Balanced Budget and Emergency Deficit Control Reaffirmation Act of 1987

Balanced Budget and Emergency Deficit Control Reaffirmation Act of 1987 - Amends the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act) to revise sequestration procedures.

Directs the Comptroller General to submit the General Accounting Office's (GAO) initial and revised sequestration reports for a fiscal year to the Director of the Office of Management and Budget (OMB). (Current law requires such reports to be submitted to the President.) Requires the GAO reports to contain the Comptroller General's views concerning the estimates, determinations, and specifications contained in the report submitted by the Directors of OMB and the Congressional Budget Office (CBO). Requires the Director of OMB to issue to the President and the Congress: (1) on September 1 preceding the fiscal year, an initial sequestration report based on the initial GAO report, providing the same items of information as contained in the OMB-CBO report, and explaining any deviations between the estimates, determinations, and specifications included and the views of the Comptroller General in the GAO report; and (2) on October 15, a revised report as necessary in light of the revised GAO report. Requires such revised report to contain the same estimated amounts of budget authority, outlays, spending authority, revenues, obligation limitations, obligated balances, unobligated balances, loan guarantee commitments, and direct loan obligations as contained in the initial report unless a change is required because legislation is enacted, a final regulation is promulgated, or notice of a sale of assets is published after such initial report. Requires the President to issue any necessary initial sequestration order on September 3 (currently, September 1) and the final order on October 17 (currently, October 15). Requires the President's initial and final orders to be in accordance with the initial and revised OMB (currently, GAO) reports.

Terminates procedures providing for sequestration from national defense accounts through the termination or modification of existing contracts.

Requires the Directors of OMB and CBO and the Comptroller General, by July 25 preceding each fiscal year, to submit to the Temporary Joint Committee on Deficit Reduction a report proposing economic assumptions for specified items for use in preparing sequestration reports for each such fiscal year. Directs the Committee, before September 15, to report a joint resolution which: (1) specifies amounts for economic assumptions, within the range of amounts submitted by the Directors and the Comptroller, to be used by OMB, CBO, and GAO for sequestration reports for the upcoming fiscal year; and (2) directs the President to modify the most recent sequestration order for such fiscal year to implement the amount specified for each economic assumption. Requires each Director or the Comptroller General to use the amounts he or she proposed in preparing sequestration reports if such joint resolution is not enacted.

Sets forth rules by which the Directors and the Comptroller General, in preparing sequestration reports for a fiscal year, shall calculate budget outlays resulting from specified items of budgetary resources for an account for purposes of determining budget outlays for non-defense programs for such fiscal year. Requires the Directors, in determining the amount of budget base outlays resulting from obligated balances for defense and non-defense programs for a fiscal year, to use the methodology they used in determining such outlays in the sequestration report for FY 1986. Requires the Directors and the Comptroller General, in preparing initial and final sequestration reports for a fiscal year, to assume that: (1) only those regulations which have been promulgated as final regulations by August 15 (with respect to initial reports) or October 5 (with respect to final reports) will be in effect during such fiscal year; and (2) only those sales of assets by the Government for which a notice has been published in the Federal Register by August 15 (for initial reports) or October 5 (for final reports) will occur during such fiscal year. Requires the Directors and the Comptroller General, in preparing sequestration reports, to: (1) include amounts of budget resources and budget outlays necessary to pay for any adjustments for Federal statutory pay systems or military pay enacted by law; and (2) assume that the percentage of the amounts of budget resources and budget outlays necessary to pay for such adjustments that will be absorbed by all Federal agencies will not exceed the average of the percentage of such amounts absorbed by all agencies for the three most recently completed pay adjustment absorption fiscal years.

Requires the budget base, for purposes of determining sequestration reductions for a fiscal year, to be determined assuming the continuation of current law with respect to entitlements funded through annual appropriation Acts and with respect to the Food Stamp Act of 1977.

Requires the Comptroller General's report to the Congress on the compliance of the President's sequestration order with sequestration procedures to include information on the compliance of OMB's sequestration reports with such procedures and any recommendations for improving such procedures.

Exempts the budget account for Washington Metropolitan Area Transit Authority interest payments from reduction pursuant to a sequestration order.

Restores the provisions of the Balanced Budget and Emergency Deficit Control Act of 1985 as in effect before enactment of this Act if provisions of law are enacted which: (1) establish the Comptroller General as an officer in the executive branch; or (2) establish an independent agency in the executive branch to carry out the functions of the Comptroller General.

Requires an affirmative vote of three-fifths of the members of the Senate to sustain an appeal of the ruling of the Chair on a point of order raised under certain sequestration procedures in the Senate.