To authorize and direct the Director of the Office of Management and Budget to reduce nondefense discretionary spending limits by two percentage points for each of fiscal years 1999 through 2002.

Requires the Director of the Office of Management and Budget to reduce the adjusted discretionary spending limits for: (1) the nondefense category set forth in the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act) by two percentage points for each of FY 1999 and 2000; and (2) the discretionary category set forth in such Act by two percentage points for each of FY 2001 and 2002.