Save Our Savings Act of 1996

TABLE OF CONTENTS:

Title I: Cap Entitlements and Other Mandatory Spending

Title II: Enforcement Provisions

Save Our Savings Act of 1996 - (Title I: Cap Entitlements and Other Mandatory Spending) - Sets forth a timetable for completion of certain budget actions by the President and by the Directors of the Office of Management and Budget (OMB) and of the Congressional Budget Office (CBO).

(Sec. 102) Applies direct spending caps to all entitlement authority, except for undistributed offsetting receipts and net interest outlays. Sets forth a table of such caps for specified categories of entitlements and other mandatory spending.

(Sec. 103) Requires determinations of such direct spending caps (as well as any breaches of such caps and actions necessary to remedy such breaches) to be based on certain economic assumptions for specified future fiscal years, subject to periodic reestimation based on changed economic conditions or changes in eligible population.

(Sec. 104) Provides for automatic adjustments to the caps for entitlements and other mandatory spending.

Allows the direct spending caps to be revised in a specified manner, only by recorded vote.

Title II: Enforcement Provisions - Directs OMB to: (1) compile a statement of actual direct spending for a fiscal year, following the end of that year, identifying such spending by categories of entitlements and other mandatory spending; and (2) under specified conditions, issue a report to the President and the Congress, estimating necessary spending reductions. Sets forth a timetable for specified budget actions by the President and by OMB and CBO.

(Sec. 202) Provides for enforcement of the direct spending caps on categories of spending established under title I of this Act. Applies specified enforcement rules and procedures for any fiscal year in which direct spending exceeds the applicable direct spending cap.

(Sec. 203) Subjects all direct spending (except matters specifically exempted under this title) to caps on total direct spending outlays for each fiscal year. Establishes separate caps, consistent with the cap on total outlays, for: (1) any entitlement program named in the table in title I; (2) such other program or groups of programs for which additional caps are established in subsequent legislation; and (3) the remainder of direct spending programs. Prohibits the total of the separate caps from title I, plus any additional separate caps subsequently established, from exceeding the cap for total direct spending, as appropriately adjusted. Sets forth: (1) general rules triggering sequestration to reduce spending for programs subject to direct spending caps; (2) special rules for programs with certain characteristics; and (3) rules for insurance programs, loan programs, and State grant program formulas. Requires a within session sequester under certain conditions.

(Sec. 204) Exempts from sequestration specified programs and activities, in terms of their budget accounts, activities within accounts, or income.

Authorizes the President to exempt any military personnel account from sequestration or provide for a lower uniform percentage reduction that would otherwise apply, if the Congress is notified of the manner in which such authority will be exercised on or before the initial snapshot date for the budget year.

(Sec. 205) Sets forth special rules for sequestration orders for: (1) the child support enforcement program under the Social Security Act; (2) the Commodity Credit Corporation; (3) the earned income tax credit; (4) regular and extended unemployment compensation; (5) the Federal Employees Health Benefits Fund; (6) the Federal Housing (Finance) Board; (7) Federal personnel pay; (8) the Medicare program under the Social Security Act; (9) the Postal Service Fund; (10) the Department of Energy power marketing administration funds or the Tennessee Valley Authority fund; and (11) programs which provide a businesslike service in exchange for a fee.

(Sec. 206) Directs CBO and OMB to report to the President and the Congress the budget baselines for the budget year and at least the subsequent nine fiscal years. Requires submission of the CBO report on or before January 15. Requires the OMB report to accompany the President's budget.

Specifies requirements for the budget baseline.