To reduce the rates of basic pay for Members of Congress.

Reduces the basic pay of Members of Congress by the amount of the cost-of-living adjustment for 1993 and by an additional amount so that the total reduction is five percent.

Provides for an increase in such basic pay on or after January 1, 1994, by an amount equal to the amount of the 1993 cost-of-living adjustment by which the pay was reduced.