    [Weekly Compilation of Presidential Documents Volume 29, Number 31 (Monday, August 9, 1993)]
    [Page 1573]
    [Online from the Government Publishing Office, www.gpo.gov]

    <R04>
    Executive Order 12858--Deficit Reduction Fund

     August 4, 1993

        By the authority vested in me as President of the United States by
    the Constitution and the laws of the United States of America, including
    sections 1104 and 1105 of title 31, United States Code, it is hereby
    ordered as follows:
        Section 1. Purpose. It is essential to guarantee that the net
    deficit reduction achieved by the Omnibus Budget Reconciliation Act of
    1993 is dedicated exclusively to reducing the deficit.
        Sec. 2. Deficit Reduction Fund. (a). Establishment of the Fund.
    There is established a separate account in the Treasury, known as the
    Deficit Reduction Fund, which shall receive the net deficit reduction
    achieved by the Omnibus Budget Reconciliation Act of 1993 as called for
    in subsection (b) of this order.
        (b) Amounts in Fund. Beginning upon enactment of the Omnibus Budget
    Reconciliation Act of 1993, the Deficit Reduction Fund shall receive any
    increases in total revenues resulting from enactment of such Act on a
    daily basis. In addition, on a daily basis, the Secretary of the
    Treasury shall enter into such account an amount equivalent to the net
    deficit reduction achieved as a result of all spending reductions
    resulting from such Act. The cumulative fiscal year amounts for the
    combination of all such revenue increases and spending reductions shall
    be equal to:

        (1) for fiscal year 1994, $60,292,000,000;
        (2) for fiscal year 1995, $70,437,000,000;
        (3) for fiscal year 1996, $92,061,000,000;
        (4) for fiscal year 1997, $125,881,000,000;
        (5) for fiscal year 1998, $146,939,000,000.

    Within 30 days of enactment of the Omnibus Budget Reconciliation Act of
    1993, the foregoing amounts may be adjusted by the Director of the
    Office of Management and Budget to reflect the final scoring of such
    Act.
        (c) Status of Amounts in Fund. (i) The amounts in the Deficit
    Reduction Fund shall be used exclusively to redeem maturing debt
    obligations of the Treasury of the United States held by foreign
    governments in the amounts specified in subsection (b).
        (ii) The amounts in the Deficit Reduction Fund as set forth in
    subsection (b) that result from increases in total revenues and spending
    reductions shall not be available for new spending or to finance
    measures that increase the deficit for purposes of budget enforcement
    procedures under the Balanced Budget and Emergency Deficit Control Act
    of 1985 (2 U.S.C. 901-922).
        (d) Effect on Other Funds. Establishment of and transfers to the
    Deficit Reduction Fund shall not affect trust fund transfers that may be
    authorized or required by provisions of the Omnibus Reconciliation Act
    of 1993 or any other provision of law.
        Sec. 3. Requirement for the President To Report Annually on the
    Status of the Fund. The Director of the Office of Management and Budget
    shall include in the President's Budget transmitted under section 1105
    of title 31, United States Code, information about the Deficit Reduction
    Fund, including a separate statement of amounts in and Federal debt
    redeemed by that Fund.
        Sec. 4. Implementation. The Secretary of the Treasury and the
    Director of the Office of Management and Budget shall each take such
    actions as may be necessary, within their respective authorities,
    promptly to carry out this order.
        Sec. 5. Effective Date. This order shall take effect upon enactment
    of the Omnibus Budget Reconciliation Act of 1993.
                                                William J. Clinton
    The White House,
    August 4, 1993.

    [Filed with the Office of the Federal Register, 10:30 a.m., August 5,
    1993]

    Note: This Executive order was published in the Federal Register on
    August 6.