Balanced Budget Implementation Act of 1992

Balanced Budget Implementation Act of 1992 - Title I: Repeal of Budget Agreement Enforcement Provisions - Repeals the budget agreement enforcement provisions of the Congressional Budget and Impoundment Control Act of 1974.

Title II: Emergency Powers to Eliminate Deficits in Excess of Maximum Deficit Amount - Amends the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act) to provide for enforcement of deficit reduction to balance the Federal budget by the end of FY 1997. Requires enforcement to be implemented through sequestration and revenue surtax (current provisions only require budget enforcement through sequestration).

Repeals provisions which govern enforcement of discretionary spending limits and pay-as-you-go through FY 1995.

Revises provisions concerning enforcing deficit targets. Requires the President, within 15 calendar days after the Congress adjourns to end a session, to take action to eliminate the excess deficit, in any. Sets forth the maximum deficit amounts allowed for FY 1993 through 1997. Reduces such amounts to zero by FY 1997 plus any amount designated to meet a condition of national economic urgency.

Requires 60 percent of the excess deficit in a budget year to be eliminated through across-the-board outlay reductions and 40 percent through a revenue surtax. Provides rules for such sequestration process.

Revises the timetable and requirements for deficit reduction reports and presidential orders. Requires within-session deficit reduction reports.

Revises the list of exempt programs and activities. Removes the special exemption for social security benefits, railroad retirement benefits, certain veterans programs, payments made for the earned income tax credit, and certain low-income programs.

Removes the special exceptions, limitations, and rules with respect to sequestration for: (1) certain automatic spending increases; (2) the guaranteed student loan program; (3) foster care and adoption assistance programs; (4) the Medicare program; (5) community and migrant health centers, Indian health services and facilities, and veterans' medical care; (6) the child support enforcement program; (7) payments and advances for unemployment compensation; (8) the Commodity Credit Corporation; and (9) the jobs portion of Aid to Families with Dependent Children (AFDC).

Repeals the provision that requires permanent cancellation of budgetary resources sequestered from any account other than a trust or special fund account. Adds a special rule if the President exempts military personnel from sequestration with respect to further reductions in the appropriate subfunctional category.

Repeals provisions concerning: (1) suspension of deficit reduction in the event of low economic growth; (2) the President's flexibility in making deficit reductions among defense programs, projects, and activities; and (3) the special reconciliation process.

Sets forth congressional procedures to make available excess budgetary resources whenever the President transmits to the Congress a declaration of national economic urgency.

Title III: Tax Surcharge to Reduce Deficit - Amends the Internal Revenue Code to impose a tax surcharge on the income of every taxpayer if the Office of Management and Budget reports to the Congress and the President that a revenue increase is required. Establishes procedures for determining and administering such surcharge. Repeals such surcharge if the Secretary of the Treasury determines that it is not needed.

Title IV: Budget Submitted by the President - Requires the President's budget to ensure that the deficit for such fiscal year does not exceed the maximum deficit amount. Requires the submission of a balanced budget for FY 1997 and subsequent fiscal years. Makes such requirements inapplicable during a declaration of national economic urgency or a declaration of war.

Title V: Total of President's Budget Shall Represent Spending Ceiling - Amends the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act) to prohibit the Congress from passing legislation which provides budgetary resources in excess of those proposed in the President's budget.

Title VI: Fiscal Year 1993 Deficit Reduction Actions - Requires the President to submit to the Congress a revised budget for FY 1993 to achieve the deficit targets set forth under this Act.

Requires the Congress, after receipt of the President's budget, to report revised concurrent budget resolutions for FY 1993 to achieve such deficit targets.