(7)33 The term "surplus" means, with respect to a fiscal year, the amount by which receipts exceeds outlays34 during that year. (8)35 The term "government-sponsored enterprise"36 means a corporate entity created by a law of the United States that (A)(i) has a Federal charter authorized by law; (ii) is privately owned, as evidenced by capital 32(...continued) Financing Bank for the purchase of loans made or guaranteed by a depart- 33 Section 13112(a)(2)(A) of the Budget Enforcement Act amended section 3(7) to read as it does now. See infra p. 624. Before the enactment of the Budget Enforcement Act, the Congressional Budget Act did not define the term "surplus," and section 3(7) defined maximum deficit amounts. For the text of the old section 3(7), see infra note 807. 34 Section 3(1) defines "budget outlays." See supra p. 11. 35 Section 13112(a)(2)(A) of the Budget Enforcement Act amended section 3(8) to read as it does now. See infra p. 624. Before enactment of the Budget Enforcement Act, section 3(8) read as follows: 36 (8) The term "off-budget Federal entity" means any entity (other than a privately-owned Government-sponsored entity) - (A) which is established by Federal law, and (B) the receipts and disbursements of which are required by law to be excluded from the totals of - (i) the budget of the United States Government submitted by the President pursuant to section 1105 of title 31, United States Code, or (ii) the budget adopted by the Congress pursuant to title III of this Act. Note that section 13501 of the Budget Enforcement Act also addresses the financial safety and soundness of Government-sponsored enterprises (see infra pp. 683-690) and that section 13501(a) of the Budget Enforcement Act provides a different definition of stock owned by private entities or individuals; (iii) is under the direction of a board of directors, a majority of which is elected by private owners; (iv) is a financial institution with power to - (I) make loans or loan guarantees for limited purposes such as to provide credit for specific borrowers or one sector; and (II) raise funds by borrowing (which does not carry the full faith and credit of the Federal Government) or to guarantee the debt of others in unlimited amounts; and (B) (i) does not exercise powers that are reserved to the Government as sovereign (such as the power to tax or to regulate interstate commerce); (ii) does not have the power to commit the Government financially (but it may be a recipient of a loan guarantee commitment made by the Government); and (iii) has employees whose salaries and expenses are paid by the enterprise and are not Federal employees subject to title 5 of the United States Code. (9)37 The term "entitlement authority" means spending authority described by section 401(c)(2) (C).38 37 Section 201(a)(1) of Gramm-Rudman-Hollings added paragraphs (9) and (10). See infra p. 345. (C) to make payments (including loans and grants), the budget authority for which is not provided for in advance by appropriations Acts, to (10)39 The term "credit authority"40 means authority to incur direct loan obligations or to incur primary loan guarantee commitments." 38(...continued) any person or government if, under the provisions of the law containing such See infra pp. 204-205. For a discussion of language that ensures that authority will not constitute entitlement authority, see infra note 609. 39 Section 201(a)(1) of Gramm-Rudman-Hollings added paragraphs (9) and (10). See infra p. 345. 40 Section 402(b) defines "new credit authority": (b) DEFINITION. - For purposes of this Act, the term "new credit authority" means credit authority (as defined in section 3(10) of this Act) not provided by law on the effective date of this section, including any increase in or addition to credit authority provided by law on such date. See infra p. 212. Note that title V of the Congressional Budget Act addresses the issue of credit accounting. See infra pp. 225-250. 41 An Act to Abolish the Joint Committee on Atomic Energy, Pub. L. No. 95-110, 91 Stat. 884 (Sept. 20, 1977), repealed section 3(b). As originally enacted in 1974, section 3(b) read as follows: (b) JOINT COMMITTEE ON ATOMIC ENERGY. -- For purposes of titles II, III, and IV of this Act, the Members of the House of Representatives who are members of the Joint Committee on Atomic Energy shall be treated as a standing committee of the House, and the Members of the Senate who are members of the Joint Committee shall be treated as a standing committee of TITLE I ESTABLISHMENT OF BUDGET COMMITTEE OF THE HOUSE OF REPRESENTATIVES SEC. 101. (a) Clause 1 of Rule X of the Rules of the House of Representatives is amended by redesignating 42 42 Rule X(1)(e) now reads as follows: (e)(1) Committee on the Budget, consisting of the following Members: (A) Members who are members of other standing committees, including five Members who are members of the Committee on Appropriations, and five Members who are members of the Committee on Ways and Means; and (B) one Member from the leadership of the majority party; (C) one Member from the leadership of the minority party. No Member other than the representative from the leadership of the majority party and the representative from the leadership of the minority party shall serve as a member of the Committee on the Budget during more than three Congresses in any period of five successive Congresses (disregarding for this purpose any service performed as a member of such committee for less than a full session in any Congress), except that an incumbent chairman having served on the committee for three Congresses and having served as chairman of the committee for not more than one Congress shall be eligible for reelection to the committee as chairman for one additional Congress. Previous service on the Committee before the One Hundred First Congress shall be disregarded, for the purposes of this prohibition during the One Hundred First Congress, for the ranking minority member of the Committee (who is not the Member designated as the Member from the leadership of the minority party). A minority Member having served on the committee for three Congresses and having served as the ranking minority member in the last such Congress shall be eligible for reelection to the committee as ranking minority Member for |