To repeal the tax increase on social security benefits and to reduce Federal spending as necessary to offset such repeal.

TABLE OF CONTENTS:

Title I: Repeal of Tax Increase on Social Security Benefits

Title II: Reductions in Spending

Title I: Repeal of Tax Increase on Social Security Benefits - Repeals the tax increase on social security benefits made under the Revenue Reconciliation Act of 1993.

Title II: Reductions in Spending - Directs the Administrator of the National Aeronautics and Space Administration to terminate the Space Station Freedom program.

Directs the Secretary of Defense to: (1) terminate the procurement of new production F-16 aircraft; (2) extend current procurement schedules for procurement of the F-22 aircraft; (3) reduce the number of attack submarines by the end of FY 1998; (4) terminate procurement of Trident II (D-5) sea-launched ballistic missiles and reduce the number of Trident ballistic missile submarines; and (5) delay procurement of the Tri-Service Stand-Off Attack Missile but continue research, development, test, and evaluation at the FY 1993 level.

Amends the Agricultural Act of 1949 to eliminate the honey price support program.

Directs the Secretary of Agriculture to issue rules to eliminate below-cost timber sales.

Provides for increasing fees charged for grazing on public lands to fair market value.

Subjects production of locatable minerals from a claim located on lands open to mineral entry under the Mining Law of 1872 to an annual royalty of at least eight percent of the gross income from production. Voids claims for failures to pay royalties and prohibits a claimant from locating a new claim on lands included in the abandoned claim for one year.