To amend the Balanced Budget and Emergency Deficit Control Act of 1985 to provide for a sequestration of all budgetary accounts for fiscal year 1998 (except Social Security, Federal retirement, and interest on the debt) equal to 5 percent of the OMB baseline.

Summary

Amends the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act) to require: (1) a sequestration of FY 1998 appropriations (including any under a continuing resolution) equivalent to five percent of the Office of Management and Budget (OMB) FY 1998 baseline; and (2) the President to issue an order, by a specified date, to fully implement the sequestration. Prohibits any reduction in benefits under title II (Old Age, Survivors and Disability Insurance) of the Social Security Act, Federal retirement benefits for members of the uniformed services or Federal officers or employees, and payments for net interest on the national debt.

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Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 5 February 1997

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• Introduced in House (PDF)

  Introduced in House · EN · 5 February 1997

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• Introduced in House

  summary · EN · 5 February 1997

  Open at official source

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