To provide off-budget treatment for the Highway Trust Fund, the Airport and Airway Trust Fund, the Inland Waterways Trust Fund, and the Harbor Maintenance Trust Fund.
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Truth in Budgeting Act - Prohibits (subject to the Line Item Veto Act of 1996) the receipts and disbursements of the Highway Trust Fund, the Airport and Airway Trust Fund, the Inland Waterways Trust Fund, and the Harbor Maintenance Trust Fund from being counted as new budget authority, outlays, receipts, or deficit or surplus for purposes of the Federal budget as submitted by the President, the congressional budget, or the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act). Exempts such trust funds from any general statutory budget outlays limitation.
Amends the Internal Revenue Code to limit the amount of interest that may be credited to such trust funds.
Amends Federal transportation law to require the Secretary of Transportation to estimate annually: (1) what, but for this Act, would be at the close of the next fiscal year the amount of unfunded aviation authorizations; and (2) the net aviation receipts at the close of such year. Requires the Secretary to: (1) determine the amount by which unfunded aviation authorizations do or do not exceed net aviation receipts; and (2) make appropriate adjustments to amounts authorized to be appropriated from the Airport and Airway Trust Fund based on the difference.
Sets forth similar provisions with respect to the Inland Waterways Trust Fund and the Harbor Maintenance Trust Fund.
Rereferred to the Committee on the Budget, and in addition to the Committee on Transportation and Infrastructure, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Motion to reconsider laid on the table Agreed to without objection.
Read twice and referred jointly to the Committees on Budget; Governmental Affairs pursuant to the order of August 4, 1977, that if one Committee reports, then the other Committee have thirty days to report or be discharged.
Reported (Amended) by the Committee on Transportation. H. Rept. 104-499, Part I.
House Committee on The Budget Granted an extension for further consideration ending not later than March 29, 1996.
Rules Committee Resolution H. Res. 396 Reported to House. Rule provides for consideration of H.R. 842 with 2 hours of general debate. Previous question shall be considered as ordered without intervening motions except motion to recommit with or without instructions. Providing for the consideration of the bill in the Committee of the Whole. Bill is open to amendments. It shall be in order to consider as an original bill for the purpose of amendment the amendment in the nature of a substitute recommended by the Committee on Transportation and Infrastructure now printed in the bill. Amendments printed in the Congressional Record may be given priority in recognition.
Ordered to be Reported Adversely by Voice Vote.
Reported adversely by the Committee on The Budget. H. Rept. 104-499, Part II. Filed late, pursuant to previous special order.
Reported adversely by the Committee on The Budget. H. Rept. 104-499, Part II. Filed late, pursuant to previous special order.
Placed on the Union Calendar, Calendar No. 250.
Rule H. Res. 396 passed House.
Considered under the provisions of rule H. Res. 396. (consideration: CR H3504-3547)
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Rule provides for consideration of H.R. 842 with 2 hours of general debate. Previous question shall be considered as ordered without intervening motions except motion to recommit with or without instructions. Providing for the consideration of the bill in the Committee of the Whole. Bill is open to amendments. It shall be in order to consider as an original bill for the purpose of amendment the amendment in the nature of a substitute recommended by the Committee on Transportation and Infrastructure now printed in the bill. Amendments printed in the Congressional Record may be given priority in recognition.
House resolved itself into the Committee of the Whole House on the state of the Union pursuant to H. Res. 396 and Rule XXIII.
The Speaker designated the Honorable David Dreier to act as Chairman of the Committee.
GENERAL DEBATE - The Committee of the Whole proceeded with two hours of general debate.
The House rose from the Committee of the Whole House on the state of the Union to report H.R. 842.
The previous question was ordered pursuant to the rule.
The House adopted the amendment in the nature of a substitute as agreed to by the Committee of the Whole House on the state of the Union.
Passed/agreed to in House: On passage Passed by recorded vote: 284 - 143 (Roll no. 122).
Roll Call #122 (House)On passage Passed by recorded vote: 284 - 143 (Roll no. 122).
Roll Call #122 (House)Motion to reconsider laid on the table Agreed to without objection.
Received in the Senate and read twice and referred jointly to the Committees on Budget; Governmental Affairs pursuant to the order of August 4, 1977, with instructions that if one Committee reports, the other Committee have thirty days to report or be discharged.