Budget resolution FY1998

TABLE OF CONTENTS:

Title I: Levels and Amounts

Title II: Budgetary Restraints and Rulemaking

Title III: Sense of the Senate

Sets forth the congressional budget for the Government for FY 1998. Sets forth appropriate budgetary levels for FY 1999 through 2002.

Title I: Levels and Amounts - Lists recommended budgetary levels and amounts, for FY 1998 through 2002, with respect to: (1) Federal revenues; (2) new budget authority; (3) budget outlays; (4) deficits; (5) public debt; (6) new direct loan obligations; and (7) new primary loan guarantee commitments.

(Sec. 102) Sets forth for such fiscal years specified amounts of revenues and of outlays of the Federal Old-Age and Survivors Insurance Trust Fund and the Federal Disability Insurance Trust Fund.

(Sec. 103) Lists the appropriate levels of new budget authority, budget outlays, new direct loan obligations, and new primary loan guarantee commitments for each of specified major functional categories for FY 1998 through 2002.

(Sec. 104) Establishes reconciliation procedures.

Sets forth a deadline for submission of specified Senate committee recommendations to the Senate Committee on the Budget. Requires that Committee to report to House a reconciliation bill without any substantive revision of such recommendations.

Specifies outlay reductions, for each of FY 1998 through 2002, for the Senate committees on: (1) Banking, Housing, and Urban Affairs; (2) Commerce, Science, and Transportation; (3) Energy and Natural Resources; (4) Finance; (5) Governmental Affairs; (6) Labor and Human Resources; and (7) Veterans' Affairs. Specifies increased outlays for the Committee on Agriculture, Nutrition, and Forestry.

Directs the Senate Committee on Finance to report a reconciliation bill proposing changes in laws necessary to reduce revenues by up to specified amounts in FY 2002 and for the period of FY 1998 through 2002. Sets forth requirements relating to: (1) treatment of congressional pay-as-you-go-requirements; and (2) deficit neutral adjustments and limited flexibility on adjustments.

Title II: Budgetary Restraints and Rulemaking - Establishes certain discretionary spending limits for each of FY 1998 through 2002 for defense and nondefense categories. Sets forth related provisions regarding points of order in the Senate, waivers, and appeals.

Declares that the levels of new budget authority, outlays, new entitlement authority, revenues, and deficits for a fiscal year shall be determined on the basis of Committee on the Budget estimates.

(Sec. 202) Requires the chairman of the Committee on the Budget to increase the appropriate allocations, budgetary aggregates, and discretionary limits specified appropriations measures reported in any of Fy 1998 through 2002 by the amount of budget authority in such a measure that is the dollar equivalent, in terms of Special Drawing Rights, of: (1) an increase in the U.S. quota as part of the International Monetary Fund Eleventh General Review of Quotas; or (2) any increase in the maximum amount available to the Secretary of the Treasury pursuant to the Bretton Woods Agreement Act with respect to new arrangements to borrow.

(Sec. 203) Authorizes the chairman of the Committee on the Budget to increase by up to a specified amount any allocation in an FY 1998 appropriations measure (or conference report) which fully funds all contract renewal obligations for FY 1998 with respect to Section 8 Housing Assistance.

(Sec. 204) Authorizes the chairman of the Committee on the Budget to increase by up to specified amounts for FY 1998 and for the period of FY 1998 through 2002, the allocation for any legislation reported (including a conference report) that provides funding to reform the Superfund program to facilitate the cleanup of hazardous waste sites.

(Sec. 205) Authorizes the chairman of the Committee on the Budget to increase by up to a specified amount for FY 1998 the allocation for any reported legislation (including a conference report) that provides for priority Federal land acquisitions and exchanges under the National Park Service's Land Acquisition and State Assistance account.

(Sec. 206) Authorizes the chairman of the Committee on the Budget to increase by up to specified amounts for FY 1998 through 2000 the allocation for any reported appropriations measure (including a conference report) that includes an appropriation for arrearages for international organizations, international peacekeeping, and multilateral development banks.

(Sec. 207) Authorizes, upon the enactment of specified legislation, the establishment of certain reserve funds, for FY 1998 through 2002, for: (1) intercity passenger rail transportation; (2) mass transit; and (3) highways.

Title III: Sense of the Senate - Expresses the sense of the Senate regarding: (1) long term entitlement reforms, including accuracy in determining changes in the cost of living; (2) tactical fighter aircraft acquisition strategy; (3) immediate 100 percent tax deductibility of the health insurance costs of the self-employed (to provide for their children's health coverage); (4) Senate opposition to use of a Medicaid per capita cap; (5) use of added savings under a balanced budget for deficit reduction; (6) reform elements to ensure fairness in Medicare; (7) assistance to Lithuania and Latvia; (8) establishment of a National Commission on Higher Education; (9) a lockbox requirement to ensure all savings from Medicare reform are used to keep the Medicare program solvent; and (10) additional programmatic changes to ensure that the primary purpose of the earned income credit is achieved without wasting billions of taxpayer dollars on fraud and error.