C"><enum>(c)</enum><header>Point of order</header><text>It shall not be in order in the House of Representatives or the Senate to consider any bill, joint resolution, amendment, motion, or conference report that CBO determines will increase the level of the estimated discounted cash flows of that measure as reported in subsection (a) by 150 percent or more.</text> </subsection></section><after-quoted-block>.</after-quoted-block></quoted-block> </subsection></section>

Short title; table of contents

(a)

Short title

This Act may be cited as the

Truth in Budgeting and Social Security Protection Act of 2005

. (b)

Table of contents

The table of contents for this Act is as follows:

Sec. 1. Short title; table of contents.

TITLE I—General reforms

Sec. 101. Extension of the discretionary spending caps.

Sec. 102. Extension of Pay-as-You-Go requirement.

Sec. 103. Point of order to require compliance with the caps and Pay-as-You-Go.

Sec. 104. Disclosure of interest costs.

Sec. 105. Executive branch report on fiscal exposures.

Sec. 106. Senate sets 302(b) allocations.

Sec. 107. Long-Term Cost Recognition Point of Order.

TITLE II—Reform of budgetary treatment of Federal insurance programs

Sec. 201. Federal insurance programs.

TITLE III—Biennial budgeting and appropriations

Sec. 301. Revision of timetable.

Sec. 302. Amendments to the Congressional Budget and Impoundment Control Act of 1974.

Sec. 303. Amendments to title 31, United States Code.

Sec. 304. Two-year appropriations; title and style of appropriations Acts.

Sec. 305. Multiyear authorizations.

Sec. 306. Government plans on a biennial basis.

Sec. 307. Biennial appropriations bills.

Sec. 308. Report on two-year fiscal period.

Sec. 309. Effective date.

TITLE IV—Commission on Federal Budget Concepts

Sec. 401. Establishment of Commission on Federal Budget Concepts.

Sec. 402. Powers and duties of Commission.

Sec. 403. Membership.

Sec. 404. Staff and support services.

Sec. 405. Report.

Sec. 406. Termination.

Sec. 407. Funding.

<enum>I</enum><header>General reforms</header> <section id="ID9768EEA8EF38423290DACDE324CB7C56"><enum>101.</enum><header>Extension of the discretionary spending caps</header> <subsection id="IDF695B2DA22AA43DBAEEB5CC0D2C186ED"><enum>(a)</enum><header>In general</header><text>Section 251(c) of the Balanced Budget and Emergency Deficit Control Act of 1985 is amended by striking paragraphs (7) through (16) and inserting the following:</text> <quoted-block id="ID284A1BE2380E4E76B7D5CC88514161EF"> <paragraph id="ID5A57F16890DA41F5BA3462093B16EC05"><enum>(7)</enum><text>with respect to fiscal years 2006 through 2011 an amount equal to the appropriated amount of discretionary spending in budget authority and outlays for fiscal year 2003 adjusted to reflect inflation;</text> </paragraph><after-quoted-block>.</after-quoted-block></quoted-block> </subsection><subsection id="id7E781B8F371C4532B383C4263AA42BC8"><enum>(b)</enum><header>Emergency Designation</header><text>Section 314 of the Congressional Budget Act of 1974 (2 U.S.C. 645) is amended by adding at the end the following:</text> <quoted-block display-inline="no-display-inline" id="idEB9A85E38A6D47EFB5B62038CFD07EF8" style="OLC"> <subsection id="id9C2CB760E71C43CCB3BB663FD3505713"><enum>(f)</enum><header>Emergency legislation</header> <paragraph id="IDa449a4a9cfa94652b91706db1905efae"><enum>(1)</enum><header>Authority to designate</header><text>If a provision of direct spending or receipts legislation, not to include revisions to the income tax, is enacted or if appropriations for discretionary accounts are enacted that the President designates as an emergency requirement and that Congress so designates in statute, the amounts of new budget authority, outlays, and receipts in all fiscal years resulting from that provision shall be designated as an emergency requirement for the purpose of subsection (b)(1).</text> </paragraph><paragraph id="ID40170ee973a64e57b3fd16ace679c052"><enum>(2)</enum><header>Designations</header> <subparagraph id="ID679ff0faa6a84793873f954f0a3efb8d"><enum>(A)</enum><header>Guidance</header><text>If a provision of legislation is designated as an emergency requirement under paragraph (1), the committee report and any statement of managers accompanying that legislation shall analyze whether a proposed emergency requirement meets all the criteria in subparagraph (B).</text> </subparagraph><subparagraph id="IDfb3fe5dd887f4dec9c60d602a78f3ac9"><enum>(B)</enum><header>Criteria</header> <clause id="ID320a79ced6084349a52b50b05754eb10"><enum>(i)</enum><header>In general</header><text>The criteria to be considered in determining whether a proposed expenditure or tax change is an emergency requirement are that the expenditure or tax change is—</text> <subclause id="IDb0667a25065742318ee2f21bc52f95b9"><enum>(I)</enum><text>necessary, essential, or vital (not merely useful or beneficial);</text> </subclause><subclause id="IDb654d15cda1b481e8557e29734a2ccbd"><enum>(II)</enum><text>sudden, quickly coming into being, and not building up over time;</text> </subclause><subclause id="ID3e3a2f6eac78463280ba20962385339d"><enum>(III)</enum><text>an urgent, pressing, and compelling need requiring immediate action;</text> </subclause><subclause id="ID4add221137564b0b9204daff09f38b42"><enum>(IV)</enum><text>subject to subparagraph (B), unforeseen, unpredictable, and unanticipated; and</text> </subclause><subclause id="IDf936857a8dc44528aa98c77fbcbad791"><enum>(V)</enum><text>not permanent, temporary in nature.</text> </subclause></clause><clause id="ID7a2a6107c8f741b48e268289fcd09740"><enum>(ii)</enum><header>Unforeseen</header><text>An emergency that is part of an aggregate level of anticipated emergencies, particularly when normally estimated in advance, is not unforeseen.</text> </clause></subparagraph><subparagraph id="ID71dc8c2c83d74870b25d63f405d71dc6"><enum>(C)</enum><header>Justification for use of designation</header><text>When an emergency designation is proposed in any bill, joint resolution, or conference report thereon, the committee report and the statement of managers accompanying a conference report, as the case may be, shall provide a written justification of why the provision meets the criteria set forth in subparagraph (B).</text> </subparagraph></paragraph><paragraph id="ID1f2dd5eede0c4c5b9ae1593cb89a003d"><enum>(3)</enum><header>Definitions</header><text>In this subsection, the terms <quote>direct spending</quote>, <quote>receipts</quote>, and <quote>appropriations for discretionary accounts</quote> means any provision of a bill, joint resolution, amendment, motion or conference report that affects direct spending, receipts, or appropriations as those terms have been defined and interpreted for purposes of the Balanced Budget and Emergency Deficit Control Act of 1985.</text> </paragraph><paragraph commented="no" display-inline="no-display-inline" id="ID8bf4a73c1fad45e7a41ecb5230ea3dd5"><enum>(4)</enum><header>Definition of an emergency requirement</header><text display-inline="yes-display-inline">A provision shall be considered an emergency designation if it designates any item as an emergency requirement pursuant to paragraph (1).</text> </paragraph><paragraph id="ID610b2f75f1924379a93e0d3a6deae401"><enum>(5)</enum><header>Point of order</header> <subparagraph id="id2FB4282372EF4055845D8AC46EFCFA9C"><enum>(A)</enum><header>In general</header><text>When the Senate is considering a bill, resolution, amendment, motion, or conference report, a point of order may be made by a Senator against an emergency designation in that measure and if the Presiding Officer sustains that point of order, that provision making such a designation shall be stricken from the measure and may not be offered as an amendment from the floor.</text> </subparagraph><subparagraph id="ID06085a86cee94d34a3efb10724363cc0"><enum>(B)</enum><header>Waiver and appeal</header><text>This subsection may be waived or suspended in the Senate only by an affirmative vote of <fraction>3/5</fraction> of the Members, duly chosen and sworn. An affirmative vote of <fraction>3/5</fraction> of the Members of the Senate, duly chosen and sworn, shall be required to sustain an appeal of the ruling of the Chair on a point of order raised under this section.</text> </subparagraph><subparagraph id="IDdf2634b1b80147d1982ad0077c9e2a91"><enum>(C)</enum><header>Form of the point of order</header><text>A point of order under this subsection may be raised by a Senator as provided in section 313(e).</text> </subparagraph><subparagraph id="ID9536233232d24c06915f2bd43fcfed64"><enum>(D)</enum><header>Conference reports</header><text>If a point of order is sustained under this subsection against a conference report, the report shall be disposed of as provided in section 313(d).</text> </subparagraph><subparagraph id="IDa2a07a242eca4aa2a93581fa5ae21951"><enum>(E)</enum><header>Exception for defense and homeland security spending</header><text>Subparagraph (A) shall not apply against an emergency designation for a provision making discretionary appropriations in the defense category and for homeland security programs.</text> </subparagraph></paragraph></subsection><after-quoted-block>.</after-quoted-block></quoted-block> </subsection><subsection id="IDD89E7B267BA34C88BEBC995C8901B852"><enum>(c)</enum><header>Expiration</header><text>Section 275(b) of the Balanced Budget and Emergency Deficit Control Act of 1985 (<external-xref legal-doc="usc" parsable-cite="usc/2/900 note">2 U.S.C. 900 note</external-xref>) is amended by striking subsection (b).</text> </subsection></section><section id="IDF51B52760EFE47EB85500078C06EB9F4"><enum>102.</enum><header>Extension of Pay-as-You-Go requirement</header><text display-inline="no-display-inline">Section 252(a) of the Balanced Budget and Emergency Deficit Control Act of 1985 is amended by striking <quote>enacted before October 1, 2002,</quote> both places it appears.</text> </section><section id="ID972D9AA5048246FE85587166CC1C2050"><enum>103.</enum><header>Point of order to require compliance with the caps and Pay-as-You-Go</header><text display-inline="no-display-inline">Section 312(b) of the Congressional Budget Act of 1974 (<external-xref legal-doc="usc" parsable-cite="usc/2/643(b)">2 U.S.C. 643(b)</external-xref>) is amended to read as follows:</text> <quoted-block id="IDD73AC694B9AF456E9B0003C28184FDF2"> <subsection id="IDDD35CA843606481E9D25C276E697702E"><enum>(b)</enum><header>Discretionary spending and Pay-as-You-Go point of order in the Senate</header> <paragraph id="ID2437A8EE830042BF9D224B00719C5D39"><enum>(1)</enum><header>In general</header><text>Except as otherwise provided in this subsection, it shall not be in order in the Senate to consider any bill or resolution or any separate provision of a bill or resolution (or amendment, motion, or conference report on that bill or resolution) that would—</text> <subparagraph id="ID68D21CB134954BF4857BF54C04EEB01B"><enum>(A)</enum><text>exceed any of the discretionary spending limits in section 251(c) of the Balanced Budget and Emergency Deficit Control Act of 1985; or</text> </subparagraph><subparagraph id="IDEAB7094FA7CF43AFA60836FB371B24EB"><enum>(B)</enum><text>for direct spending or revenue legislation, would cause or increase an on-budget deficit for any one of the following three applicable time periods—</text> <clause id="IDDB9CF9182EA341689E1FC498E3361B04"><enum>(i)</enum><text>the first year covered by the most recently adopted concurrent resolution on the budget;</text> </clause><clause id="ID7334EB8F8160414DA1FC08540059D3B2"><enum>(ii)</enum><text>the period of the first 5 fiscal years covered by the most recently adopted concurrent resolution on the budget; or</text> </clause><clause id="ID295B656B66784D4A8C3D06081EC5A2E0"><enum>(iii)</enum><text>the period of the 5 fiscal years following the first five fiscal years covered in the most recently adopted concurrent resolution on the budget.</text> </clause></subparagraph></paragraph><paragraph id="ID1D2DD8637F084FFF9E4C98EDFAD02473"><enum>(2)</enum><header>Point of order against a specific provision</header><text>If the Presiding Officer sustains a point of order under paragraph (1) with respect to any separate provision of a bill or resolution, that provision shall be stricken from the measure and may not be offered as an amendment from the floor.</text> </paragraph><paragraph id="IDB925CAD5F6C74FD5894F578070521672"><enum>(3)</enum><header>Form of the point of order</header><text>A point of order under this section may be raised by a Senator as provided in section 313(e) of the Congressional Budget Act of 1974.</text> </paragraph><paragraph id="ID81B22D535FD947AF9F23B20333288726"><enum>(4)</enum><header>Conference reports</header><text>If a point of order is sustained under this section against a conference report the report shall be disposed of as provided in section 313(d) of the Congressional Budget Act of 1974.</text> </paragraph><paragraph id="ID7F7A1913C97246B5A700F584936B0046"><enum>(5)</enum><header>Exceptions</header><text>This subsection shall not apply if a declaration of war by the Congress is in effect or if a joint resolution pursuant to section 258 of the Balanced Budget and Emergency Deficit Control Act of 1985 has been enacted.</text> </paragraph></subsection><after-quoted-block>.</after-quoted-block></quoted-block> </section><section id="IDB2DD7784E738449BA5C8BBE6D6D65833"><enum>104.</enum><header>Disclosure of interest costs</header><text display-inline="no-display-inline">Section 308(a)(1) of the Congressional Budget Act of 1974 (<external-xref legal-doc="usc" parsable-cite="usc/2/639(a)(1)">2 U.S.C. 639(a)(1)</external-xref>) is amended—</text> <paragraph id="IDFB8DBE4833014DD8886FB7F1C90020D1"><enum>(1)</enum><text>in subparagraph (B), by striking <quote>and</quote> after the semicolon;</text> </paragraph><paragraph id="ID9C9AE78B8E2145518CB823BD8965B027"><enum>(2)</enum><text>in subparagraph (C), by striking the period and inserting <quote>; and</quote>; and</text> </paragraph><paragraph id="ID9745DE9D601242AE9F9C145984A5A233"><enum>(3)</enum><text>by adding at the end the following:</text> <quoted-block id="ID574133DC6A6F4C04A8EA167E5006C1F2"> <subparagraph id="IDD02704FF49F548A2A135BC5520005134"><enum>(D)</enum><text>containing a projection by the Congressional Budget Office of the cost of the debt servicing that would be caused by such measure for such fiscal year (or fiscal years) and each of the 4 ensuing fiscal years.</text> </subparagraph><after-quoted-block>.</after-quoted-block></quoted-block> </paragraph></section><section id="ID89FB61BC72C84CF2864D1C85566B6D43"><enum>105.</enum><header>Executive branch report on fiscal exposures</header> <subsection id="IDC759F8B536EA485EA1EF287F6B164FDE"><enum>(a)</enum><header>In general</header><text>The President shall submit to the Committees on Appropriations, Budget, Finance, and Homeland Security and Governmental Affairs of the Senate, and the Committees on Appropriations, Budget, Government Reform, and Ways and Means of the House of Representatives, not later than 2 weeks before the first Monday in February of each year, a report (in this section referred to as the <quote>report</quote>) on the fiscal exposures of the United States Federal Government and their implications for long-term financial health. The report shall also be included as part of the Consolidated Financial Statement of the United States Government.</text> </subsection><subsection id="ID41BFEF68E2A24D8486E7AE6E6BC31658"><enum>(b)</enum><header>Contents</header> <paragraph id="ID022EEF2888A24ACC91E3BCC307A57439"><enum>(1)</enum><header>In general</header><text>The report shall include fiscal exposures for the following categories of fiscal exposures:</text> <subparagraph id="ID0EE7F88CC2124720ABDE2FBB5C0018B7"><enum>(A)</enum><header>Debt</header><text>Debt, including—</text> <clause id="IDC6BFA9FD713D466F803961B0270168D1"><enum>(i)</enum><text>total gross debt;</text> </clause><clause id="ID879ECCE3E9E04E1C8BD3E025BB71E88F"><enum>(ii)</enum><text>publicly held debt; and</text> </clause><clause id="IDEEF839C48B874CBEA4BC806F275589B2"><enum>(iii)</enum><text>debt held by Government accounts.</text> </clause></subparagraph><subparagraph id="ID962CF11EB44C41A99BF499690496519E"><enum>(B)</enum><header>Other financial liabilities</header><text>Other financial liabilities, including—</text> <clause id="IDB504D5CD9DB3459584C4D36B49D79B3B"><enum>(i)</enum><text>civilian and military pensions;</text> </clause><clause id="IDE298884D26134EFEBBEE289042A97D9F"><enum>(ii)</enum><text>post-retirement health benefits;</text> </clause><clause id="IDFCAF4D9BB37C40A5AA2657EA515B189C"><enum>(iii)</enum><text>environmental liabilities;</text> </clause><clause id="ID36D31C5AC69A4F1EA646DB7075381F01"><enum>(iv)</enum><text>accounts payable;</text> </clause><clause id="ID3F83536BAA5A439BB378C552071256F0"><enum>(v)</enum><text>loan guarantees; and</text> </clause><clause id="ID4A4655EA40044F47B1787795B32886AC"><enum>(vi)</enum><text>Social Security benefits due and payable.</text> </clause></subparagraph><subparagraph id="ID5EDCF69EC9F6451DA81EBCA8A0973F12"><enum>(C)</enum><header>Financial commitments</header><text>Financial commitments, including—</text> <clause id="IDD056E8ECC7844F87BF8B3E0096B695C1"><enum>(i)</enum><text>undelivered orders; and</text> </clause><clause id="IDE7254C6578A94970A97200ADF5FA1184"><enum>(ii)</enum><text>long-term operating leases.</text> </clause></subparagraph><subparagraph id="IDBB52C50AAF4344F5861644E50307725E"><enum>(D)</enum><header>Financial contingencies and other exposure</header><text>Financial contingencies and other exposures, including—</text> <clause id="ID28406183F5D8482DB561B4E6D7A112E9"><enum>(i)</enum><text>unadjudicated claims;</text> </clause><clause id="ID2DB0F1FE7B23470192BB1C3996293DC7"><enum>(ii)</enum><text>Federal insurance programs (including both the financial contingency for and risk assumed by such programs);</text> </clause><clause id="IDE63504002DAD44FF97D0D850C69B1C47"><enum>(iii)</enum><text>net future benefits under Social Security, Medicare Part A, Medicare Part B, and other social insurance programs;</text> </clause><clause id="IDC5B0FE1BB9ED41A084C823F7BB0014D1"><enum>(iv)</enum><text>life cycle costs, including deferred and future maintenance and operating costs associated with operating leases and the maintenance of capital assets;</text> </clause><clause id="ID97A90B79440A4C9FB54E974BD337AF6C"><enum>(v)</enum><text>unfunded portions of incrementally funded capital projects;</text> </clause><clause id="ID9B83621B03D94A84A88520B2F100B361"><enum>(vi)</enum><text>disaster relief; and</text> </clause><clause id="IDFAD8BA7E3F4B45D2A202BE7DD0569CB5"><enum>(vii)</enum><text>others as deemed appropriate.</text> </clause></subparagraph></paragraph><paragraph id="IDCC59928B9D774F69A0E799879DA75222"><enum>(2)</enum><header>Estimates</header><text>Where available, estimates for each exposure should be included. Where reasonable estimates are not available, a range of estimates may be appropriate.</text> </paragraph><paragraph id="ID887EB478E8914FD1BEC5E863598C98CA"><enum>(3)</enum><header>Other exposures</header><text>Exposures that are analogous to those specified in paragraph (1) shall also be included in the exposure categories identified in such paragraph.</text> </paragraph></subsection><subsection id="IDC0CED340905940FDABF67800FD5F9F7D"><enum>(c)</enum><header>Format</header><text>The report shall include a 1-page list of all exposures. Additional disclosures shall include descriptions of exposures, the estimation methodologies and significant assumptions used, and an analysis of the implications of the exposures for the long-term financial outlook. Additional analysis deemed informative may be provided on subsequent pages.</text> </subsection><subsection id="IDB3198AEE75084B4700F60954985CF807"><enum>(d)</enum><header>Review with Congress</header><text>Following the submission of the report on fiscal exposures to the Senate and the House of Representatives, the Comptroller General shall review and report to the committee reviewing the report on the report, discussing—</text> <paragraph id="ID201210D1DB774628B647902E88C7B300"><enum>(1)</enum><text>the extent to which all required disclosures under this section have been made;</text> </paragraph><paragraph id="ID3B9A3CF87C944D889299C4BC8BF5A2DE"><enum>(2)</enum><text>the quality of the cost estimates;</text> </paragraph><paragraph id="IDD089F22207C54C4B0085BEBA69B794CF"><enum>(3)</enum><text>the scope of the information;</text> </paragraph><paragraph id="ID6731CE7E869D4027AFCCCDFC2F420099"><enum>(4)</enum><text>the long-range financial outlook; and</text> </paragraph><paragraph id="ID327FD02ACE2347EF85A5FEBC9DF32546"><enum>(5)</enum><text>any other matters deemed appropriate.</text> </paragraph></subsection><subsection id="ID6ED21767B75C4584A37C51F8A95BA967"><enum>(e)</enum><header>Definitions</header><text>In this section:</text> <paragraph id="ID0627EB1937044505BC59561248EE1266"><enum>(1)</enum><header>Liabilities</header><text>The terms <term>liabilities</term>, <term>commitments</term>, and <term>contingencies</term> shall be defined in accordance with generally accepted accounting principles and standards of the United States Federal Government.</text> </paragraph><paragraph id="ID5D9664672475473E94FC51FA63BBBC27"><enum>(2)</enum><header>Net future benefit payments</header><text>The term <term>net future benefit payments</term> means the net present value of negative cashflow. Negative cashflow is to be calculated as the current amount of funds needed to cover projected shortfalls, excluding trust fund balances, over a 75-year period. This estimate should include births during the period and individuals below age 15 as of January 1 of the valuation year.</text> </paragraph><paragraph id="id983CC509C6D94F8D825E30D2916204F8"><enum>(3)</enum><header>Risk assumed</header><text>The term <term>risk assumed</term> means the full portion of the risk premium based on the expected cost of losses inherent in the Government’s commitment that is not charged to the insured. For example, the present value of unpaid expected losses net of associated premiums, based on the risk assumed as a result of insurance coverage.</text> </paragraph></subsection></section><section id="ID25A7E6D116204FE98B7EA299DECBBAFD"><enum>106.</enum><header>Senate sets 302<enum-in-header>(b)</enum-in-header> allocations</header><text display-inline="no-display-inline">The Congressional Budget Act of 1974 (<external-xref legal-doc="usc" parsable-cite="usc/2/621">2 U.S.C. 621</external-xref> et seq.) is amended—</text> <paragraph id="IDE472650326124909AD54B3B1003C1550"><enum>(1)</enum><text>in section 301(e)(2)(F) (<external-xref legal-doc="usc" parsable-cite="usc/2/632(e)(2)(F)">2 U.S.C. 632(e)(2)(F)</external-xref>), by striking <quote>section 302(a)</quote> and inserting <quote>subsections (a) and (b) of section 302</quote>; and</text> </paragraph><paragraph id="ID0440BE5D362140D0B10564328DBF78BC"><enum>(2)</enum><text>in section 302 (<external-xref legal-doc="usc" parsable-cite="usc/2/633">2 U.S.C. 633</external-xref>), by striking subsection (b) and inserting the following:</text> <quoted-block id="IDBDFB7344F18C4897B2E6E422A0BFE2A2"> <subsection id="ID0EF98C02F69944F487932F51CBF3BDF7"><enum>(b)</enum><header>Suballocations for appropriations Committee</header><text>The joint explanatory statement accompanying a conference report on a concurrent resolution on the budget shall include suballocations of amounts allocated to the Committees on Appropriations of each amount allocated to those committees under subsection (a) among each of the subcommittees of those committees.</text> </subsection><after-quoted-block>.</after-quoted-block></quoted-block> </paragraph></section><section id="ID8D1CFD6AF74B44DFA9DAA65D724B6CAC"><enum>107.</enum><header>Long-Term Cost Recognition Point of Order</header> <subsection id="ID9F01F888FC5548508523276B67D8C819"><enum>(a)</enum><header>In general</header><text>Title III of the Congressional Budget Act of 1974 is amended by adding at the end the following:</text> <quoted-block act-name="" id="IDCDFB2A3D971B4ADF8490DDC554DE362C" style="traditional"><section id="IDAA2000B5941F494D9912C960FD90BDF9"><enum>318.</enum><header>Long-Term Cost Recognition Point of Order</header><subsection commented="no" display-inline="yes-display-inline" id="ID53844F99F86D4EAF918346BFF8B7AE56"><enum>(a)</enum> <header>Congressional budget office analysis</header> <paragraph id="ID9B3C8CC082724E9F895712127124187E"><enum>(1)</enum><header>In general</header><text>CBO shall, in conjunction with the analysis required by section 402, prepare and submit to the Committees on the Budget of the House of Representatives and Senate a report on each bill, joint resolution, amendment, motion, or conference report reported by any committee of the House of Representatives or the Senate that contains any cost drivers that CBO concludes are likely to have the effect of increasing the cost path of that measure such that the estimated discounted cash flows of the measure in the 10 years following the 10th year after the measure takes effect would be 150 percent or greater of the level of the estimated discounted cash flows of the measure at the end of the 10 years following the enactment of the measure.</text> </paragraph><paragraph id="IDE2A9552A95B8496D8251265107344D8D"><enum>(2)</enum><header>Projections</header><text>Where possible, CBO should use existing long-term projections of cost drivers prepared by the appropriate Federal agency.</text> </paragraph><paragraph id="IDFFDC145EDB73414CB6782C19B4A1E7E7"><enum>(3)</enum><header>Limit</header><text>Nothing in this section requires CBO to develop cost estimates for a measure beyond the 10th year after the measure takes effect.</text> </paragraph></subsection><subsection id="ID4737E899ABD54A19A920048E006F11BA"><enum>(b)</enum><header>Cost drivers</header><text>Cost drivers CBO shall consider under subsection (a) include—</text> <paragraph id="IDF25C2BCE44F1403DBD94574C7B04AC77"><enum>(1)</enum><text>demographic changes;</text> </paragraph><paragraph id="IDF454275692F94ED687B2208724D432AF"><enum>(2)</enum><text>new technologies; and</text> </paragraph><paragraph id="ID5BD21BFF6A20479AA11CADFA3822CEC5"><enum>(3)</enum><text>environmental factors.</text> </paragraph></subsection><subsection id="ID99F804A842184992A325064EB616955C"><enum>(c)</enum><header>Point of order</header><text>It shall not be in order in the House of Representatives or the Senate to consider any bill, joint resolution, amendment, motion, or conference report that CBO determines will increase the level of the estimated discounted cash flows of that measure as reported in subsection (a) by 150 percent or more.</text> </subsection></section><after-quoted-block>.</after-quoted-block></quoted-block> </subsection></section><enum>II</enum><header>Reform of budgetary treatment of Federal insurance programs</header> <section id="ID2AEF34A7D67D4495A34B21A2FBC667CE"><enum>201.</enum><header>Federal insurance programs</header> <subsection id="ID82A984145AD24A82B604BCDB2CE9DC91"><enum>(a)</enum><header>In general</header><text>The Congressional Budget Act of 1974 is amended by adding after title V the following new title:</text> <quoted-block id="IDAACAA5E3843648C3B466D102C94D9439"> <title id="ID6126050D9DE84BDFA6C3F92550DB141B"><enum>VI</enum><header>Budgetary treatment of Federal insurance programs</header> <section id="IDC1B6F688805E4ED2B2412C518FC1DAC7"><enum>601.</enum><header>Short title</header><text display-inline="no-display-inline">This title may be cited as the <quote>Federal Insurance Budgeting Act of 2005</quote>.</text> </section><section id="ID7AF11F3616B34FD4A439ADD927689E1D"><enum>602.</enum><header>Budgetary treatment</header> <subsection id="ID128CA40B9B5A44D49294BDBE5B89B6DA"><enum>(a)</enum><header>President’s budget</header><text>Beginning with fiscal year 2010, the budget of the Government submitted pursuant to section 1105(a) of title 31, United States Code, shall be based on the risk-assumed cost of Federal insurance programs.</text> </subsection><subsection id="IDB25C3AB9508041D79318975027B3D001"><enum>(b)</enum><header>Budget accounting</header><text>For any Federal insurance program—</text> <paragraph id="ID305758E16DD44CCD90E7B41286105080"><enum>(1)</enum><text>the program account shall—</text> <subparagraph id="IDFE4172BAB27F49658C4BAFA6225518B5"><enum>(A)</enum><text>pay the risk-assumed cost borne by taxpayers to the financing account; and</text> </subparagraph><subparagraph id="IDAEDC87DB1D1F41C586A0644FE7001702"><enum>(B)</enum><text>pay actual insurance program administrative costs; and</text> </subparagraph></paragraph><paragraph id="ID7ACB7F518404411CA300C3F139CEA5BF"><enum>(2)</enum><text>the financing account shall—</text> <subparagraph id="ID769D9C05B7A4477BACB8374705A05778"><enum>(A)</enum><text>receive premiums and other income;</text> </subparagraph><subparagraph id="IDE07D6771119D44AC908356D64256EE48"><enum>(B)</enum><text>pay all claims for insurance and receive all recoveries; and</text> </subparagraph><subparagraph id="ID7158D13C940543E5BDA60240CB4F06C3"><enum>(C)</enum><text>transfer to the program account on not less than an annual basis amounts necessary to pay insurance program administrative costs;</text> </subparagraph></paragraph><paragraph id="IDCB8DE3C8FBC24D7FB1EDA18F87C9E445"><enum>(3)</enum><text>a negative risk-assumed cost shall be transferred from the financing account to the program account, and shall be transferred from the program account to the general fund; and</text> </paragraph><paragraph id="ID2A8805756A47442AB9F64851F0E4AD67"><enum>(4)</enum><text>all payments by or receipts of the financing accounts shall be treated in the budget as a means of financing.</text> </paragraph></subsection><subsection id="ID2C3952BD599E432297ACD0A1B9044D32"><enum>(c)</enum><header>Appropriations required</header><paragraph commented="no" display-inline="yes-display-inline" id="ID72F4CD4B6F5547988103CEE42F1C8DDA"><enum>(1)</enum><text>Notwithstanding any other provision of law, insurance commitments may be made for fiscal year 2008 and thereafter only to the extent that new budget authority to cover their risk-assumed cost is provided in advance in an appropriation Act.</text> </paragraph><paragraph id="ID205F6B5AA603466CBFABD210B6FF49AF" indent="up1"><enum>(2)</enum><text>An outstanding insurance commitment shall not be modified in a manner that increases its risk-assumed cost unless budget authority for the additional cost has been provided in advance.</text> </paragraph><paragraph id="IDC8E5365AFA2F476ABFDD98665500263B" indent="up1"><enum>(3)</enum><text>Paragraph (1) shall not apply to Federal insurance programs that constitute entitlements.</text> </paragraph></subsection><subsection id="IDF3E7A87F25744A04993B2402133200C7"><enum>(d)</enum><header>Reestimates</header> <paragraph id="ID1C5037ED34DF4851911C8B74D1F3958F"><enum>(1)</enum><header>In general</header><text>The risk-assumed cost for a fiscal year shall be reestimated in each subsequent year. Such reestimate can equal zero. In the case of a positive reestimate, the amount of the reestimate shall be paid from the program account to the financing account. In the case of a negative reestimate, the amount of the reestimate shall be paid from the financing account to the program account, and shall be transferred from the program account to the general fund. Reestimates shall be displayed as a distinct and separately identified subaccount in the program account.</text> </paragraph><paragraph id="IDB8745AF6AE134DA6916300C671A1697E"><enum>(2)</enum><header>Appropriations</header><text>There are appropriated such sums as are necessary to fund a positive reestimate under paragraph (1).</text> </paragraph></subsection><subsection id="IDEBFBC1826C7E4EBE819E1E455D4FF99E"><enum>(e)</enum><header>Administrative expenses</header><text>All funding for an agency’s administration of a Federal insurance program shall be displayed as a distinct and separately identified subaccount in the program account.</text> </subsection></section><section id="ID447D198280B04B7F9D6908D7F7AB4F6C"><enum>603.</enum><header>Timetable for implementation of accrual budgeting for Federal insurance programs</header> <subsection id="ID07B94A7EC90444329CA08EF2E2C02157"><enum>(a)</enum><header>Agency requirements</header><text>Agencies with responsibility for Federal insurance programs shall develop models to estimate their risk-assumed cost by year through the budget horizon and shall submit those models, all relevant data, a justification for critical assumptions, and the annual projected risk-assumed costs to OMB with their budget requests each year starting with the request for fiscal year 2007. Agencies will likewise provide OMB with annual estimates of modifications, if any, and reestimates of program costs.</text> </subsection><subsection id="ID4E7D0EF89429415C86455380F7A467A4"><enum>(b)</enum><header>Disclosure</header><text>When the President submits a budget of the Government pursuant to section 1105(a) of title 31, United States Code, for fiscal year 2007, OMB shall publish a notice in the Federal Register advising interested persons of the availability of information describing the models, data (including sources), and critical assumptions (including explicit or implicit discount rate assumptions) that it or other executive branch entities would use to estimate the risk-assumed cost of Federal insurance programs and giving such persons an opportunity to submit comments. At the same time, the chairman of the Committee on the Budget shall publish a notice for CBO in the Federal Register advising interested persons of the availability of information describing the models, data (including sources), and critical assumptions (including explicit or implicit discount rate assumptions) that it would use to estimate the risk-assumed cost of Federal insurance programs and giving such interested persons an opportunity to submit comments.</text> </subsection><subsection id="ID20D8F3A07F584F48ADDAEE27A3A12F3D"><enum>(c)</enum><header>Revision</header><text>After consideration of comments pursuant to subsection (b), and in consultation with the Committees on the Budget of the House of Representatives and the Senate, OMB and CBO shall revise the models, data, and major assumptions they would use to estimate the risk-assumed cost of Federal insurance programs.</text> </subsection><subsection id="ID942A075A77314CB9A79CF9DE3614ED2D"><enum>(d)</enum><header>OMB, CBO, and GAO evaluations</header><paragraph commented="no" display-inline="yes-display-inline" id="ID36BCF5BD346048D6A7E5AF41B05FD4AD"><enum>(1)</enum><text>Not later than 6 months after the budget submission of the President pursuant to section 1105(a) of title 31, United States Code, for fiscal year 2009, OMB, CBO, and GAO shall each submit to the Committees on the Budget of the House of Representatives and the Senate a report that evaluates the advisability and appropriate implementation of this title.</text> </paragraph><paragraph id="ID7281CB537A0247D59ED177F0A2B885CD" indent="up1"><enum>(2)</enum><text>Each report made pursuant to paragraph (1) shall address the following:</text> <subparagraph id="IDE59E3C87E55A48269DD1C91E6C40B059"><enum>(A)</enum><text>The adequacy of risk-assumed estimation models used and alternative modeling methods.</text> </subparagraph><subparagraph id="IDDBF18AE02FDB4E49AB85FF4B00CE9446"><enum>(B)</enum><text>The availability and reliability of data or information necessary to carry out this title.</text> </subparagraph><subparagraph id="ID791158D0B3394A93A1390582BE00F243"><enum>(C)</enum><text>The appropriateness of the explicit or implicit discount rate used in the various risk-assumed estimation models.</text> </subparagraph><subparagraph id="ID399E719842C04F7C97A5455540641F21"><enum>(D)</enum><text>The advisability of specifying a statutory discount rate (such as the Treasury rate) for use in risk-assumed estimation models.</text> </subparagraph><subparagraph id="ID6F73AD4BEAC24C4781A662B36F45F79D"><enum>(E)</enum><text>The ability of OMB, CBO, or GAO, as applicable, to secure any data or information directly from any Federal agency necessary to enable it to carry out this title.</text> </subparagraph><subparagraph id="ID50E898425A9C4A07A6F79D719E03D4BA"><enum>(F)</enum><text>The relationship between risk-assumed accrual budgeting for Federal insurance programs and the specific requirements of the Balanced Budget and Emergency Deficit Control Act of 1985.</text> </subparagraph><subparagraph id="ID18F4D3C2E37F478394BB301F4D0000C8"><enum>(G)</enum><text>Whether Federal budgeting is improved by the inclusion of risk-assumed cost estimates for Federal insurance programs.</text> </subparagraph><subparagraph id="IDCAA577D3B85D4A78848337B6ED862FBF"><enum>(H)</enum><text>The advisability of including each of the programs currently estimated on a risk-assumed cost basis in the Federal budget on that basis.</text> </subparagraph></paragraph></subsection></section><section id="IDCC3F193313A0497899CA12E0C9385361"><enum>604.</enum><header>Definitions</header><text display-inline="no-display-inline">For purposes of this title:</text> <paragraph id="ID2E90B29DA9FD4E45968974F277974690"><enum>(1)</enum><text>The term <term>CBO</term> means the Director of the Congressional Budget Office.</text> </paragraph><paragraph id="id8F9FA1E100974F19B60198FAD274CE66"><enum>(2)</enum><text>The term <term>current</term> has the same meaning as in section 250(c)(9) of the Balanced Budget and Emergency Deficit Control Act of 1985.</text> </paragraph><paragraph id="id029F424C172C4F3AB0529500D06D8C8F"><enum>(3)</enum><text>The term <term>Federal insurance program</term> means a program that makes insurance commitments and includes the list of such programs as to be defined by the budget concepts commission, as required by title IV of the Truth in Budgeting and Social Security Protection Act of 2005.</text> </paragraph><paragraph id="ID61174D03289D47F991952100F5DE44CA"><enum>(4)</enum><text>The term <term>financing account</term> means the nonbudget account that is associated with each program account which receives payments from or makes payments to the program account, receives premiums and other payments from the public, pays insurance claims, and holds balances.</text> </paragraph><paragraph id="idA6C46789D49F4ED79C760226F470FF7D"><enum>(5)</enum><text>The term <term>GAO</term> means the Comptroller General of the United States.</text> </paragraph><paragraph id="idCF4694AA09FA4FBFB9148FA811751E45"><enum>(6)</enum><text>The term <term>insurance commitment</term> means an agreement in advance by a Federal agency to indemnify a non-Federal entity against specified losses. This term does not include loan guarantees as defined in title V or benefit programs such as social security, medicare, and similar existing social insurance programs.</text> </paragraph><paragraph id="id3DE871DB72254CE18447838D4206A534"><enum>(7)</enum><text>The term <term>model</term> means any actuarial, financial, econometric, probabilistic, or other methodology used to estimate the expected frequency and magnitude of loss-producing events, expected premiums or collections from or on behalf of the insured, expected recoveries, and administrative expenses.</text> </paragraph><paragraph id="idF29DACC3B0444A949B2E8EE92CD93001"><enum>(8)</enum><text>The term <term>modification</term> means any Government action that alters the risk-assumed cost of an existing insurance commitment from the current estimate of cash flows. This includes any action resulting from new legislation, or from the exercise of administrative discretion under existing law, that directly or indirectly alters the estimated cost of existing insurance commitments.</text> </paragraph><paragraph id="idA1CCF98A8F8C462DB838A40828CCB45F"><enum>(9)</enum><text>The term <term>OMB</term> means the Director of the Office of Management and Budget.</text> </paragraph><paragraph id="idB8FBEDFC0C4C4DF8A624071F35F520AD"><enum>(10)</enum><text>The term <term>program account</term> means the budget account for the risk-assumed cost, and for paying all costs of administering the insurance program, and is the account from which the risk-assumed cost is disbursed to the financing account.</text> </paragraph><paragraph id="ID2218BDCD5E2043B7BAF774936B68A422"><enum>(11)</enum><subparagraph commented="no" display-inline="yes-display-inline" id="ID3DF685E320C040CAB1BBD13C95C400AF"><enum>(A)</enum><text>The term <term>risk-assumed cost</term> means the net present value of the estimated cash flows to and from the Government resulting from an insurance commitment or modification thereof.</text> </subparagraph><subparagraph id="ID898F93D73B6C414184079F40473BC87F" indent="up1"><enum>(B)</enum><text>The cash flows associated with an insurance commitment include—</text> <clause id="ID56702AE3AA1940C782BA890419E3A624"><enum>(i)</enum><text>expected claims payments inherent in the Government’s commitment;</text> </clause><clause id="IDAB80A8FC3AC448EDBE34E059B1EF4B9F"><enum>(ii)</enum><text>net premiums (expected premium collections received from or on behalf of the insured less expected administrative expenses);</text> </clause><clause id="ID0F18E506169F49EF82635D15443CEE93"><enum>(iii)</enum><text>expected recoveries; and</text> </clause><clause id="IDA11722498DD24CD982EEABBFF56CA4D6"><enum>(iv)</enum><text>expected changes in claims, premiums, or recoveries resulting from the exercise by the insured of any option included in the insurance commitment.</text> </clause></subparagraph><subparagraph id="ID8EC664F4E6024768AC3BB4F1967B38F5" indent="up1"><enum>(C)</enum><text>The cost of a modification is the difference between the current estimate of the net present value of the remaining cash flows under the terms of the insurance commitment, and the current estimate of the net present value of the remaining cash flows under the terms of the insurance commitment as modified.</text> </subparagraph><subparagraph id="ID410FFBF440E34D0DA583E2408B68FAC3" indent="up1"><enum>(D)</enum><text>The cost of a reestimate is the difference between the net present value of the amount currently required by the financing account to pay estimated claims and other expenditures and the amount currently available in the financing account. The cost of a reestimate shall be accounted for in the current year in the budget of the Government submitted pursuant to section 1105(a) of title 31, United States Code.</text> </subparagraph><subparagraph id="ID056355CCFBAA4D7E8227B33E88AB432C" indent="up1"><enum>(E)</enum><text>For purposes of this definition, expected administrative expenses shall be construed as the amount estimated to be necessary for the proper administration of the insurance program. This amount may differ from amounts actually appropriated or otherwise made available for the administration of the program.</text> </subparagraph></paragraph></section><section id="ID3E4317D0FB82455EB430D9BB4EA2CC30"><enum>605.</enum><header>Authorizations to enter into contracts; actuarial cost account</header> <subsection id="ID2D4C86EF51244CA98DC8E3162F48F866"><enum>(a)</enum><header>Authorization of appropriations</header><text>There is authorized to be appropriated $600,000 for each of fiscal years 2006 through 2011 to the Director of the Office of Management and Budget and each agency responsible for administering a Federal program to carry out this title.</text> </subsection><subsection id="ID872456402B194F0BA0A500756240BF43"><enum>(b)</enum><header>Treasury transactions with the financing accounts</header><text>The Secretary of the Treasury shall borrow from, receive from, lend to, or pay the insurance financing accounts such amounts as may be appropriate. The Secretary of the Treasury may prescribe forms and denominations, maturities, and terms and conditions for the transactions described above. The authorities described above shall not be construed to supersede or override the authority of the head of a Federal agency to administer and operate an insurance program. All the transactions provided in this subsection shall be subject to the provisions of subchapter II of chapter 15 of title 31, United States Code. Cash balances of the financing accounts in excess of current requirements shall be maintained in a form of uninvested funds, and the Secretary of the Treasury shall pay interest on these funds.</text> </subsection><subsection id="IDE2B1254B1E214017B3F585494788C0F7"><enum>(c)</enum><header>Appropriation of amount necessary To cover Risk-Assumed cost of insurance commitments at transition date</header><paragraph commented="no" display-inline="yes-display-inline" id="ID4670870026AE483EAAEF1E641225EEC9"><enum>(1)</enum><text>A financing account is established on September 30, 2009, for each Federal insurance program.</text> </paragraph><paragraph id="ID4FBB97C3FDFB41E683EC9FEDC5CCA6A3" indent="up1"><enum>(2)</enum><text>These financing accounts shall be used in implementing the budget accounting required by this title.</text> </paragraph></subsection></section><section id="IDD691230FD4AD4AA1B1C6BC3FD66FD38D"><enum>606.</enum><header>Effective date</header> <subsection id="ID3AE35D24DC554D97BB47F403E6896281"><enum>(a)</enum><header>In general</header><text>This title shall take effect immediately and shall expire on September 30, 2011.</text> </subsection><subsection id="ID5EC8CCD885F84A11A130F9A1004F0674"><enum>(b)</enum><header>Special rule</header><text>If this title is not reauthorized by September 30, 2011, then the accounting structure and budgetary treatment of Federal insurance programs shall revert to the accounting structure and budgetary treatment in effect immediately before the date of enactment of this title.</text> </subsection></section>

(b)

Conforming amendment

The table of contents set forth in section 1(b) of the Congressional Budget and Impoundment Control Act of 1974 is amended by inserting after the item relating to section 507 the following new items:

TITLE VI—Budgetary treatment of Federal insurance programs

Sec. 601. Short title.

Sec. 602. Budgetary treatment.

Sec. 603. Timetable for implementation of accrual budgeting for Federal insurance programs.

Sec. 604. Definitions.

Sec. 605. Authorizations to enter into contracts; actuarial cost account.

Sec. 606. Effective date.

<enum>III</enum><header>Biennial budgeting and appropriations</header> <section id="IDE1DD066132334ECA8F7EE74DF4B5A825"><enum>301.</enum><header>Revision of timetable</header><text display-inline="no-display-inline">Section 300 of the Congressional Budget Act of 1974 (<external-xref legal-doc="usc" parsable-cite="usc/2/631">2 U.S.C. 631</external-xref>) is amended to read as follows:</text> <quoted-block act-name="" display-inline="no-display-inline" id="idBAD035987185488481A3D562518E9AD0" style="traditional"> <section id="id458391913DB34DFEB55ADD7E91474FB6"><enum>300.</enum><header>Timetable</header><subsection commented="no" display-inline="yes-display-inline" id="id1A802A9781A3476CB0207CF3183618D0"><enum>(a)</enum><header>In general</header><text>Except as provided by subsection (b), the timetable with respect to the congressional budget process for any Congress (beginning with the second session of the One Hundred Ninth Congress) is as follows:</text> <table align-to-level="section" blank-lines-before="0" frame="none" line-rules="no-gen" rule-weights="0.0.0.4.0.0" subformat="S6211" table-type="2-General"> <tgroup cols="2" fnote-size="0" grid-typeface="1.1" thead-tbody-ldg-size="10.10.16" ttitle-size="0"><colspec align="left" coldef="txt" colname="col1" colsep="1" colwidth="154.13pt" min-data-value="30"></colspec><colspec align="left" coldef="txt-no-ldr" colname="col2" colsep="1" colwidth="281.69pt" min-data-value="70"></colspec> <tbody> <row><entry align="left" colname="col1" leader-modify="clr-ldr" rowsep="0" stub-definition="txt-clr" stub-hierarchy="1"></entry><entry align="left" colname="col2" leader-modify="clr-ldr" rowsep="0">First Session</entry> </row> <row><entry align="left" colname="col1" leader-modify="clr-ldr" rowsep="0" stub-definition="txt-clr" stub-hierarchy="1">On or before:</entry><entry align="left" colname="col2" leader-modify="clr-ldr" rowsep="0">Action to be completed:</entry> </row> <row><entry align="left" colname="col1" leader-modify="force-ldr" rowsep="0" stub-definition="txt-ldr" stub-hierarchy="1">First Monday in February</entry><entry align="left" colname="col2" leader-modify="clr-ldr" rowsep="0">President submits budget recommendations.</entry> </row> <row><entry align="left" colname="col1" leader-modify="force-ldr" rowsep="0" stub-definition="txt-ldr" stub-hierarchy="1">February 15</entry><entry align="left" colname="col2" leader-modify="clr-ldr" rowsep="0">Congressional Budget Office submits report to Budget Committees.</entry> </row> <row><entry align="left" colname="col1" leader-modify="clr-ldr" rowsep="0" stub-definition="txt-clr" stub-hierarchy="1">Not later than 6 weeks after budget submission.</entry><entry align="left" colname="col2" leader-modify="clr-ldr" rowsep="0">Committees submit views and estimates to Budget Committees.</entry> </row> <row><entry align="left" colname="col1" leader-modify="force-ldr" rowsep="0" stub-definition="txt-ldr" stub-hierarchy="1">April 1</entry><entry align="left" colname="col2" leader-modify="clr-ldr" rowsep="0">Budget Committees report concurrent resolution on the biennial budget.</entry> </row> <row><entry align="left" colname="col1" leader-modify="force-ldr" rowsep="0" stub-definition="txt-ldr" stub-hierarchy="1">May 15</entry><entry align="left" colname="col2" leader-modify="clr-ldr" rowsep="0">Congress completes action on concurrent resolution on the biennial budget.</entry> </row> <row><entry align="left" colname="col1" leader-modify="force-ldr" rowsep="0" stub-definition="txt-ldr" stub-hierarchy="1">May 15</entry><entry align="left" colname="col2" leader-modify="clr-ldr" rowsep="0">Biennial appropriation bills may be considered in the House.</entry> </row> <row><entry align="left" colname="col1" leader-modify="force-ldr" rowsep="0" stub-definition="txt-ldr" stub-hierarchy="1">June 10</entry><entry align="left" colname="col2" leader-modify="clr-ldr" rowsep="0">House Appropriations Committee reports last biennial appropriation bill.</entry> </row> <row><entry align="left" colname="col1" leader-modify="force-ldr" rowsep="0" stub-definition="txt-ldr" stub-hierarchy="1">June 30</entry><entry align="left" colname="col2" leader-modify="clr-ldr" rowsep="0">House completes action on biennial appropriation bills.</entry> </row> <row><entry align="left" colname="col1" leader-modify="force-ldr" rowsep="0" stub-definition="txt-ldr" stub-hierarchy="1">August 1</entry><entry align="left" colname="col2" leader-modify="clr-ldr" rowsep="0">Congress completes action on reconciliation legislation.</entry> </row> <row><entry align="left" colname="col1" leader-modify="force-ldr" rowsep="0" stub-definition="txt-ldr" stub-hierarchy="1">October 1</entry><entry align="left" colname="col2" leader-modify="clr-ldr" rowsep="0">Biennium begins.</entry> </row> <row><entry align="left" colname="col1" leader-modify="clr-ldr" rowsep="0" stub-definition="txt-clr" stub-hierarchy="1"></entry><entry align="left" colname="col2" leader-modify="clr-ldr" rowsep="0">Second Session</entry> </row> <row><entry align="left" colname="col1" leader-modify="clr-ldr" rowsep="0" stub-definition="txt-clr" stub-hierarchy="1">On or before:</entry><entry align="left" colname="col2" leader-modify="clr-ldr" rowsep="0">Action to be completed:</entry> </row> <row><entry align="left" colname="col1" leader-modify="force-ldr" rowsep="0" stub-definition="txt-ldr" stub-hierarchy="1">February 15</entry><entry align="left" colname="col2" leader-modify="clr-ldr" rowsep="0">President submits budget review.</entry> </row> <row><entry align="left" colname="col1" leader-modify="clr-ldr" rowsep="0" stub-definition="txt-clr" stub-hierarchy="1">Not later than 6 weeks after President submits budget review.</entry><entry align="left" colname="col2" leader-modify="clr-ldr" rowsep="0">Congressional Budget Office submits report to Budget Committees.</entry> </row> <row><entry align="left" colname="col1" leader-modify="force-ldr" rowsep="0" stub-definition="txt-clr" stub-hierarchy="1">The last day of the session.</entry><entry align="left" colname="col2" leader-modify="clr-ldr" rowsep="0">Congress completes action on bills and resolutions authorizing new budget authority for the succeeding biennium.</entry> </row> </tbody> </tgroup> </table> </subsection><subsection commented="no" display-inline="no-display-inline" id="ID6A2CD9A0AD3345C59ED3241233F4D3B7"><enum>(b)</enum><header>Special rule</header><text display-inline="yes-display-inline">In the case of any first session of Congress that begins in any year immediately following a leap year and during which the term of a President (except a President who succeeds himself) begins, the following dates shall supersede those set forth in subsection (a):</text> <table align-to-level="section" blank-lines-before="0" frame="none" line-rules="no-gen" rule-weights="0.0.0.4.0.0" subformat="S6211" table-type="2-General"> <tgroup cols="2" fnote-size="0" grid-typeface="1.1" thead-tbody-ldg-size="10.10.16" ttitle-size="0"><colspec align="left" coldef="txt" colname="col1" colsep="1" colwidth="154.13pt" min-data-value="30"></colspec><colspec align="left" coldef="txt-no-ldr" colname="col2" colsep="1" colwidth="281.69pt" min-data-value="70"></colspec> <tbody> <row><entry align="left" colname="col1" leader-modify="clr-ldr" rowsep="0" stub-definition="txt-clr" stub-hierarchy="1"></entry><entry align="left" colname="col2" leader-modify="clr-ldr" rowsep="0">First Session</entry> </row> <row><entry align="left" colname="col1" leader-modify="clr-ldr" rowsep="0" stub-definition="txt-clr" stub-hierarchy="1">On or before:</entry><entry align="left" colname="col2" leader-modify="clr-ldr" rowsep="0">Action to be completed:</entry> </row> <row><entry align="left" colname="col1" leader-modify="force-ldr" rowsep="0" stub-definition="txt-ldr" stub-hierarchy="1">First Monday in April</entry><entry align="left" colname="col2" leader-modify="clr-ldr" rowsep="0">President submits budget recommendations.</entry> </row> <row><entry align="left" colname="col1" leader-modify="force-ldr" rowsep="0" stub-definition="txt-ldr" stub-hierarchy="1">April 20</entry><entry align="left" colname="col2" leader-modify="clr-ldr" rowsep="0">Committees submit views and estimates to Budget Committees.</entry> </row> <row><entry align="left" colname="col1" leader-modify="force-ldr" rowsep="0" stub-definition="txt-ldr" stub-hierarchy="1">May 15</entry><entry align="left" colname="col2" leader-modify="clr-ldr" rowsep="0">Budget Committees report concurrent resolution on the biennial budget.</entry> </row> <row><entry align="left" colname="col1" leader-modify="force-ldr" rowsep="0" stub-definition="txt-ldr" stub-hierarchy="1">June 1</entry><entry align="left" colname="col2" leader-modify="clr-ldr" rowsep="0">Congress completes action on concurrent resolution on the biennial budget.</entry> </row> <row><entry align="left" colname="col1" leader-modify="force-ldr" rowsep="0" stub-definition="txt-ldr" stub-hierarchy="1">July 1</entry><entry align="left" colname="col2" leader-modify="clr-ldr" rowsep="0">Biennial appropriation bills may be considered in the House.</entry> </row> <row><entry align="left" colname="col1" leader-modify="force-ldr" rowsep="0" stub-definition="txt-ldr" stub-hierarchy="1">July 20</entry><entry align="left" colname="col2" leader-modify="clr-ldr" rowsep="0">House completes action on biennial appropriation bills.</entry> </row> <row><entry align="left" colname="col1" leader-modify="force-ldr" rowsep="0" stub-definition="txt-ldr" stub-hierarchy="1">August 1</entry><entry align="left" colname="col2" leader-modify="clr-ldr" rowsep="0">Congress completes action on reconciliation legislation.</entry> </row> <row><entry align="left" colname="col1" leader-modify="force-ldr" rowsep="0" stub-definition="txt-ldr" stub-hierarchy="1">October 1</entry><entry align="left" colname="col2" leader-modify="clr-ldr" rowsep="0">Biennium begins.</entry> </row> </tbody> </tgroup></table> </subsection></section><after-quoted-block>.</after-quoted-block></quoted-block> </section><section id="ID33B81B0CF0AD444EA800FE68BBA72889"><enum>302.</enum><header>Amendments to the Congressional Budget and Impoundment Control Act of 1974</header> <subsection id="ID58A825F3E0F842B1A87CB31142CB0189"><enum>(a)</enum><header>Declaration of purpose</header><text>Section 2(2) of the Congressional Budget and Impoundment Control Act of 1974 (<external-xref legal-doc="usc" parsable-cite="usc/2/621(2)">2 U.S.C. 621(2)</external-xref>) is amended by striking <quote>each year</quote> and inserting <quote>biennially</quote>.</text> </subsection><subsection id="IDC820A783FF914EC9AD51CFD2ADF15BCA"><enum>(b)</enum><header>Definitions</header> <paragraph id="ID22633B48EF3B4BDFBEA9663271ECB496"><enum>(1)</enum><header>Budget resolution</header><text>Section 3(4) of such Act (<external-xref legal-doc="usc" parsable-cite="usc/2/622(4)">2 U.S.C. 622(4)</external-xref>) is amended by striking <quote>fiscal year</quote> each place it appears and inserting <quote>biennium</quote>.</text> </paragraph><paragraph id="ID6C361B8333F64E409C937000000742F2"><enum>(2)</enum><header>Biennium</header><text>Section 3 of such Act (<external-xref legal-doc="usc" parsable-cite="usc/2/622">2 U.S.C. 622</external-xref>) is further amended by adding at the end the following new paragraph:</text> <quoted-block id="IDB0EB4B19F8E74E229C33A4FD085156C7"> <paragraph id="ID415B415193894881BDE9B86F9060356F"><enum>(11)</enum><text>The term <term>biennium</term> means the period of 2 consecutive fiscal years beginning on October 1 of any odd-numbered year.</text> </paragraph><after-quoted-block>.</after-quoted-block></quoted-block> </paragraph></subsection><subsection id="IDC430ED9FE7C649578DCCD200B8CFDC85"><enum>(c)</enum><header>Biennial concurrent resolution on the budget</header> <paragraph id="ID31E512AC87274850B291E44BFA7CA428"><enum>(1)</enum><header>Contents of resolution</header><text>Section 301(a) of such Act (<external-xref legal-doc="usc" parsable-cite="usc/2/632(a)">2 U.S.C. 632(a)</external-xref>) is amended—</text> <subparagraph id="ID2C19E95D7F2C4B84BAD6264B79CB0006"><enum>(A)</enum><text>in the matter preceding paragraph (1) by—</text> <clause id="ID9EFD960B99A74831005D843BBDCE0118"><enum>(i)</enum><text>striking <quote>April 15 of each year</quote> and inserting <quote>May 15 of each odd-numbered year</quote>;</text> </clause><clause id="IDA5D113559F4044529C987CB249E56270"><enum>(ii)</enum><text>striking <quote>the fiscal year beginning on October 1 of such year</quote> the first place it appears and inserting <quote>the biennium beginning on October 1 of such year</quote>; and</text> </clause><clause id="ID27270671EE0F486F80FD9D2C3E7DD0E6"><enum>(iii)</enum><text>striking <quote>the fiscal year beginning on October 1 of such year</quote> the second place it appears and inserting <quote>each fiscal year in such period</quote>;</text> </clause></subparagraph><subparagraph id="ID9FB9FF01422A489D89696B71FDE4A6C6"><enum>(B)</enum><text>in paragraph (6), by striking <quote>for the fiscal year</quote> and inserting <quote>for each fiscal year in the biennium</quote>; and</text> </subparagraph><subparagraph id="IDE042F0DD0A924252BEECCD50379320FA"><enum>(C)</enum><text>in paragraph (7), by striking <quote>for the first fiscal year</quote> and inserting <quote>for each fiscal year in the biennium</quote>.</text> </subparagraph></paragraph><paragraph id="ID94060D8D48CC48D700B7A1542C3814F6"><enum>(2)</enum><header>Additional matters</header><text>Section 301(b)(3) of such Act (<external-xref legal-doc="usc" parsable-cite="usc/2/632(b)">2 U.S.C. 632(b)</external-xref>) is amended by striking <quote>for such fiscal year</quote> and inserting <quote>for either fiscal year in such biennium</quote>.</text> </paragraph><paragraph id="IDF9C7931F0C5C481EACA742F513A8EE9B"><enum>(3)</enum><header>Views of other committees</header><text>Section 301(d) of such Act (<external-xref legal-doc="usc" parsable-cite="usc/2/632(d)">2 U.S.C. 632(d)</external-xref>) is amended by inserting <quote>(or, if applicable, as provided by section 300(b))</quote> after <quote>United States Code</quote>.</text> </paragraph><paragraph id="ID130531B272694FBF8D206345CAE5C44B"><enum>(4)</enum><header>Hearings</header><text>Section 301(e)(1) of such Act (<external-xref legal-doc="usc" parsable-cite="usc/2/632(e)">2 U.S.C. 632(e)</external-xref>) is amended by—</text> <subparagraph id="ID7F9542C11C244A91871FA4998D7478AC"><enum>(A)</enum><text>striking <quote>fiscal year</quote> and inserting <quote>biennium</quote>; and</text> </subparagraph><subparagraph id="ID69FFBF7BD11F4375B70376FABFB5D1A8"><enum>(B)</enum><text>inserting after the second sentence the following: <quote>On or before April 1 of each odd-numbered year (or, if applicable, as provided by section 300(b)), the Committee on the Budget of each House shall report to its House the concurrent resolution on the budget referred to in subsection (a) for the biennium beginning on October 1 of that year.</quote>.</text> </subparagraph></paragraph><paragraph id="ID42B253D96552448993F47F2B61F500B9"><enum>(5)</enum><header>Goals for reducing unemployment</header><text>Section 301(f) of such Act (<external-xref legal-doc="usc" parsable-cite="usc/2/632(f)">2 U.S.C. 632(f)</external-xref>) is amended by striking <quote>fiscal year</quote> each place it appears and inserting <quote>biennium</quote>.</text> </paragraph><paragraph id="IDE573C6E58D894044A0B4C7EDD9639693"><enum>(6)</enum><header>Economic assumptions</header><text>Section 301(g)(1) of such Act (<external-xref legal-doc="usc" parsable-cite="usc/2/632(g)(1)">2 U.S.C. 632(g)(1)</external-xref>) is amended by striking <quote>for a fiscal year</quote> and inserting <quote>for a biennium</quote>.</text> </paragraph><paragraph id="IDFCEC6A62D4D14983A0751C5800169C50"><enum>(7)</enum><header>Section heading</header><text>The section heading of section 301 of such Act is amended by striking <quote><header-in-text level="section">annual</header-in-text></quote> and inserting <quote><header-in-text level="section">biennial</header-in-text></quote>.</text> </paragraph><paragraph id="ID893B08932F2345B4A0C0F7DF634BB726"><enum>(8)</enum><header>Table of contents</header><text>The item relating to section 301 in the table of contents set forth in section 1(b) of such Act is amended by striking <quote>Annual</quote> and inserting <quote>Biennial</quote>.</text> </paragraph></subsection><subsection id="IDD7E8A893166C471D917F80A28F1B7BC9"><enum>(d)</enum><header>Committee allocations</header><text>Section 302 of such Act (<external-xref legal-doc="usc" parsable-cite="usc/2/633">2 U.S.C. 633</external-xref>) is amended—</text> <paragraph id="ID815E9A7F8D174AC0AF8BD38EB876AB35"><enum>(1)</enum><text>in subsection (a)(1), by—</text> <subparagraph id="ID874B9F38F4EF47D3A8FEDFDF80F1BB61"><enum>(A)</enum><text>striking <quote>for the first fiscal year of the resolution,</quote> and inserting <quote>for each fiscal year in the biennium,</quote>;</text> </subparagraph><subparagraph id="IDC26818E90C45412DB85F5FD429E33F86"><enum>(B)</enum><text>striking <quote>for that period of fiscal years</quote> and inserting <quote>for all fiscal years covered by the resolution</quote>; and</text> </subparagraph><subparagraph id="IDFA722473EF414481838D2D8244123302"><enum>(C)</enum><text>striking <quote>for the fiscal year of that resolution</quote> and inserting <quote>for each fiscal year in the biennium</quote>;</text> </subparagraph></paragraph><paragraph id="IDB5A42B3534EB49899D8E392EBC6B338B"><enum>(2)</enum><text>in subsection (f)(1), by striking <quote>for a fiscal year</quote> and inserting <quote>for a biennium</quote>;</text> </paragraph><paragraph id="IDCCC3410D932F4EA283873181465E3C65"><enum>(3)</enum><text>in subsection (f)(1), by striking <quote>first fiscal year</quote> and inserting <quote>each fiscal year of the biennium</quote>;</text> </paragraph><paragraph id="ID560AA74C973D4BE69110B9A1BF883B30"><enum>(4)</enum><text>in subsection (f)(2)(A), by—</text> <subparagraph id="ID0FFD3223B1854A8C9E177BAE4C6F3F49"><enum>(A)</enum><text>striking <quote>first fiscal year</quote> and inserting <quote>each fiscal year of the biennium</quote>; and</text> </subparagraph><subparagraph id="ID8887FC97206B40D2A100EBC2967D2642"><enum>(B)</enum><text>striking <quote>the total of fiscal years</quote> and inserting <quote>the total of all fiscal years covered by the resolution</quote>; and</text> </subparagraph></paragraph><paragraph id="IDF02E87A8412B4DAABFDFE0C867668C43"><enum>(5)</enum><text>in subsection (g)(1)(A), by striking <quote>April</quote> and inserting <quote>May</quote>.</text> </paragraph></subsection><subsection id="ID13C579BD15A240EC88F333B7D34E8FBE"><enum>(e)</enum><header>Section <enum-in-header>303</enum-in-header> point of order</header> <paragraph id="ID6B5239642E1649009B1293D571D3EC16"><enum>(1)</enum><header>In general</header><text>Section 303(a) of such Act (<external-xref legal-doc="usc" parsable-cite="usc/2/634(a)">2 U.S.C. 634(a)</external-xref>) is amended by striking <quote>first fiscal year</quote> and inserting <quote>each fiscal year of the biennium</quote>.</text> </paragraph><paragraph id="ID387D2CC129154E11B29EA266C04280CB"><enum>(2)</enum><header>Exceptions in the House</header><text>Section 303(b)(1) of such Act (<external-xref legal-doc="usc" parsable-cite="usc/2/634(b)">2 U.S.C. 634(b)</external-xref>) is amended—</text> <subparagraph id="ID5EF93E774EBC4C50946DB62C7CD069A4"><enum>(A)</enum><text>in subparagraph (A), by striking <quote>the budget year</quote> and inserting <quote>the biennium</quote>; and</text> </subparagraph><subparagraph id="IDF71A1F5064974402AC7EFEC7564D2590"><enum>(B)</enum><text>in subparagraph (B), by striking <quote>the fiscal year</quote> and inserting <quote>the biennium</quote>.</text> </subparagraph></paragraph><paragraph id="ID93B55C0980DE4E0BBE606182C4D4B300"><enum>(3)</enum><header>Application to the Senate</header><text>Section 303(c)(1) of such Act (<external-xref legal-doc="usc" parsable-cite="usc/2/634(c)">2 U.S.C. 634(c)</external-xref>) is amended by—</text> <subparagraph id="ID4E3874B8758C4C4392FDCA82E60038C2"><enum>(A)</enum><text>striking <quote>fiscal year</quote> and inserting <quote>biennium</quote>; and</text> </subparagraph><subparagraph id="IDF4CCEC945FB649DE8E14C72000BF72D1"><enum>(B)</enum><text>striking <quote>that year</quote> and inserting <quote>each fiscal year of that biennium</quote>.</text> </subparagraph></paragraph></subsection><subsection id="IDD4773AD944BE498AA600F200572279D7"><enum>(f)</enum><header>Permissible revisions of concurrent resolutions on the budget</header><text>Section 304(a) of such Act (<external-xref legal-doc="usc" parsable-cite="usc/2/635">2 U.S.C. 635</external-xref>) is amended—</text> <paragraph id="IDA0F4EF7DE18C41B0B74E1E1F85149034"><enum>(1)</enum><text>by striking <quote>fiscal year</quote> the first two places it appears and inserting <quote>biennium</quote>;</text> </paragraph><paragraph id="ID2ED389FBE2574C9AB0525940D9BD45B6"><enum>(2)</enum><text>by striking <quote>for such fiscal year</quote>; and</text> </paragraph><paragraph id="IDB094679CFD844624A0553E23D4F4B58C"><enum>(3)</enum><text>by inserting before the period <quote>for such biennium</quote>.</text> </paragraph></subsection><subsection id="IDC85CC1A683E94046BA8729D5558700FD"><enum>(g)</enum><header>Procedures for consideration of budget resolutions</header><text>Section 305(a)(3) of such Act (<external-xref legal-doc="usc" parsable-cite="usc/2/636(b)(3)">2 U.S.C. 636(b)(3)</external-xref>) is amended by striking <quote>fiscal year</quote> and inserting <quote>biennium</quote>.</text> </subsection><subsection id="IDB771F499E8EF4A459E46D58FE26335BC"><enum>(h)</enum><header>Completion of House action on appropriation bills</header><text>Section 307 of such Act (<external-xref legal-doc="usc" parsable-cite="usc/2/638">2 U.S.C. 638</external-xref>) is amended—</text> <paragraph id="IDBF78C5FD790040E6AF96F1A0C677AE07"><enum>(1)</enum><text>by striking <quote>each year</quote> and inserting <quote>each odd-numbered year</quote>;</text> </paragraph><paragraph id="ID49F9FDD964474B4790FF8F83851032D2"><enum>(2)</enum><text>by striking <quote>annual</quote> and inserting <quote>biennial</quote>;</text> </paragraph><paragraph id="ID8CE30D420ED2495F90D06900BBCDBD30"><enum>(3)</enum><text>by striking <quote>fiscal year</quote> and inserting <quote>biennium</quote>; and</text> </paragraph><paragraph id="ID479C5BFA7C7146F68E1460ED5B93C470"><enum>(4)</enum><text>by striking <quote>that year</quote> and inserting <quote>each odd-numbered year</quote>.</text> </paragraph></subsection><subsection id="IDF59D04B7FD74484CB7946F18EB30C65E"><enum>(i)</enum><header>Completion of action on regular appropriation bills</header><text>Section 309 of such Act (<external-xref legal-doc="usc" parsable-cite="usc/2/640">2 U.S.C. 640</external-xref>) is amended—</text> <paragraph id="ID0FB6C51C68F14BDEA964BEEAC76357DF"><enum>(1)</enum><text>by inserting <quote>of any odd-numbered calendar year</quote> after <quote>July</quote>;</text> </paragraph><paragraph id="ID64148B166AF84AE2A6A15340AC00E384"><enum>(2)</enum><text>by striking <quote>annual</quote> and inserting <quote>biennial</quote>; and</text> </paragraph><paragraph id="ID0A4C36099E314E5ABF31F47026AD4045"><enum>(3)</enum><text>by striking <quote>fiscal year</quote> and inserting <quote>biennium</quote>.</text> </paragraph></subsection><subsection id="IDF8A1A97161AB43A49CA94862BE93335F"><enum>(j)</enum><header>Reconciliation process</header><text>Section 310(a) of such Act (<external-xref legal-doc="usc" parsable-cite="usc/2/641(a)">2 U.S.C. 641(a)</external-xref>) is amended—</text> <paragraph id="ID705017292F314C74B3CD32FC8542491F"><enum>(1)</enum><text>in the matter preceding paragraph (1), by striking <quote>any fiscal year</quote> and inserting <quote>any biennium</quote>; and</text> </paragraph><paragraph id="ID0BFF6365D59746FFBDB202E76DE86193"><enum>(2)</enum><text>in paragraph (1) by striking <quote>such fiscal year</quote> each place it appears and inserting <quote>any fiscal year covered by such resolution</quote>.</text> </paragraph></subsection><subsection id="IDFA80CD2548584758A134E9136B14D125"><enum>(k)</enum><header>Section <enum-in-header>311</enum-in-header> point of order</header> <paragraph id="IDB410770168C2458888CE7D3C6E5F4BA4"><enum>(1)</enum><header>In the House</header><text>Section 311(a)(1) of such Act (<external-xref legal-doc="usc" parsable-cite="usc/2/642(a)">2 U.S.C. 642(a)</external-xref>) is amended—</text> <subparagraph id="ID7878680436A8410A967DB0866C00D367"><enum>(A)</enum><text>by striking <quote>for a fiscal year</quote> and inserting <quote>for a biennium</quote>;</text> </subparagraph><subparagraph id="ID1CDA88310AA64B46936B67516126C2D0"><enum>(B)</enum><text>by striking <quote>the first fiscal year</quote> each place it appears and inserting <quote>either fiscal year of the biennium</quote>; and</text> </subparagraph><subparagraph id="IDA139C7596E7246F69D5100363D702276"><enum>(C)</enum><text>by striking <quote>that first fiscal year</quote> and inserting <quote>each fiscal year in the biennium</quote>.</text> </subparagraph></paragraph><paragraph id="ID63CAD5FD2E0B4B25A619555B88C3DE12"><enum>(2)</enum><header>In the Senate</header><text>Section 311(a)(2) of such Act is amended—</text> <subparagraph id="IDABF4A681267D40F894C0136D50325400"><enum>(A)</enum><text>in subparagraph (A), by striking <quote>for the first fiscal year</quote> and inserting <quote>for either fiscal year of the biennium</quote>; and</text> </subparagraph><subparagraph id="ID2D9C8AEEB89742B5A5587F49D027E2AE"><enum>(B)</enum><text>in subparagraph (B)—</text> <clause id="ID4B8FB4E73F334C3280A073DB4D3695FE"><enum>(i)</enum><text>by striking <quote>that first fiscal year</quote> the first place it appears and inserting <quote>each fiscal year in the biennium</quote>; and</text> </clause><clause id="ID2BD7DEA3A1034B148653F7BF00B2726D"><enum>(ii)</enum><text>by striking <quote>that first fiscal year and the ensuing fiscal years</quote> and inserting <quote>all fiscal years</quote>.</text> </clause></subparagraph></paragraph><paragraph id="ID85BE10C4EB7D4394B707B930EC37621C"><enum>(3)</enum><header>Social Security levels</header><text>Section 311(a)(3) of such Act is amended by—</text> <subparagraph id="ID433A8A93183944AFAA0067D8C3EAEC00"><enum>(A)</enum><text>striking <quote>for the first fiscal year</quote> and inserting <quote>each fiscal year in the biennium</quote>; and</text> </subparagraph><subparagraph id="IDC20F05869C6744AA90C73623AF848213"><enum>(B)</enum><text>striking <quote>that fiscal year and the ensuing fiscal years</quote> and inserting <quote>all fiscal years</quote>.</text> </subparagraph></paragraph></subsection><subsection id="IDDF0312589A854875938BD9F8AA6800CA"><enum>(l)</enum><header>MDA point of order</header><text>Section 312(c) of the Congressional Budget Act of 1974 (<external-xref legal-doc="usc" parsable-cite="usc/2/643">2 U.S.C. 643</external-xref>) is amended—</text> <paragraph id="IDBF45CE26BD1F4033B1362D9D628D3E9E"><enum>(1)</enum><text>by striking <quote>for a fiscal year</quote> and inserting <quote>for a biennium</quote>;</text> </paragraph><paragraph id="IDF784921F78B64247A1DBF3F1B49986BE"><enum>(2)</enum><text>in paragraph (1), by striking <quote>first fiscal year</quote> and inserting <quote>either fiscal year in the biennium</quote>;</text> </paragraph><paragraph id="ID4297B4745264415E9183604D4637EAC6"><enum>(3)</enum><text>in paragraph (2), by striking <quote>that fiscal year</quote> and inserting <quote>either fiscal year in the biennium</quote>; and</text> </paragraph><paragraph id="ID37B98B8B4EFA4B52842E7B04CF04AE44"><enum>(4)</enum><text>in the matter following paragraph (2), by striking <quote>that fiscal year</quote> and inserting <quote>the applicable fiscal year</quote>.</text> </paragraph></subsection></section><section id="IDFA6E706C72EE4F4B0094C99616A23ECC"><enum>303.</enum><header>Amendments to title <enum-in-header>31</enum-in-header>, United States Code</header> <subsection id="IDA10776AE64A74C53871D99024039ACA4"><enum>(a)</enum><header>Definition</header><text>Section 1101 of title 31, United States Code, is amended by adding at the end thereof the following new paragraph:</text> <quoted-block id="ID5B0BECBC810046C5AFC38D898CDCEEF3"> <paragraph id="ID960F79A81ABC4C4BA6CCCC00B482E3AA"><enum>(3)</enum><text><quote>biennium</quote> has the meaning given to such term in paragraph (11) of section 3 of the Congressional Budget and Impoundment Control Act of 1974 (<external-xref legal-doc="usc" parsable-cite="usc/2/622(11)">2 U.S.C. 622(11)</external-xref>).</text> </paragraph><after-quoted-block>.</after-quoted-block></quoted-block> </subsection><subsection id="IDB25BE119025B4F3482D1CADA88FF5565"><enum>(b)</enum><header>Budget contents and submission to Congress</header> <paragraph id="ID6C233C89A0C54341B72883BFBEBF1548"><enum>(1)</enum><header>Schedule</header><text>The matter preceding paragraph (1) in section 1105(a) of title 31, United States Code, is amended to read as follows:</text> <quoted-block id="IDD2BB3F3FFDB74CAE935EA96D32C3BDA8"> <subsection id="ID913980D9B0C34898996D19CE632B6D36"><enum>(a)</enum><text>On or before the first Monday in February of each odd-numbered year (or, if applicable, as provided by section 300(b) of the Congressional Budget Act of 1974), beginning with the One Hundred Seventh Congress, the President shall transmit to Congress, the budget for the biennium beginning on October 1 of such calendar year. The budget transmitted under this subsection shall include a budget message and summary and supporting information. The President shall include in each budget the following:</text> </subsection><after-quoted-block>.</after-quoted-block></quoted-block> </paragraph><paragraph id="IDB4E6CD59C30A4D1FA5EF5D2CEF51C1B5"><enum>(2)</enum><header>Expenditures</header><text>Section 1105(a)(5) of title 31, United States Code, is amended by striking <quote>the fiscal year for which the budget is submitted and the 4 fiscal years after that year</quote> and inserting <quote>each fiscal year in the biennium for which the budget is submitted and in the succeeding 4 years</quote>.</text> </paragraph><paragraph id="IDF7AE56391A4F4133B4168168CC53E6BB"><enum>(3)</enum><header>Receipts</header><text>Section 1105(a)(6) of title 31, United States Code, is amended by striking <quote>the fiscal year for which the budget is submitted and the 4 fiscal years after that year</quote> and inserting <quote>each fiscal year in the biennium for which the budget is submitted and in the succeeding 4 years</quote>.</text> </paragraph><paragraph id="ID4FDEACCFD9344597B43B104445128CD7"><enum>(4)</enum><header>Balance statements</header><text>Section 1105(a)(9)(C) of title 31, United States Code, is amended by striking <quote>the fiscal year</quote> and inserting <quote>each fiscal year in the biennium</quote>.</text> </paragraph><paragraph id="ID52F86B2FB3094044ACFC6BAA4733D240"><enum>(5)</enum><header>Functions and activities</header><text>Section 1105(a)(12) of title 31, United States Code, is amended in subparagraph (A), by striking <quote>the fiscal year</quote> and inserting <quote>each fiscal year in the biennium</quote>.</text> </paragraph><paragraph id="IDB2F4BD5553F1447E9EEFE4BA4B11CB9C"><enum>(6)</enum><header>Allowances</header><text>Section 1105(a)(13) of title 31, United States Code, is amended by striking <quote>the fiscal year</quote> and inserting <quote>each fiscal year in the biennium</quote>.</text> </paragraph><paragraph id="IDDC29BAEDFCE74F65BF98179BB25D6FE6"><enum>(7)</enum><header>Allowances for uncontrolled expenditures</header><text>Section 1105(a)(14) of title 31, United States Code, is amended by striking <quote>that year</quote> and inserting <quote>each fiscal year in the biennium for which the budget is submitted</quote>.</text> </paragraph><paragraph id="IDECCB2B42975D4FFC81F9FF00BDC200ED"><enum>(8)</enum><header>Tax expenditures</header><text>Section 1105(a)(16) of title 31, United States Code, is amended by striking <quote>the fiscal year</quote> and inserting <quote>each fiscal year in the biennium</quote>.</text> </paragraph><paragraph id="ID52723B91A0EB4EBDABB100B939C8F320"><enum>(9)</enum><header>Future years</header><text>Section 1105(a)(17) of title 31, United States Code, is amended—</text> <subparagraph id="IDD2A456F387014FDABEB477C9159E96F7"><enum>(A)</enum><text>by striking <quote>the fiscal year following the fiscal year</quote> and inserting <quote>each fiscal year in the biennium following the biennium</quote>;</text> </subparagraph><subparagraph id="ID5BB5535A7DF244E59EAFC2958030E753"><enum>(B)</enum><text>by striking <quote>that following fiscal year</quote> and inserting <quote>each such fiscal year</quote>; and</text> </subparagraph><subparagraph id="ID3C95AC7B91754DAE8DEC6ED24000D885"><enum>(C)</enum><text>by striking <quote>fiscal year before the fiscal year</quote> and inserting <quote>biennium before the biennium</quote>.</text> </subparagraph></paragraph><paragraph id="ID0296E06BED6B4B64B469F16F6764A604"><enum>(10)</enum><header>Prior year outlays</header><text>Section 1105(a)(18) of title 31, United States Code, is amended—</text> <subparagraph id="ID345C29FD29B34D37ABF617288C650224"><enum>(A)</enum><text>by striking <quote>the prior fiscal year</quote> and inserting <quote>each of the 2 most recently completed fiscal years,</quote>;</text> </subparagraph><subparagraph id="IDD9D234CD2DAD49AB91258000DFC5007C"><enum>(B)</enum><text>by striking <quote>for that year</quote> and inserting <quote>with respect to those fiscal years</quote>; and</text> </subparagraph><subparagraph id="ID868D808EF9DB42158723F7ACB0AAF3E4"><enum>(C)</enum><text>by striking <quote>in that year</quote> and inserting <quote>in those fiscal years</quote>.</text> </subparagraph></paragraph><paragraph id="IDD2996304E72B41B5A7F8C923F2F87DD6"><enum>(11)</enum><header>Prior year receipts</header><text>Section 1105(a)(19) of title 31, United States Code, is amended—</text> <subparagraph id="ID7DAF8B8954C94699A1661C263C5ED6A3"><enum>(A)</enum><text>by striking <quote>the prior fiscal year</quote> and inserting <quote>each of the 2 most recently completed fiscal years</quote>;</text> </subparagraph><subparagraph id="IDC74A1AB483CD499292461DFABCD31329"><enum>(B)</enum><text>by striking <quote>for that year</quote> and inserting <quote>with respect to those fiscal years</quote>; and</text> </subparagraph><subparagraph id="ID9C8C2F5395174762B9E03464ED711923"><enum>(C)</enum><text>by striking <quote>in that year</quote> each place it appears and inserting <quote>in those fiscal years</quote>.</text> </subparagraph></paragraph></subsection><subsection id="ID4FB5AC4CB5D94E74AD60E420ADB15C97"><enum>(c)</enum><header>Estimated expenditures of legislative and judicial branches</header><text>Section 1105(b) of title 31, United States Code, is amended by striking <quote>each year</quote> and inserting <quote>each even-numbered year</quote>.</text> </subsection><subsection id="IDE82B57628B2547B1A1A466A58F00D9C9"><enum>(d)</enum><header>Recommendations To meet estimated deficiencies</header><text>Section 1105(c) of title 31, United States Code, is amended—</text> <paragraph id="ID91743B2D54A1422CBBFE572784627D74"><enum>(1)</enum><text>by striking <quote>the fiscal year for</quote> the first place it appears and inserting <quote>each fiscal year in the biennium for</quote>;</text> </paragraph><paragraph id="ID398860D466E345D5BD155794E662B213"><enum>(2)</enum><text>by striking <quote>the fiscal year for</quote> the second place it appears and inserting <quote>each fiscal year of the biennium, as the case may be,</quote>; and</text> </paragraph><paragraph id="ID49FD13BD4E024D1EB8EE1DEE6484E46F"><enum>(3)</enum><text>by striking <quote>that year</quote> and inserting <quote>for each year of the biennium</quote>.</text> </paragraph></subsection><subsection id="ID69A319C8C8EC41DC9C29EAFF87602C18"><enum>(e)</enum><header>Capital investment analysis</header><text>Section 1105(e)(1) of title 31, United States Code, is amended by striking <quote>ensuing fiscal year</quote> and inserting <quote>biennium to which such budget relates</quote>.</text> </subsection><subsection id="IDE2BC359AA285403798B09705C2C0ABBE"><enum>(f)</enum><header>Supplemental budget estimates and changes</header> <paragraph id="ID9B569E756E36499DA512008128151525"><enum>(1)</enum><header>In general</header><text>Section 1106(a) of title 31, United States Code, is amended—</text> <subparagraph id="ID1B5AA54D7DD244D99F5D3040F509CF16"><enum>(A)</enum><text>in the matter preceding paragraph (1), by—</text> <clause id="ID3FF0296FE7C44751B4D929ECA2CD087B"><enum>(i)</enum><text>striking <quote>Before July 16 of each year,</quote> and inserting <quote>Before February 15 of each even numbered year,</quote>; and</text> </clause><clause id="ID2D670CB06245471EB13FA40781FB656E"><enum>(ii)</enum><text>striking <quote>fiscal year</quote> and inserting <quote>biennium</quote>;</text> </clause></subparagraph><subparagraph id="ID2F0A6B9514F9499900E6B80088888031"><enum>(B)</enum><text>in paragraph (1), by striking <quote>that fiscal year</quote> and inserting <quote>each fiscal year in such biennium</quote>;</text> </subparagraph><subparagraph id="IDAAA204F551834BA081E69414E783002F"><enum>(C)</enum><text>in paragraph (2), by striking <quote>4 fiscal years following the fiscal year</quote> and inserting <quote>4 fiscal years following the biennium</quote>; and</text> </subparagraph><subparagraph id="ID46634E0786EB40E5891565B561D9087C"><enum>(D)</enum><text>in paragraph (3), by striking <quote>fiscal year</quote> and inserting <quote>biennium</quote>.</text> </subparagraph></paragraph><paragraph id="ID66590C502AE14D0981D4D2007D7B6B75"><enum>(2)</enum><header>Changes</header><text>Section 1106(b) of title 31, United States Code, is amended by—</text> <subparagraph id="ID8DD123F168CE41DA82D800FCC8FFD329"><enum>(A)</enum><text>striking <quote>the fiscal year</quote> and inserting <quote>each fiscal year in the biennium</quote>;</text> </subparagraph><subparagraph id="ID73CE42E5F9DF422EB28C0091AFEDD400"><enum>(B)</enum><text>striking <quote>April 11 and July 16 of each year</quote> and inserting <quote>February 15 of each even-numbered year</quote>; and</text> </subparagraph><subparagraph id="IDA6C4DF094AAB43F6A006BA909623E8E1"><enum>(C)</enum><text>striking <quote>July 16</quote> and inserting <quote>February 15 of each even-numbered year.</quote>.</text> </subparagraph></paragraph></subsection><subsection id="IDFA2A76F5DD98432A9715BA4645B68F00"><enum>(g)</enum><header>Current programs and activities estimates</header> <paragraph id="ID45CD0BFB48BE474C8881663000A351D2"><enum>(1)</enum><header>In general</header><text>Section 1109(a) of title 31, United States Code, is amended—</text> <subparagraph id="IDDFF21874984E4404A3C7BA5745CF0045"><enum>(A)</enum><text>by striking <quote>On or before the first Monday after January 3 of each year (on or before February 5 in 1986)</quote> and inserting <quote>At the same time the budget required by section 1105 is submitted for a biennium</quote>; and</text> </subparagraph><subparagraph id="IDC8D81FB0DB4445D0BC22B3F6CAF7F66D"><enum>(B)</enum><text>by striking <quote>the following fiscal year</quote> and inserting <quote>each fiscal year of such period</quote>.</text> </subparagraph></paragraph><paragraph id="IDFFD99B49DCCE44F0B92FA3063C15A27D"><enum>(2)</enum><header>Joint economic Committee</header><text>Section 1109(b) of title 31, United States Code, is amended by striking <quote>March 1 of each year</quote> and inserting <quote>within 6 weeks of the President’s budget submission for each odd-numbered year (or, if applicable, as provided by section 300(b) of the Congressional Budget Act of 1974)</quote>.</text> </paragraph></subsection><subsection id="ID2A53E04738554E2492D987C1E1A8D4A6"><enum>(h)</enum><header>Year-Ahead requests for authorizing legislation</header><text>Section 1110 of title 31, United States Code, is amended by—</text> <paragraph id="ID91C9B9D8E7254CCC852B453ECBA71F63"><enum>(1)</enum><text>striking <quote>May 16</quote> and inserting <quote>March 31</quote>; and</text> </paragraph><paragraph id="IDBB2EF5239D364ED79FA23012F1350059"><enum>(2)</enum><text>striking <quote>year before the year in which the fiscal year begins</quote> and inserting <quote>calendar year preceding the calendar year in which the biennium begins</quote>.</text> </paragraph></subsection></section><section id="ID537828511C83427F00B8FB92E52C2BAE"><enum>304.</enum><header>Two-year appropriations; title and style of appropriations Acts</header><text display-inline="no-display-inline">Section 105 of title 1, United States Code, is amended to read as follows:</text> <quoted-block id="ID53FF06047854433CB8B0D8A7D8BE262B" style="USC"> <section id="ID1063541FC32A49DFA59EFAB5A574F400"><enum>105.</enum><header>Title and style of appropriations Acts</header> <subsection id="ID4399C483AAE6443381F09BC2615E80B8"><enum>(a)</enum><text>The style and title of all Acts making appropriations for the support of the Government shall be as follows: <quote>An Act making appropriations (here insert the object) for each fiscal year in the biennium of fiscal years (here insert the fiscal years of the biennium).</quote>.</text> </subsection><subsection id="ID508DE2EF4EF74C3290119E52FE8452D4"><enum>(b)</enum><text>All Acts making regular appropriations for the support of the Government shall be enacted for a biennium and shall specify the amount of appropriations provided for each fiscal year in such period.</text> </subsection><subsection id="IDF7BB94125BDD41509960C6AFEEB87462"><enum>(c)</enum><text>For purposes of this section, the term <term>biennium</term> has the same meaning as in section 3(11) of the Congressional Budget and Impoundment Control Act of 1974 (<external-xref legal-doc="usc" parsable-cite="usc/2/622(11)">2 U.S.C. 622(11)</external-xref>).</text> </subsection></section><after-quoted-block>.</after-quoted-block></quoted-block> </section><section id="ID1E01727E1CAD415EBB457E9FC9A8E600"><enum>305.</enum><header>Multiyear authorizations</header> <subsection id="ID2DA05B4582FA48AB8E63324FAED8E248"><enum>(a)</enum><header>In general</header><text>Title III of the Congressional Budget Act of 1974 is amended by adding at the end the following new section:</text> <quoted-block act-name="" id="IDDB96181177194A1796F913569927D781" style="traditional"> <section id="ID7D11BB170EF74AB5A9A48D99734BBA30"><enum>319.</enum><header>Authorizations of appropriations</header><subsection commented="no" display-inline="yes-display-inline" id="IDF22FD449E4214BA68FBF3B925C599DDE"><enum>(a)</enum><header>Point of order</header><text>It shall not be in order in the House of Representatives or the Senate to consider—</text> <paragraph id="ID2D7D2F1C909248ABB5C0A4096DF55839"><enum>(1)</enum><text>any bill, joint resolution, amendment, motion, or conference report that authorizes appropriations for a period of less than 2 fiscal years, unless the program, project, or activity for which the appropriations are authorized will require no further appropriations and will be completed or terminated after the appropriations have been expended; and</text> </paragraph><paragraph id="ID64DB98D0C7844E3A92BC101B456D00AF"><enum>(2)</enum><text>in any odd-numbered year, any authorization or revenue bill or joint resolution until Congress completes action on the biennial budget resolution, all regular biennial appropriations bills, and all reconciliation bills.</text> </paragraph></subsection><subsection id="ID564DDF362F414ADC82D5EFD627DE6297"><enum>(b)</enum><header>Applicability</header><text>In the Senate, subsection (a) shall not apply to—</text> <paragraph id="ID9818ECBAC386477AA6AB7915469D3F06"><enum>(1)</enum><text>any measure that is privileged for consideration pursuant to a rule or statute;</text> </paragraph><paragraph id="IDF6F522E9D16C43A189329EADD5D24751"><enum>(2)</enum><text>any matter considered in Executive Session; or</text> </paragraph><paragraph id="ID0B6811AB9A724C2C8B7FB68BCA388057"><enum>(3)</enum><text>an appropriations measure or reconciliation bill.</text> </paragraph></subsection></section><after-quoted-block>.</after-quoted-block></quoted-block> </subsection><subsection id="IDD5CFC15FF5584D3AB400A866F4154ED3"><enum>(b)</enum><header>Amendment to table of contents</header><text>The table of contents set forth in section 1(b) of the Congressional Budget and Impoundment Control Act of 1974 is amended by adding after the item relating to section 318 the following new item:</text> <quoted-block id="ID85B81C2F4F6D44BA93D8A29F92729239" style="USC"> <toc regeneration="no-regeneration"> <toc-entry level="section">Sec. 319. Authorizations of appropriations.</toc-entry> </toc> <after-quoted-block>.</after-quoted-block></quoted-block> </subsection></section><section id="ID4C9E2215E1264A859B01DEFAEEEFD983"><enum>306.</enum><header>Government plans on a biennial basis</header> <subsection id="ID7A1C4DC20AC84410B1521F9187B97D74"><enum>(a)</enum><header>Strategic plans</header><text>Section 306 of title 5, United States Code, is amended—</text> <paragraph id="ID362D5A65DF6D4AC8BB1D00C44FA7A91B"><enum>(1)</enum><text>in subsection (a), by striking <quote>September 30, 1997</quote> and inserting <quote>September 30, 2005</quote>;</text> </paragraph><paragraph id="IDC349DB5289F24AD8A6862FC408D4B872"><enum>(2)</enum><text>in subsection (b)—</text> <subparagraph id="ID449F104DBF734593903B1F7CEDD9B319"><enum>(A)</enum><text>by striking <quote>at least every three years</quote> and inserting <quote>at least every four years</quote>; and</text> </subparagraph><subparagraph id="IDBEEAFEA3ECD842128E81A9C479FD86B2"><enum>(B)</enum><text>by striking <quote>five years forward</quote> and inserting <quote>six years forward</quote>; and</text> </subparagraph></paragraph><paragraph id="ID5E5F49A9D78E4EE0BB070037C8B8BA16"><enum>(3)</enum><text>in subsection (c), by inserting a comma after <quote>section</quote> the second place it appears and adding <quote>including a strategic plan submitted by September 30, 2005 meeting the requirements of subsection (a)</quote>.</text> </paragraph></subsection><subsection id="ID0D6014FD6E084B2C8F3027B71239BF4E"><enum>(b)</enum><header>Budget contents and submission to Congress</header><text>Paragraph (28) of section 1105(a) of title 31, United States Code, is amended by striking <quote>beginning with fiscal year 1999, a</quote> and inserting <quote>beginning with fiscal year 2006, a biennial</quote>.</text> </subsection><subsection id="ID56121F08A58D4FB5B0627610D407F61E"><enum>(c)</enum><header>Performance plans</header><text>Section 1115 of title 31, United States Code, is amended—</text> <paragraph id="ID07125A77D26D44C899B39647D5DCD22D"><enum>(1)</enum><text>in subsection (a)—</text> <subparagraph id="ID2EC8A048854D4785AB5C50798743C3E7"><enum>(A)</enum><text>in the matter before paragraph (1)—</text> <clause id="IDFACC81D6F072454DA400BD7D4592AE9F"><enum>(i)</enum><text>by striking <quote>section 1105(a)(29)</quote> and inserting <quote>section 1105(a)(28)</quote>; and</text> </clause><clause id="ID211EF6CE78BF44798FC6845D45002E00"><enum>(ii)</enum><text>by striking <quote>an annual</quote> and inserting <quote>a biennial</quote>;</text> </clause></subparagraph><subparagraph id="ID28BDA571163C41CD883FBB4174D71343"><enum>(B)</enum><text>in paragraph (1), by inserting after <quote>program activity</quote> the following: <quote>for both years 1 and 2 of the biennial plan</quote>;</text> </subparagraph><subparagraph id="ID078BEF1C535E45078C4800E0DE00381F"><enum>(C)</enum><text>in paragraph (5), by striking <quote>and</quote> after the semicolon;</text> </subparagraph><subparagraph id="IDE52398995EA24CDA970063DFA803F3BC"><enum>(D)</enum><text>in paragraph (6), by striking the period and inserting a semicolon; and inserting <quote>and</quote> after the inserted semicolon; and</text> </subparagraph><subparagraph id="ID77A8B3259CB24AA6B78E092C9CEDFA7D"><enum>(E)</enum><text>by adding after paragraph (6) the following:</text> <quoted-block id="ID614456F5893E40639900B145341CE019"> <paragraph id="IDEED1509C31804889909E05CA173FD5AD"><enum>(7)</enum><text>cover a 2-year period beginning with the first fiscal year of the next biennial budget cycle.</text> </paragraph><after-quoted-block>;</after-quoted-block></quoted-block> </subparagraph></paragraph><paragraph id="ID94358AF7ABC14AC78E314E3F3B524C31"><enum>(2)</enum><text>in subsection (d), by striking <quote>annual</quote> and inserting <quote>biennial</quote>; and</text> </paragraph><paragraph id="ID2779271A8F1547D183DFDDD8A35F5B16"><enum>(3)</enum><text>in paragraph (6) of subsection (f), by striking <quote>annual</quote> and inserting <quote>biennial</quote>.</text> </paragraph></subsection><subsection id="IDB890CB729AB945AA9B1600DFB1A68900"><enum>(d)</enum><header>Managerial accountability and flexibility</header><text>Section 9703 of title 31, United States Code, relating to managerial accountability, is amended—</text> <paragraph id="IDD9DC945746334614BCB2F874BF74FF5C"><enum>(1)</enum><text>in subsection (a)—</text> <subparagraph id="ID350634582557465AAF18FFF5B7A86DC8"><enum>(A)</enum><text>in the first sentence by striking <quote>annual</quote>; and</text> </subparagraph><subparagraph id="IDA4397AC8F40542F3AE5DDED7B5452569"><enum>(B)</enum><text>by striking <quote>section 1105(a)(29)</quote> and inserting <quote>section 1105(a)(28)</quote>; and</text> </subparagraph></paragraph><paragraph id="ID1E9F6074AE70413D9FE52C28C84B8042"><enum>(2)</enum><text>in subsection (e)—</text> <subparagraph id="IDADF5F37EC6C14333A84D4EE6B20179FC"><enum>(A)</enum><text>in the first sentence by striking <quote>one or</quote> before <quote>years</quote>;</text> </subparagraph><subparagraph id="IDD7695247659C463F924E8C862C11E3E8"><enum>(B)</enum><text>in the second sentence by striking <quote>a subsequent year</quote> and inserting <quote>for a subsequent 2-year period</quote>; and</text> </subparagraph><subparagraph id="ID2C3F78AAE2224C38A99EA5DCB1D83600"><enum>(C)</enum><text>in the third sentence by striking <quote>three</quote> and inserting <quote>four</quote>.</text> </subparagraph></paragraph></subsection><subsection id="ID52B38592EFCD4B840024FEA060AC9990"><enum>(e)</enum><header>Pilot projects for performance budgeting</header><text>Section 1119 of title 31, United States Code, is amended—</text> <paragraph id="ID76973DB0B2E447F789957D24ABC29079"><enum>(1)</enum><text>in paragraph (1) of subsection (d), by striking <quote>annual</quote> and inserting <quote>biennial</quote>; and</text> </paragraph><paragraph id="IDC6DE28CFB5414819BF249E1C00661B19"><enum>(2)</enum><text>in subsection (e), by striking <quote>annual</quote> and inserting <quote>biennial</quote>.</text> </paragraph></subsection><subsection id="ID02A3BC3B7EAE4B3A9BD6C61F3600E7EA"><enum>(f)</enum><header>Strategic plans</header><text>Section 2802 of title 39, United States Code, is amended—</text> <paragraph id="IDCD59A86A36FF452F9413A06CFBB32197"><enum>(1)</enum><text>in subsection (a), by striking <quote>September 30, 1997</quote> and inserting <quote>September 30, 2003</quote>;</text> </paragraph><paragraph id="IDF4DCFF5CF6BC47A388F7B642B55F7150"><enum>(2)</enum><text>in subsection (b), by striking <quote>at least every three years</quote> and inserting <quote>at least every 4 years</quote>;</text> </paragraph><paragraph id="ID30906583CDE446558B41B4066400442E"><enum>(3)</enum><text>by striking <quote>five years forward</quote> and inserting <quote>six years forward</quote>; and</text> </paragraph><paragraph id="ID635A73F2C96B49C89437A61162C9ED25"><enum>(4)</enum><text>in subsection (c), by inserting a comma after <quote>section</quote> the second place it appears and inserting <quote>including a strategic plan submitted by September 30, 2005 meeting the requirements of subsection (a)</quote>.</text> </paragraph></subsection><subsection id="ID9C07B961F5E04B15B29B7C8CBA9556CC"><enum>(g)</enum><header>Performance plans</header><text>Section 2803(a) of title 39, United States Code, is amended—</text> <paragraph id="ID04D3F15F1EBE4253B17788E0D206007F"><enum>(1)</enum><text>in the matter before paragraph (1), by striking <quote>an annual</quote> and inserting <quote>a biennial</quote>;</text> </paragraph><paragraph id="ID45541377EC7C4CF5A35D007D00AC6E72"><enum>(2)</enum><text>in paragraph (1), by inserting after <quote>program activity</quote> the following: <quote>for both years 1 and 2 of the biennial plan</quote>;</text> </paragraph><paragraph id="IDF55BD02B9A144475BDADE6DC19ED154C"><enum>(3)</enum><text>in paragraph (5), by striking <quote>and</quote> after the semicolon;</text> </paragraph><paragraph id="ID2B2723BE9ADE42E2BD6C56156E9E8095"><enum>(4)</enum><text>in paragraph (6), by striking the period and inserting <quote>; and</quote>; and</text> </paragraph><paragraph id="ID320CDBE9AE584AA2A9DB12FC44DE6968"><enum>(5)</enum><text>by adding after paragraph (6) the following:</text> <quoted-block id="IDF87095368A724BE8BFA6DBC9E180A95E"> <paragraph id="IDDF8E969BBC6F4FC98DC414D9EB261264"><enum>(7)</enum><text>cover a 2-year period beginning with the first fiscal year of the next biennial budget cycle.</text> </paragraph><after-quoted-block>.</after-quoted-block></quoted-block> </paragraph></subsection><subsection id="ID8DE74FC65231489E966EA29379750254"><enum>(h)</enum><header>Committee views of plans and reports</header><text>Section 301(d) of the Congressional Budget Act (<external-xref legal-doc="usc" parsable-cite="usc/2/632(d)">2 U.S.C. 632(d)</external-xref>) is amended by adding at the end <quote>Each committee of the Senate or the House of Representatives shall review the strategic plans, performance plans, and performance reports, required under section 306 of title 5, United States Code, and sections 1115 and 1116 of title 31, United States Code, of all agencies under the jurisdiction of the committee. Each committee may provide its views on such plans or reports to the Committee on the Budget of the applicable House.</quote>.</text> </subsection><subsection id="IDF0181B8D8BC246CE82295EF550C7C056"><enum>(i)</enum><header>Effective date</header> <paragraph id="ID4AD2086CA1D1496CA700CF4C312B6BBC"><enum>(1)</enum><header>In general</header><text>The amendments made by this section shall take effect on March 1, 2007.</text> </paragraph><paragraph id="ID9B977F21D1774E3CBB8980A14BBF69FC"><enum>(2)</enum><header>Agency actions</header><text>Effective on and after the date of enactment of this Act, each agency shall take such actions as necessary to prepare and submit any plan or report in accordance with the amendments made by this Act.</text> </paragraph></subsection></section><section id="IDBE5A4CCBE5914B308F1E65C38D667400"><enum>307.</enum><header>Biennial appropriations bills</header> <subsection id="ID154FA705C9064EB8A0CE6891107E5DDB"><enum>(a)</enum><header>In general</header><text>Title III of the Congressional Budget Act of 1974 (<external-xref legal-doc="usc" parsable-cite="usc/2/631">2 U.S.C. 631</external-xref> et seq.) is amended by adding at the end the following:</text> <quoted-block act-name="" id="ID654870A67F414054AA41003577E8381D" style="traditional"> <section id="IDC91CE5A79986495185931CA0D72C342D"><enum>320.</enum><header>Consideration of biennial appropriations bills</header><text>It shall not be in order in the House of Representatives or the Senate in any odd-numbered year to consider any regular bill providing new budget authority or a limitation on obligations under the jurisdiction of any of the subcommittees of the Committees on Appropriations for only the first fiscal year of a biennium, unless the program, project, or activity for which the new budget authority or obligation limitation is provided will require no additional authority beyond 1 year and will be completed or terminated after the amount provided has been expended.</text> </section><after-quoted-block>.</after-quoted-block></quoted-block> </subsection><subsection id="ID1F6BE0305C9B43FEB5473D83121182BE"><enum>(b)</enum><header>Amendment to table of contents</header><text>The table of contents set forth in section 1(b) of the Congressional Budget and Impoundment Control Act of 1974 is amended by adding after the item relating to section 319 the following new item:</text> <quoted-block id="ID2FADF3C8FB314EABAD275DE153DA6E08" style="USC"> <toc regeneration="no-regeneration"> <toc-entry level="section">Sec. 320. Consideration of biennial appropriations bills.</toc-entry> </toc> <after-quoted-block>.</after-quoted-block></quoted-block> </subsection></section><section id="ID0B68994D5FE447D69BAAA2FA57F6344C"><enum>308.</enum><header>Report on two-year fiscal period</header><text display-inline="no-display-inline">Not later than 180 days after the date of enactment of this subpart, the Director of OMB shall—</text> <paragraph id="IDA9AD79EF76CF489893FBB5A24074EB27"><enum>(1)</enum><text>determine the impact and feasibility of changing the definition of a fiscal year and the budget process based on that definition to a 2-year fiscal period with a biennial budget process based on the 2-year period; and</text> </paragraph><paragraph id="IDCA0B1F5E009D4BEEA457D9F6E9B0341B"><enum>(2)</enum><text>report the findings of the study to the Committees on the Budget of the House of Representatives and the Senate.</text> </paragraph></section><section id="IDE7AC55DCFF314211B900EDCFC826F1C6"><enum>309.</enum><header>Effective date</header> <subsection id="ID44E4209AA2CB49A3B54157A5F95411F1"><enum>(a)</enum><header>In general</header><text>Except as provided in sections 306 and 308 and subsection (b), this title and the amendments made by this title shall take effect on January 1, 2007, and shall apply to budget resolutions and appropriations for the biennium beginning with fiscal year 2008.</text> </subsection><subsection id="ID9D179E256ED642E685568DD7EA76B7A2"><enum>(b)</enum><header>Authorizations for the biennium</header><text>For purposes of authorizations for the biennium beginning with fiscal year 2006, the provisions of this title and the amendments made by this title relating to 2-year authorizations shall take effect January 1, 2005.</text> </subsection></section><enum>IV</enum><header>Commission on Federal Budget Concepts</header> <section id="ID357C14BE0A754B23A63228371B4B724C"><enum>401.</enum><header>Establishment of Commission on Federal Budget Concepts</header><text display-inline="no-display-inline">There is established a commission to be known as the Commission on Federal Budget Concepts (referred to in this title as the <quote>Commission</quote>).</text> </section><section id="ID5ACC32D6EE7C4E96B980494FA94CF365"><enum>402.</enum><header>Powers and duties of Commission</header> <subsection id="IDC6326573AAD047A89E32ABF3FB99808F"><enum>(a)</enum><header>Duties of the Commission</header> <paragraph id="IDB169C07E3336440DB38B614BA3913300"><enum>(1)</enum><header>In general</header><text>The duties of the Commission shall include—</text> <subparagraph id="IDCFDE25F9B4414AE9B29DAE4397C17852"><enum>(A)</enum><text>a review of the 1967 report of the President’s Commission on Budget Concepts and assessment of the implementation of the recommendations of that report;</text> </subparagraph><subparagraph id="ID645DC21EFC954AC7ACB50475B5257BA9"><enum>(B)</enum><text>identification and evaluation of the structure, concepts, classifications, and bases of accounting of the Federal budget;</text> </subparagraph><subparagraph id="ID8447F20B8B2B46A1ADA3AA028FC4EB01"><enum>(C)</enum><text>identification of any applicable general accounting principles and practices in the private sector and evaluation of their value to budget practices in the Federal sector; and</text> </subparagraph><subparagraph id="ID1EA944029F72422C8DCCACBC0015325D"><enum>(D)</enum><text>a report that shall include recommendations for modifications to the structure, concepts, classifications, and bases of accounting of the Federal budget that would enhance the usefulness of the budget for public policy and financial planning.</text> </subparagraph></paragraph><paragraph id="ID44C8FBF15DF64DC2A200D042C4CE85AD"><enum>(2)</enum><header>Specific areas of consideration</header><text>Specific areas for consideration by the Commission shall include the following:</text> <subparagraph id="ID677308EB716248A79562869F233C3025"><enum>(A)</enum><text>Should part ownership by the Government be sufficient to make an entity Federal and to include it in the budget?</text> </subparagraph><subparagraph id="ID7116FD623640415986F4EA3687456429"><enum>(B)</enum><text>When is Federal control of an entity, including control exercised through Federal regulations, sufficient to cause it to be included in the budget?</text> </subparagraph><subparagraph id="ID56D8D03B56DE48BDB3D8516DC5F91054"><enum>(C)</enum><text>Are privately owned assets under long-term leases to the Federal Government effectively purchased by the Government during the lease period?</text> </subparagraph><subparagraph id="ID6101439F6E814EBDB79EA868DE63DA00"><enum>(D)</enum><text>Should there be an <quote>off-budget</quote> section of the budget? How should the Federal Government differentiate between spending and receipts?</text> </subparagraph><subparagraph id="ID4825644134F94EBCBD237754D9C9E6FB"><enum>(E)</enum><text>Should the total costs of refundable tax credits belong on the spending side of the budget?</text> </subparagraph><subparagraph id="ID1D77A61CE5E247B0A52094C54ED28F8C"><enum>(F)</enum><text>When should Federal Reserve earnings be reported as receipts or offsetting receipts (negative spending) in the net interest portion of the budget?</text> </subparagraph><subparagraph id="IDFF99CA7558494FC082EB9772A3326665"><enum>(G)</enum><text>What is a <quote>user fee</quote> and under what circumstances is it properly an offset to spending or a governmental receipt? What uses do trust funds have?</text> </subparagraph><subparagraph id="ID217BC4280D9F460994041EEE5BB400B0"><enum>(H)</enum><text>Do trust fund balances provide misleading information? Do the roughly 200 trust funds add clarity or confusion to the budget process?</text> </subparagraph><subparagraph id="IDF40AAEF7323C4D87BBE2B4C82E94F3CD"><enum>(I)</enum><text>Are there better ways than trust fund accounting to identify long-term liabilities?</text> </subparagraph><subparagraph id="IDB100D60D633A45F1ACC1602F25075017"><enum>(J)</enum><text>Should accrual budgetary accounting be adopted for Federal retirement, military retirement, or Social Security and other entitlements?</text> </subparagraph><subparagraph id="ID8BB3CBC0EAB34D01A1F85807C2F740A2"><enum>(K)</enum><text>Are off-budget accounts suitable for capturing accruals in the budget?</text> </subparagraph><subparagraph id="ID7662616711444519840432CEE953F73E"><enum>(L)</enum><text>What is the appropriate budgetary treatment of—</text> <clause id="IDEE9A18AC17634F8AB75C5E7FDD19C974"><enum>(i)</enum><text>purchases and sales of financial assets, including equities, bonds, and foreign currencies;</text> </clause><clause id="IDCF52FC0272E8416CA5C28126C8DA522B"><enum>(ii)</enum><text>emergency spending;</text> </clause><clause id="IDA1DDA0D89E3B4297B6D699B700DBEFB6"><enum>(iii)</enum><text>the cost of holding fixed assets (cost of capital);</text> </clause><clause id="ID6F87B3BA40764688BB87B261DEAEF4A6"><enum>(iv)</enum><text>sales of physical assets; and</text> </clause><clause id="ID83319294460442DAADA04C4DD23726D4"><enum>(v)</enum><text>seigniorage on coins and currency?</text> </clause></subparagraph><subparagraph id="IDFB247F2808794B1D009D279C04407DA0"><enum>(M)</enum><text>When policy changes have strong but indirect feedback effects on revenues and other aggregates, should they be reported in budget estimates?</text> </subparagraph><subparagraph id="ID17FA86AE81AB441499A01700D9DA7F79"><enum>(N)</enum><text>How should the policies that are one-sided bets on economic events (probabilistic scoring) be represented in the budget?</text> </subparagraph></paragraph></subsection><subsection id="ID4490A789B5374C7A8222647D000043C0"><enum>(b)</enum><header>Powers of the Commission</header> <paragraph id="ID0EE13484E8C7468F82B3AF00F7C9BD4E"><enum>(1)</enum><header>Conduct of business</header><text>The Commission may hold hearings, take testimony, receive evidence, and undertake such other activities necessary to carry out its duties.</text> </paragraph><paragraph id="IDE073911B55DA430AA1D473A781869D7C"><enum>(2)</enum><header>Access to information</header><text>The Commission may secure directly from any department or agency of the United States information necessary to carry out its duties. Upon request of the Chair of the Commission, the head of that department or agency shall furnish that information to the Commission.</text> </paragraph><paragraph id="ID844616552BA44F1A91DDD1E11F13ED34"><enum>(3)</enum><header>Postal service</header><text>The Commission may use the United States mails in the same manner and under the same conditions as other departments and agencies of the United States.</text> </paragraph></subsection></section><section id="IDC222A868E0C44DE48D004802D4718405"><enum>403.</enum><header>Membership</header> <subsection id="IDF8C6A86C0DCC4F6C87468179CBA038E7"><enum>(a)</enum><header>Membership</header><text>The Commission shall be composed of 12 members as follows:</text> <paragraph id="ID0BE6EC05E4FF4A0B989B05E7E54C63D3"><enum>(1)</enum><text>Three members appointed by the chairman of the Committee on the Budget of the Senate.</text> </paragraph><paragraph id="ID8F14C6019F77444384DD50E81588AD82"><enum>(2)</enum><text>Three members appointed by the chairman of the Committee on the Budget of the House of Representatives.</text> </paragraph><paragraph id="ID00E5D3B839C3448CB457736BF544A2A2"><enum>(3)</enum><text>Three members appointed by the ranking member of the Committee on the Budget of the Senate.</text> </paragraph><paragraph id="IDE888EE2B61C341A29E40D2BF37459786"><enum>(4)</enum><text>Three members appointed by the ranking member of the Committee on the Budget of the House of Representatives.</text> </paragraph></subsection><subsection id="ID82BAFD9370B140B395004F09FB4DC87C"><enum>(b)</enum><header>Qualifications and term</header> <paragraph id="ID623075C57DF14FD88CE2AE074C4790B8"><enum>(1)</enum><header>Qualifications</header><text>Members appointed to the Commission pursuant to subsection (a) shall—</text> <subparagraph id="ID98588AFFE2D74E6CA1D2F6689FB75CA9"><enum>(A)</enum><text>have expertise and experience in the fields or disciplines related to the subject areas to be considered by the Commission; and</text> </subparagraph><subparagraph id="IDEB50EC6F8E4547F7BA1744AF00714801"><enum>(B)</enum><text>not be Members of Congress.</text> </subparagraph></paragraph><paragraph id="ID145023B73C504467BB7E18802747FFD7"><enum>(2)</enum><header>Term of appointment</header><text>The term of an appointment to the Commission shall be for the life of the Commission.</text> </paragraph><paragraph id="ID0A997FBC83714797995B453DFCA7BFBC"><enum>(3)</enum><header>Chair and Vice Chair</header><text>The Chair and Vice Chair may be elected from among the members of the Commission. The Vice Chair shall assume the duties of the Chair in the Chair’s absence.</text> </paragraph></subsection><subsection id="ID8CF35A43CCD14CDFA5D5042F8FB2CF00"><enum>(c)</enum><header>Meetings; quorum; and vacancies</header> <paragraph id="ID9162D7A5BE4B49E8B1D257E4991475E7"><enum>(1)</enum><header>Meetings</header><text>The Commission shall meet at least once a month on a day to be decided by the Commission. The Commission may meet at such other times at the call of the Chair or of a majority of its voting members. The meetings of the Commission shall be open to the public, unless by public vote, the Commission shall determine to close a meeting or any portion of a meeting to the public.</text> </paragraph><paragraph id="ID0D2920A7E6B041FD9DCDB2503700FE5E"><enum>(2)</enum><header>Quorum</header><text>A majority of the voting membership shall constitute a quorum of the Commission, except that 3 or more voting members may conduct hearings.</text> </paragraph><paragraph id="ID678B48BCB70A40C1A6355443B18117F6"><enum>(3)</enum><header>Vacancies</header><text>A vacancy on the Commission shall be filled in the same manner in which the original appointment was filled under subsection (a).</text> </paragraph></subsection><subsection id="ID307C239F9C534CFDB8F50088FC83ED54"><enum>(d)</enum><header>Compensation and expenses</header><text>Members of the Commission shall serve without pay for their service on the Commission, but may receive travel expenses, including per diem in lieu of subsistence, at rates authorized for employees of agencies under subchapter I of chapter 57 of title 5, United States Code.</text> </subsection></section><section id="IDC0C1C309427F4226BD28C5006063BFD1"><enum>404.</enum><header>Staff and support services</header> <subsection id="IDC19E735D058145AD895C6EC917B01F4C"><enum>(a)</enum><header>Staff</header><text>With the advance approval of the Commission, the executive director may appoint such personnel as is appropriate. The staff of the Commission shall be appointed without regard to political affiliation and without regard to the provisions of title 5, United States Code, governing appointments in the competitive service, and may be paid without regard to the provisions of chapter 51 and subchapter III of chapter 53 of such title relating to classifications and General Schedule pay rates.</text> </subsection><subsection id="ID3D5143C8493D4F4A876421628FA82338"><enum>(b)</enum><header>Executive director</header><text>The Chairman shall appoint an executive director, who shall be paid the rate of basic pay for level II of the Executive Schedule.</text> </subsection><subsection id="IDAC6EF643C5424A29A7DAF025E0DC40FA"><enum>(c)</enum><header>Experts and consultants</header><text>With the advance approval of the Commission, the executive director may procure temporary and intermittent services under section 3109(b) of title 5, United States Code.</text> </subsection><subsection id="IDF09062F151AF4A729C8C3FEA01FBC232"><enum>(d)</enum><header>Technical and administrative assistance</header><text>Upon the request of the Commission—</text> <paragraph id="IDA2233AEAEDA84805A203E084BC90481C"><enum>(1)</enum><text>the head of any agency, office, or establishment within the executive or legislative branches of the United States shall provide, without reimbursement, such technical assistance as the Commission determines is necessary to carry out its duties; and</text> </paragraph><paragraph id="IDF754DFEF0BB14D088D7ECFAAD09DA341"><enum>(2)</enum><text>the Administrator of General Services shall provide, on a reimbursable basis, such administrative support services as the Commission may require.</text> </paragraph></subsection><subsection id="ID1AD46B4429DB4A2A9E13D869A8A1BA78"><enum>(e)</enum><header>Detail of Federal personnel</header><text>Upon the request of the Commission, the head of an agency, office, or establishment in the executive or legislative branch of the United States is authorized to detail, without reimbursement, any of the personnel of that agency, office, or establishment to the Commission to assist the Commission in carrying out its duties. Any such detail shall not interrupt or otherwise affect the employment status or privileges of that employee.</text> </subsection><subsection id="ID48A95DC9037F48EB00F6BE7733C0AA46"><enum>(f)</enum><header>CBO</header><text>The Director of the Congressional Budget Office shall provide the Commission with its latest research on the accuracy of its past budget and economic projections as compared to those of the Office of Management and Budget and, if possible, those of private sector forecasters. The Commission shall work with the Directors of the Congressional Budget Office and the Office of Management and Budget in their efforts to explain the factors affecting the accuracy of budget projections.</text> </subsection></section><section id="ID0D8AB0241983470BAAB4777FE967CA76"><enum>405.</enum><header>Report</header><text display-inline="no-display-inline">Not later than July 1, 2006, the Commission shall transmit a report to the President and to each House of Congress. The report shall contain a detailed statement of the findings and conclusions of the Commission, together with its recommendations for such legislative or administrative actions as it considers appropriate. No finding, conclusion, or recommendation may be made by the Commission unless approved by a majority of those voting, a quorum being present. At the request of any Commission member, the report shall include that member’s dissenting findings, conclusions, or recommendations.</text> </section><section id="IDDFD2804EDAA74FED80FBBD5B50B92508"><enum>406.</enum><header>Termination</header><text display-inline="no-display-inline">The Commission shall terminate 30 days after the date of transmission of the report required in section 405.</text> </section><section id="ID6FAB854EDF87455BA569C26CBF53E1ED"><enum>407.</enum><header>Funding</header><text display-inline="no-display-inline">There are authorized to be appropriated not more than $1,000,000 to carry out this title. Sums so appropriated shall remain available until expended.</text> </section>