Deficit Reduction Lock-box Act of 1997

Deficit Reduction Lock-box Act of 1997 - Amends the Congressional Budget Act of 1974 to require the Director of the Congressional Budget Office (CBO) to maintain a Deficit Reduction Lock-box Ledger which shall be divided into entries corresponding to the subcommittees of the Committees on Appropriations. Requires each entry to consist of three parts: (1) the House Lock-box Balance; (2) the Senate Lock-box Balance; and (3) the Joint House-Senate Lock-box Balance. Requires the CBO Director, upon the engrossment of any appropriation bill by the House of Representatives and upon the engrossment of that bill by the Senate, to credit to the applicable entry balance of that House amounts of new budget authority and outlays equal to the net amounts of reductions in new budget authority and in outlays resulting from amendments agreed to by that House to that bill. Specifies the amounts to be credited to the Joint House-Senate Lock-box Balance.

Requires a running tally to be available to Members of the House of Representatives, during the consideration of any appropriations bill by the House, of the amendments adopted reflecting increases and decreases of budget authority in such bill as reported.

Provides for the downward adjustment of: (1) allocations for the House and Senate upon the engrossment of Senate amendments to any appropriation bill; and (2) suballocations, whenever a such a downward adjustment is made to an allocation.

Requires the Director of the Congressional Budget Office to include an up-to-date tabulation of the amounts contained in the Deficit Reduction Lock-box Ledger and each entry in periodic reports.

Requires the downward adjustment of discretionary spending limits by amounts set forth in the final regular appropriation bill for the fiscal year or joint resolution making continuing appropriations through the end of such fiscal year.