Setting forth the congressional budget for the United States Government for fiscal years, 1996, 1997, 1998, 1999, 2000, 2001, and 2002.

TABLE OF CONTENTS:

Title I: Levels and Amounts

Title II: Budgetary Restraints and Rulemaking

Title III: Sense of the Congress, House of Representatives,

and the Senate

Title I: Levels and Amounts - Establishes the budget for FY 1996 and sets forth appropriate budget levels for FY 1997 through 2002.

Sets forth recommended budgetary levels for Federal revenues, total new budget authority, total budget outlays, deficits, public debt, new direct loan obligations, and new primary loan guarantee commitments.

(Sec. 102) Establishes the amounts of the increase in the public debt subject to limitation for FY 1996 through 2002.

(Sec. 103) Establishes the amounts of Social Security trust fund revenues and outlays for Senate enforcement purposes for FY 1996 through 2002.

(Sec. 104) Establishes the appropriate levels of new budget authority, budget outlays, new direct loan obligations, and new primary loan guarantee commitmentsfor FY 1996 through 2002 for each major functional category.

(Sec. 105) Requires the Senate Budget Committee, after receiving recommendations required from Senate committees, to report to the Senate a reconciliation bill carrying out such recommendations without any substantive revision.

Title II: Budgetary Restraints and Rulemaking - Establishes Senate procedures to enforce discretionary spending limits for FY 1996 through 2002. Allows exceptions if there is a declaration of war in effect or during periods of low economic growth. Permits a waiver or suspension upon a vote of three-fifths of the Members.

(Sec. 202) Establishes Senate procedures to provide for the continuation of the pay-as-you-go enforcement system.

(Sec. 203) Provides for a reserve fund in the Senate for tax reduction legislation.

(Sec. 204) Provides for a reserve fund in both the House and the Senate for welfare reform legislation.

(Sec. 205) Provides for a budget surplus allowance providing tax reductions only if there will be a balanced budget by 2002.

(Sec. 206) Expresses the sense of the Congress that the asset sale scoring prohibition should be repealed and replaced with a methodology that takes into account the long-term budgetary impact of the sale of government assets.

(Sec. 207) Provides that for purposes of the budgetary treatment of administrative expenses, the cost of a direct loan shall be the net present value, at the time when the direct loan is disbursed, of the following cash flows for the estimated life of the loan: (1) loan disbursements; (2) repayments of principal; (3) payments of interest and other payments by or to the Government over the life of the loan after certain adjustments; and (4) specified direct expenses.

(Sec. 208) Extends the Senate's 60-vote enforcement requirement of the Budget Act through September 30, 2002.

(Sec. 209) Repeals provisions of the 1995 budget resolution which created an allowance to fund an Internal Revenue Service compliance initiative outside the discretionary caps.

(Sec. 210) Requires, upon the reporting of a reconciliation bill, that the chairman of the House Budget Committee certify that its enactment would balance the budget. Subjects a reconciliation bill that is not certified to a point of order.

(Sec. 211) States that both the House and Senate have the constitutional right to change their own rules at any time.

Title III: Sense of the Congress, House of Representatives, and the Senate - Expresses the sense of the Congress that: (1) high priority should be given to eliminating fraud, waste, and abuse in the Medicare system; (2) the Student Loan Marketing Association should be restructured as a private corporation; (3) the extension of the public debt should be such that a balanced budget is ensured by FY 2002; and (4) the aggregates and functions included in this budget resolution assume that duplication of Federal programs should be reduced, Federal funding for programs that are more appropriately the responsibility of the States should be provided in a manner that rewards work and promotes families, Federal programs should be examined with respect to their ability to be privatized, the budget should be balanced by 2002, reductions in child nutrition programs should be achieved without reducing the nutritional well-being of program recipients and that the content of the Women, Infants, and Children food package (WIC) should be based on scientific evidence, and science and technology are critical to economic growth and should be given priority in Federal funding.

Expresses the sense of the Senate that: (1) any reductions in taxes should benefit working families and stimulate savings, investment, job creation, and economic growth; (2) the Senate Committee on Agriculture, Nutrition, and Forestry, in response to section 105 provisions, should provide that no more than 20 percent of the savings be achieved in commodity programs; (3) a special bipartisan commission should study the Medicare system; (4) in meeting aggregates and levels in this resolution, the impact of any Medicaid reforms should be considered with respect to the health of children and low-income pregnant women; and (5) the aggregates and functional levels in this budget resolution assume that the Federal Government will establish a uniform accounting system, very wealthy individuals are not able to reduce or avoid taxes by relinquishing their citizenship, full funding should be provided for research on brain diseases, the essential air service program to small communities should continue to receive full funding, funds will be available to the States to implement the National Voter Registration Act of 1993, and a temporary nonpartisan commission should be established to make recommendations concerning the Consumer Price Index.

Requires the House of Representatives to re-examine budget reductions for agricultural programs in the Department of Agriculture for FY 1999 and 2000 unless specified conditions are met concerning land values, the Endangered Species Act, tax relief for producers, trade embargoes, the General Agreement on Tariffs and Trade (GATT), and the North American Free Trade Agreement (NAFTA).

Expresses the sense of the House of Representatives that: (1) baseline budgeting should be replaced with a form of budgeting that requires full justification and analysis of budget proposals and maximizes congressional accountability for public spending; (2) a high-level commission should be convened to study and make recommendations with respect to the Federal civil and military retirement systems; (3) rule XLIX of the Rules of the House of Representatives (the Gephardt rule) should be repealed; and (4) the Congress should study alternative approaches to budgeting for emergencies, including establishing contingency funds to pay for emergencies.