“A bill to provide authority and discretion to the President over budgetary resources to achieve a balanced budget.”
No CRS summary available for this bill.
This section establishes presidential authority, notwithstanding the Impoundment Control Act of 1974, to decline to obligate covered budgetary resources for a fiscal year in an amount up to the deficit for that year, as determined in consultation with the Secretary of the Treasury and the Office of Management and Budget. Covered budgetary resources means budgetary resources—as defined in section 250(c) of the Balanced Budget and Emergency Deficit Control Act of 1985 (i.e., new budget authority, unobligated balances, recoveries, and other authority to incur obligations)—including discretionary appropriations and direct spending, except for the Medicare program (title XVIII of the Social Security Act) or the old-age, survivors, and disability insurance program (title II of the Social Security Act); deficit has the meaning given under section 3 of the Congressional Budget and Impoundment Control Act of 1974. (Thus, the President may withhold obligation of non-Medicare and non-Social Security funds to achieve balance without the reporting and rescission requirements otherwise applicable under the Impoundment Control Act.)