Honest and Balanced Budget Act

Honest and Balanced Budget Act - Amends the Congressional Budget and Impoundment Control Act of 1974 to exclude, beginning with FY 1990, Federal Old-Age and Survivors Insurance Trust Fund and Federal Disability Insurance Trust Fund receipts and outlays in Federal deficit determinations for purposes of the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act).

Increases the permissible maximum deficit amounts for FY 1990 through 1993. Establishes allowable maximum deficits for FY 1994 and 1995, to reach zero with respect to FY 1996.

 
HR 860 IH
101st CONGRESS
1st Session
 H. R. 860
To amend the Congressional Budget and Impoundment Control Act of 1974 to
exclude transactions of the social security trust funds from the computation
of the federal deficit and the maximum deficit amount under the Balanced
Budget and Emergency Deficit Control Act of 1985 and, accordingly, to revise
the permissible maximum deficit amounts under such Act, and for other purposes.
IN THE HOUSE OF REPRESENTATIVES
February 6, 1989
Mr. MCCANDLESS introduced the following bill; which was referred to the
Committee on Government Operations
A BILL
To amend the Congressional Budget and Impoundment Control Act of 1974 to
exclude transactions of the social security trust funds from the computation
of the federal deficit and the maximum deficit amount under the Balanced
Budget and Emergency Deficit Control Act of 1985 and, accordingly, to revise
the permissible maximum deficit amounts under such Act, and for other purposes.
  Be it enacted by the Senate and House of Representatives of the United
  States of America in Congress assembled,
SECTION 1. SHORT TITLE.
  This Act may be cited as the `Honest and Balanced Budget Act'.
SEC. 2. EXCLUSION OF RECEIPTS AND DISBURSEMENTS OF SOCIAL SECURITY TRUST
FUNDS IN THE CALCULATION OF MAXIMUM DEFICIT AMOUNTS.
  DEFINITION OF DEFICIT- (1) The second sentence of paragraph (6) of section
  3 of the Congressional Budget and Impoundment Control Act of 1974 (2
  U.S.C. 622(6)) is repealed.
  (2) Section 275(b)(2)(A) of the Balanced Budget and Emergency Deficit
  Control Act of 1985 (2 U.S.C. 901 note) is amended by striking out `and the
  second sentence of section 3(6) of such Act (as added by section 201(a)(1)
  of this joint resolution)'.
  (b) EFFECTIVE DATE- The amendments made by subsection (a) shall apply with
  respect to fiscal years beginning after September 30, 1989.
SEC. 3. REVISION OF MAXIMUM DEFICIT AMOUNTS.
  (a) PERMISSIBLE MAXIMUM DEFICIT AMOUNTS- Paragraph (7) of section 3 of the
  Congressional Budget and Impoundment Control Act of 1974 (2 U.S.C. 622(7))
  is amended by striking out subparagraphs (E) through (H) and by inserting
  in lieu thereof the following:
  `(E) with respect to the fiscal year beginning October 1, 1989,
  $163,000,000,000;
  `(F) with respect to the fiscal year beginning October 1, 1990,
  $138,000,000,000;
  `(G) with respect to the fiscal year beginning October 1, 1991,
  $114,000,000,000;
  `(H) with respect to the fiscal year beginning October 1, 1992,
  $99,000,000,000;
  `(I) with respect to the fiscal year beginning October 1, 1993,
  $63,000,000,000;
  `(J) with respect to the fiscal year beginning October 1, 1994,
  $27,000,000,000; and
  `(K) with respect to the fiscal year beginning October 1, 1995, zero.'.
  (b) Conforming Amendments-
  (1) Paragraphs (1) and (2) of section 251(a) of the Balanced Budget and
  Emergency Deficit Control Act of 1985 (2 U.S.C. 901 note) are amended by
  striking out `1993' each place it appears therein by and inserting in lieu
  thereof `1996'.
  (2) Paragraph (3)(A)(i)(III) of section 251(a) of the Balanced Budget and
  Emergency Deficit Control Act of 1985 (2 U.S.C. 901 note) is amended by
  striking out `or 1993' and by inserting in lieu thereof `1993, 1994, 1995,
  or 1996'.
  (3) The side headings of paragraphs (6)(B) and (7)(A) of section 252(a) of
  the Balanced Budget and Emergency Deficit Control Act of 1985 (2 U.S.C. 901
  note) are amended by striking out `1993' and by inserting in lieu thereof
  `1996'.
  (4) Paragraph (10) of section 257 of the Balanced Budget and Emergency
  Deficit Control Act of 1985 (2 U.S.C. 901 note) is amended by striking out
  `1992' and by inserting in lieu thereof `1995' and by striking out `1993'
  and by inserting in lieu thereof `1996'.
  (5) Section 275(b)(1) of the Balanced Budget and Emergency Deficit Control
  Act of 1985 (2 U.S.C. 901 note) is amended by striking out `September 30,
  1993' and by inserting in lieu thereof `September 30, 1996'.