To provide that of amounts available to a designated agency for a fiscal year that are not obligated in the fiscal year, up to 50 percent may be used to pay bonuses to agency personnel and the remainder shall be deposited into the general fund of the Treasury and used exclusively for deficit reduction.

Permits the head of a designated agency (as designated by the Director of the Office of Management and Budget) to use up to 50 percent of amounts available for a fiscal year specifically for administrative expenses that are not so obligated to pay bonuses to agency personnel. Requires the remainder to be deposited into the general fund of the Treasury and used exclusively for deficit reduction.

Requires an annual implementation report from the Director to Congress.