A bill to amend the Panama Canal Act of 1979 with respect to the calculation of a payment to Panama under Article XIII, paragraph 4(C) of the Panama Canal Treaty.

Amends the Panama Canal Act of 1979 to exempt the Panama Canal Commission from any automatic budget cuts which are a result of the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act) insofar as a decreased budget to such Commission would result in increased net revenues, which are required to be paid to Panama in accordance with the Panama Canal Treaty of 1977.