Taxpayer Protection Lock-box Act of 1995

Summary

Taxpayer Protection Lock-box Act of 1995 - Amends the Congressional Budget Act of 1974 to require the Director of the Congressional Budget Office (CBO) to establish a ledger to be known as the "Taxpayer Protection Lock-box Ledger." Requires the ledger to be divided into entries corresponding to the Appropriations Subcommittees. Requires each entry to consist of three parts: (1) the House Lock-box Balance; (2) the Senate Lock-box Balance; and (3) the Joint House-Senate Lock-box Balance. Limits components in an entry of the ledger to amounts credited to it and prohibits negative amounts from being made to the ledger. Sets forth provisions concerning the crediting of amounts of new budget authority and outlays to the applicable entry balance. (Sec. 3) Requires that a running tally of the amendments adopted which reflect increases and decreases of budget authority in the bill as reported be available to Members of Congress during consideration of any appropriations bill. (Sec. 4) Provides for the downward adjustment of allocations of new budget authority and outlays and the most recent suballocations of new budget authority and outlays. (Sec. 5) Requires periodic reporting of ledger statements to be included in reports issued on congressional actions on legislation providing new budget authority or tax expenditures. (Sec. 6) Provides for the downward adjustment of discretionary spending limits for new budget authority and outlays. Waives the requirement that legislation dealing with the congressional budget be handled by the Budget Committees. (Sec. 8) Authorizes the Director of the Office of Management and Budget (OMB) to calculate the stimulative effect of revenue reductions. Lists the projected level of revenues for FY 1996 through 2002. Directs the CBO Director to certify the estimates and projections of the OMB Director and conditions that if the Director cannot certify the estimates and projections, he must: (1) notify the Congress and the President of the disagreement; and (2) submit revised estimates. Permits the President on November 1, if the OMB Director determines that a fiscal dividend excess exists from the adjustment, to: (1) direct the Secretary of the Treasury to pay an amount not exceeding the excess level to retire U.S. debt obligations; or (2) submit a legislative proposal to the Congress for reducing taxes by the amount of excess not dedicated for deficit reduction. Provides for an expedited procedure for the introduction and referral to committee of the President's legislative proposal as a bill. Specifies maximum deficit amounts for FY 1996 through 2003. Provides for a maximum deficit amount point of order in the House or the Senate.

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Documents

3 official files

• Placed on Calendar Senate (text)

  Placed on Calendar Senate · EN · 7 December 1995

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• Placed on Calendar Senate (PDF)

  Placed on Calendar Senate · EN · 7 December 1995

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• Introduced in Senate

  summary · EN · 6 December 1995

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