Balanced Deficit Reduction Act of 1990

Summary

Balanced Deficit Reduction Act of 1990 - Title I: Sequestration - Amends the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act) with respect to the sequestration formula to provide for determining revenue increases and outlay reductions by taking into account the amount of unachieved deficit reduction. Amends the Internal Revenue Code to impose a tax surcharge on each taxpayer's income in each year that a sequestration report shows an unachieved deficit reduction. Requires the sequestration of full-year appropriation bills which are enacted after the President's final order on reductions and sequestration. Title II: Tightened Scoring Rules and Multiyear Deficit Reduction - Amends the Congressional Budget Act of 1974 to require the concurrent resolution on the budget to contain planning levels for each of the four (currently, two) ensuing fiscal years. Revises the reconciliation directives to be included in budget resolutions. Requires concurrent resolutions on the budget to establish specified deficit reductions for the current fiscal year and the four ensuing fiscal years. Provides for computing the net deficit reduction. Requires the joint explanatory statement accompanying a conference report on a concurrent resolution on the budget to include an estimate of the net deficit reduction. Requires the President's budget to be prepared on the basis of the best estimates of such reduction. Requires the report of the Congressional Budget Office on the budget to include an analysis of prior legislation and the President's budget with respect to achieving the deficit reduction target. Title III: Public Debt Limit - Requires conference reports on concurrent resolutions on the budget to be considered first in the House of Representatives. Amends the Standing Rules of the Senate to deem the joint resolution changing the public debt statutory limit which has passed the House of Representatives as having also passed the Senate. Title IV: Pay As You Go - Provides for calculating the baseline (a projection of base-year levels of new budget authority, outlays, revenues, and the surplus or deficit into the budget year and the outyears based on laws enacted in sessions of Congress ending before the beginning of the budget year). Establishes a procedure for the consideration of deficit-neutral bills in the Congress. Title V: Miscellaneous Reforms - Makes conforming amendments to The Standing Rules of the Senate and the Congressional Budget Act of 1974 with respect to reconciliation procedure.

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2 official files

• Introduced in House (text)

  Introduced in House · EN

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• Introduced in House

  summary · EN · 1 March 1990

  Open at official source

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