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SEC. 507. EFFECT ON OTHER LAWS.S

(a) EFFECT ON OTHER Laws. -- This title shall supersede, modify, or repeal any provision of law enacted prior to the date of enactment of this title to the extent such provision is inconsistent with this title. Nothing in this title shall be construed to establish a credit limitation on any Federal loan or loan guarantee program.

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(b) CREDITING OF COLLECTIONS. Collections resulting from direct loans 802 obligated or loan guarantees803 committed prio to October 1, 1991, shall be credited to the liquidatin accounts of Federal agencies. Amounts so credited shall b available, to the same extent that they were available prior t the date of enactment of this title, to liquidate obligatior arising from such direct loans obligated or loan guarante committed prior to October 1, 1991, including repayment of a obligations held by the Secretary of the Treasury or the Feder Financing Bank. The unobligated balances of such accour that are in excess of current needs shall be transferred to t general fund of the Treasury. Such transfers shall be ma from time to time but, at least once each year.

800 Section 13201(a) of the Budget Enforcement Act created the new title Von reform, including section 507. See infra p. 629.

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Section 502(3) defines "loan guarantee." See supra p. 232.

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Section 502(1) defines "direct loan." See supra p. 232.

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Section 502(3) defines "loan guarantee." See supra p. 232.

TITLE VI BUDGET AGREEMENT ENFORCEMENT PROVISIONS

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Section 13111 of the Budget Enforcement Act repealed the original title heading of title VI and added what is now title VI. See infra p. 623. As originally enacted in 1974, the title heading for title VI read as follows:

TITLE VI
AMENDMENTS TO

BUDGET AND
ACCOUNTING ACT, 1921

Public Law 97-258 repealed the sections 601-605 and 607 originally enacted in the Congressional Budget Act of 1974. See An Act to Revise, Codify, and Enact Without Substantive Change Certain General and Permanent Laws, Related to Money and Finance, as title 31, United States Code, "Money and Finance," Pub. L. No. 97-258, § 5(b), 96 Stat. 877, 1082 (Sept. 13, 1982). Section 223 of Gramm-Rudman-Hollings repealed the original section 606. See infra p. 354. The original sections 601-605 and 607 were codified in sections

and 1108-1110 of title 31.

The statement of managers accompanying the conference report on the Budget Enforcement Act explains provisions of the new title VI:

IX. ADDITIONAL CHANGES TO THE CONGRESSIONAL BUDGET AND IMPOUND

MENT CONTROL ACT OF 1974

Current law

The Congressional Budget and Impoundment Control Act of 1974, as amended, provides for the adoption each year of a concurrent resolution on the budget setting forth spending, deficit, and revenue levels. The budget resolution is enforced principally through points of order against legislation violating budget resolution spending, revenue, and deficit levels, and through reconciliation instructions to congressional committees. Budget resolutions include budget levels for three fiscal years, but only the first year levels are binding (i.e., enforceable by points of order).

The budget resolution may not provide for a deficit in excess of the Gramm-Rudman-Hollings deficit target for the fiscal year. There are no other restrictions on congressional discretion in setting budget resolution levels under current law.

Title X of the Act establishes congressional procedures for considering impoundment of funds by the executive branch.

House bill

SEC. 601. DEFINITIONS AND POINT OF

ORDER.80

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(a) DEFINITIONS. -- As used in this title and for purposes of the Balanced Budget and Emergency Deficit Control Act of 1985:

805 ...continued)

The House bill amends the Congressional Budget Act to establish procedures for enforcing the discretionary spending limits established for fiscal years 1991-1995 through action each year on the budget resolution. Through fiscal year 1995, budget resolutions are required to cover five fiscal years.

The House bill also establishes a procedure for automatic reconciliation instructions to the tax committees should legislation be enacted reducing revenues without an offset.

The House provisions are enacted as temporary amendments to the 1974 Budget Act, generally expiring at the end of fiscal year 1995.

Senate amendment

The Senate amendment also expands 1974 Budget Act enforcement procedures to ensure compliance with the discretionary spending limits and pay-as-you-go requirements to assure that the 5-year, $500 billion deficit reduction plan is implemented and maintained. ...

The Senate amendment makes permanent changes in the 1974 Budget

Act.

Conference agreement

The conference agreement includes a number of budget process changes. It makes temporary changes in the Congressional Budget Act to create 5-year budget resolutions that would be enforced by points of order against exceeding committee allocations for both the first year and the total of the 5 years covered by the budget resolution. Section 601(b) of the conference agreement also creates temporary points of order in the Senate against violating the discretionary spending limits.

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For legislative history of section 601, see infra note 821 (at the end of this section).

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The term "maxi

(1) MAXIMUM DEFICIT AMOUNT. mum deficit amount" means

(A) with
with respect

respect to fiscal year 1991, $327,000,000,000;

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Pursuant to section 253(g) of Gramm-Rudman-Hollings (see infra pp. 461-466), the President's budget for fiscal year 1992 revised the targets for fiscal years as follows (in billions of dollars):

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OFFICE OF MANAGEMENT AND BUDGET, BUDGET OF THE UNITED STATES GOVERNMENT: FISCAL YEAR 1992, pt. 5, at 10 (Feb. 4, 1991).

Before enactment of the Budget Enforcement Act, section 3(7) of the Congressional Budget Act defined the term "maximum deficit amount." (Section 13112(a)(2)(A) of the Budget Enforcement Act repealed the old section 3(7). See infra p. 624.) Before enactment of the Budget Enforcement Act, section 3(7) read as follows:

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(A) with respect to the fiscal year beginning October 1, 1985, $171,900,000,000;

(B) with respect to the fiscal year beginning October 1, 1986, $144,000,000,000;

(C) with respect to the fiscal year beginning October 1, 1987, $144,000,000,000;

(D) with respect to the fiscal year beginning October 1, 1988, $136,000,000,000;

(E) with respect to the fiscal year beginning October 1, 1989, $100,000,000,000;

(F) with respect to the fiscal year beginning October 1, 1990, $64,000,000,000;

(G) with respect to the fiscal year beginning October 1, 1991, $28,000,000,000; and

(H) with respect to the fiscal year beginning October 1, 1992,

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as adjusted in strict conformance with sections 251, 252,809 and 253810 of the Balanced Budget and Emergency Deficit Control Act of 1985.

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Pursuant to section 251(b) of Gramm-Rudman-Hollings (see infra pp. 418-429), the President's budget for fiscal year 1992 revised the discretionary spending limits for fiscal years as follows (in billions of dollars):

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Total Discretionary:

Budget Authority
Outlays

518.064 524.976 536.521 542.509

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