A bill to provide for offsetting tax cuts whenever there is an elimination of a discretionary spending program.
Economic Growth and Government Efficiency Act of 1997 - Amends the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act) to require the Office of Management and Budget (OMB), for any program funded by discretionary appropriations that is repealed by law in the fiscal year preceding the budget year, to determine: (1) the amount appropriated for the program in the last fiscal year the program was funded; and (2) based on such amount, the dollar equivalent of that amount adjusted for inflation in fiscal years beginning with the budget year through FY 2002.
Includes such amounts as deficit decreases in OMB estimates and sequestration reports unless offset by legislation decreasing revenues. Reduces the discretionary caps by amounts equal to such deficit decreases.
Amends the Congressional Budget Act of 1974 to provide that revenue decreases offset as provided by this Act shall not be treated as increasing the deficit.
Introduced in Senate
Read twice and referred jointly to the Committees on Budget; Governmental Affairs pursuant to the order of August 4, 1977, as modified by the order of April 11, 1986, with instructions that if one Committee reports, the other Committee have thirty days to report or be discharged.
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