Balanced Budget Agreement bill

TABLE OF CONTENTS:

Title I: Ensure that the Bipartisan Balanced Budget

Agreement of 1997 Achieves Its Goal

Title II: Enforcement Provisions

Budget Enforcement Act of 1997 - Title I: Ensure that the Bipartisan Balanced Budget Agreement of 1997 Achieves Its Goal - Sets forth a timetable for completion of certain budget actions by the President, the Office of Management and Budget (OMB), and the Congressional Budget Office (CBO).

(Sec. 102) Directs the President to submit a special message with the OMB Analysis of Actual Spending Levels and Projections for the Upcoming Year if such Analysis indicates that: (1) deficits or outlays in the most recent fiscal or budget year exceeded or are projected to exceed deficit targets or caps, as appropriate; or (2) revenues in such years were less than or projected to be less than revenue targets.

Requires such message to include proposed legislative changes to: (1) offset the net deficit, outlay excess, or revenue shortfall; or (2) revise the deficit or revenue targets or outlay caps contained in this Act.

Sets forth congressional procedures for the consideration of legislation to address excess deficits or outlays and revenue shortfalls.

(Sec. 103) Requires presidential budgets to be consistent with the spending, revenue, and deficit levels established in this Act or to recommend changes to such levels. Makes it out of order in the House of Representatives or the Senate to consider any concurrent budget resolution unless it is consistent with the levels set forth in this Act.

(Sec. 104) Sets forth consolidated deficit (or surplus) and revenue targets for FY 1998 through 2002.

(Sec. 105) Requires OMB to submit a report containing account numbers and spending limits for specific entitlement categories to the President and the Congress. Applies direct spending caps, effective upon submission of such report, to all entitlement authority except for undistributed offsetting receipts and net interest outlays. Sets forth entitlement categories subject to caps.

(Sec. 106) Requires determinations of 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 set forth in the joint explanatory statement of managers accompanying the concurrent resolution on the budget for FY 1998 (House Concurrent Resolution 84) and subject to periodic reestimation based on changed economic conditions or changes in eligible population.

(Sec. 107) Provides for automatic adjustments to deficit and revenue targets and caps for entitlements and other mandatory spending to reflect changes in specified economic and other conditions.

Title II: Enforcement Provisions - Directs OMB: (1) to compile a statement of actual deficits, revenues, and direct spending for a fiscal year, following the end of that year, identifying such deficits, revenues, and spending by categories of entitlements and other mandatory spending; and (2) in any year in which actual or projected deficits, revenues, or spending in violation of revenue targets or caps by more than one percent of the applicable total revenues or direct spending for the year concerned occurs, to issue a report to the President and the Congress, estimating necessary spending reductions.

(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) Sets forth: (1) general rules triggering sequestration to reduce spending for programs subject to direct spending caps; (2) special rules for direct spending programs with certain characteristics; and (3) rules for insurance and loan programs and State grant program formulas. Requires a within session sequester under certain conditions.

(Sec. 204) Sets forth procedures for enforcing revenue targets, including delays in implementing tax credits, deductions, exclusions, or cuts under the Revenue Reconciliation Act of 1997.

(Sec. 205) Exempts certain budget accounts, activities within accounts, or income from sequestration.

Authorizes the President to exempt any military personnel account from sequestration or provide for a lower uniform percentage reduction that would otherwise apply, subject to specified congressional notification requirements.

(Sec. 206) 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 pay; (8) Medicare; (9) the Postal Service Fund; (10) 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. 207) Directs CBO and OMB to report to the President and the Congress the budget baselines for the budget year and the next nine fiscal years.

Specifies requirements for the budget baseline.

(Sec. 208) Requires amounts to be withheld from allocation to the appropriate congressional committees (within the discretionary caps for each fiscal year) and reserved for natural disasters and other emergency purposes. Provides that such amounts shall be at least one percent of total budget authority and outlays available within those caps for the fiscal year concerned. Sets forth conditions under which reserved amounts shall be made available for allocation to such committees.

Amends the Congressional Budget Act of 1974 to make it out of order in the House or the Senate to consider legislation containing an emergency designation if it also provides an appropriation or direct spending for any other item or contains other matter. Permits such legislation to contain rescissions or spending reductions.