[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.