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SEC. 507. EFFECT ON OTHER LAWS.80
(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 guarantee501 program.
(b) CREDITING OF COLLECTIONS. Collections resulting from direct loans 802 obligated or loan guarantees 803 committed prior to October 1, 1991, shall be credited to the liquidating accounts804 of Federal agencies. Amounts so credited shall be available, to the same extent that they were available prior to the date of enactment of this title, to liquidate obligations arising from such direct loans obligated or loan guarantees committed prior to October 1, 1991, including repayment of any obligations held by the Secretary of the Treasury or the Federal Financing Bank. The unobligated balances of such accounts that are in excess of current needs shall be transferred to the general fund of the Treasury. Such transfers shall be made from time to time but, at least once each year.
800 Section 13201(a) of the Budget Enforcement Act created the new title V on credit reform, including section 507. See infra p. 629.
Section 502(3) defines "loan guarantee." See supra p. 232.
802 Section 502(1) defines "direct loan." See supra p. 232.
Section 502(3) defines "loan guarantee." See supra p. 232.
BUDGET AGREEMENT ENFORCEMENT PROVISIONS
ACCOUNTING ACT, 1921
Section 13111 of the Budget Enforcement Act repealed the original title heading of title VI and added what is now title VI.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 As originally enacted in 1974, the title heading for title VI read as follows:
Public Law 97-258 repealed the sections 601-605 and 607 originally enacted in the Congressional Budget Act of 1974.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 Section 223 of Gramm-Rudman-Hollings repealed the original section 606.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 1105, 1106, 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-
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.
DEFINITIONS AND POINT OF
(a) DEFINITIONS. -- As used in this title and for purposes of the Balanced Budget and Emergency Deficit Control Act of 1985:
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.
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
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.
806 For legislative history of section 601, see infra note 821 (at the end of this section).
(A) with with respect to fiscal year 1991, $327,000,000,000;
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):
The term "maxi
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:
(7) The term "maximum deficit amount" means
(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,
(B) with respect to $317,000,000,000;
(C) with respect to $236,000,000,000;
808 See infra pp. 403-429.
See infra pp. 433-454.
See infra pp. 457-473.
(E) with respect to fiscal year 1995, $83,000,000,000;
as adjusted in strict conformance with sections 251,
(2) DISCRETIONARY SPENDING LIMIT.
with respect to
811 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):
20.100 20.917 21.643
1991 1992 1993 1994 1995
.182.891 198.400 205.791