,i #aad? ,,congress #a/ ,session ,h4 ,r4 #bdih ,,9 ,,! ,,h\se ,,( ,,repres5tatives ,may #ba1 #bjae ,mr4 ,c>ney 7= himself1 ,mr4 ,r5acci1 ,mr4 ,quigley1 ,miss ,rice ( ,new ,york1 & ,mr4 ,web/] ( ,florida7 introduc$ ! foll[+ bill2 :i* 0 ref]r$ to ! ,committee on ,rules1 & 9 addition to ! ,committee on ! ,budget1 = a p]iod to be subsequ5tly det]m9$ by ! ,speak]1 9 ea* case = consid]ation ( su* provisions z fall )9 ! jurisdiction ( ! committee conc]n$ ,a ,,bill ,to am5d ! ,congressional ,budget ,act ( #aigd to require t ! ,congressional ,budget ,(fice prep>e long-t]m e/imates = report$ bills & jo9t resolutions t w\ld h significant fiscal impact1 & = o!r purposes4 #a4 ,%ort title ,?is ,act may be cit$ z ! ,budget ,integrity ,act4 #b4 ,long-t]m co/ analyses ( legislation by ,,cbo ,section #djb ( ! ,congressional ,budget ,act ( #aigd is am5d$ by ins]t+ 7a7 ,co/ e/imates4-- aft] ,sec4 #djb4 & by add+ at ! end ! foll[+ new subsections3 7b7 ,long-,t]m ,co/ ,e/imates 7#a7 ,:5ev] ! ,director ( ! ,congressional ,budget ,(fice prep>es an analysis ( ! co/s ( a bill or jo9t resolution "u subsection 7a71 & ^u ! reque/ ( ! *air or rank+ m9ority memb] ( ! ,committee on ! ,budget ( ! ,h\se ( ,repres5tatives or ! ,s5ate1 ! ,director %all prep>e & submit to su* committee ! in=mation reque/$ "u p>agraphs 7#a71 7#b71 & 7#c7 ( subsection 7a7 = any su* bill or jo9t resolution t w\ld h a significant fiscal impact1 except t su* in=mation %all be =1 if practicable1 at lea/ ea* ( ! next two t5-fiscal-ye> p]iods beg9n+ ) ! fir/ fiscal ye> aft] ! la/ fiscal ye> = :i* an analysis 0 prep>$ "u subsection 7a74 7#b7 ,z us$ 9 p>agraph 7#a7 & 9 subsection 7c71 ! t]m significant fiscal impact1 :5 appli$ to ei!r ( ! two t5-fiscal-ye> p]iods ref]r$ to 9 t p>agraph1 means any gross budget>y impact ( at lea/ #j4be p]c5t ( gross dome/ic product4 4 #c4 ,po9t ( ord] aga9/ legislation increas+ long-t]m deficits 7a7 ,po9t ( ord] ,x %all n be 9 ord] 9 ! ,h\se ( ,repres5tatives or ! ,s5ate to consid] any bill1 jo9t resolution1 am5dm5t1 motion1 or conf]5ce report t w\ld cause a net increase 9 on-budget deficits 9 excess ( #e1jjj1jjj1jjj 9 any ( ! two consecutive #aj-;fiscal-ye> p]iods describ$ 9 section #djb7;b7 ( ! ,congressional ,budget ,act ( #aigd4 7b7 ,sup]majority waiv] & appeal 9 ! ,s5ate 7#a7 ,waiv] ,?is section may be waiv$ or susp5d$ only by ! affirmative vote ( ?ree-fif?s ( ! ,memb]s1 duly *os5 & sworn4 7#b7 ,appeal ,an affirmative vote ( ?ree-fif?s ( ! ,memb]s1 duly *os5 & sworn1 %all be requir$ to su/a9 an appeal ( ! rul+ ( ! ,*air on a po9t ( ord] rais$ "u ?is section4 7c7 ,det]m9ations ( budget levels ,= purposes ( ?is section1 ! levels ( net deficit increases %all be det]m9$ on ! basis ( e/imates provid$ by ! ,committee on ! ,budget ( ! ,h\se ( ,repres5tatives or ! ,s5ate1 z applicable4 #d4 ,,cbo & ,,omb projections 7a7 ,congressional ,budget ,(fice 7#a7 ,section #cjh ( ! ,congressional ,budget ,act ( #aigd is am5d$ by add+ at ! end ! foll[+ new subsections3 7e7 ,long-,t]m projections ,ea* ye>1 ! ,director ( ! ,congressional ,budget ,(fice %all issue a report project+ total sp5d+1 rev5ue1 deficits1 & debt = at lea/ #dj ye>s beg9n+ ) ! fir/ fiscal ye> aft] ! la/ fiscal ye> cov]$ 9 ! mo/ rec5tly enact$ concurr5t resolution on ! budget z a p]c5tage ( curr5t project$ gross dome/ic product annually bas$ on curr5t law & curr5t law levels z modifi$ to ma9ta9 curr5t policy4 4 7#b7 ,section #bjb7;e77#a7 ( ! ,congressional ,budget ,act ( #aigd is am5d$ by add+ at ! end ! foll[+ new s5t5ce3 ,su* report %all also include an analysis ( ! long-t]m projections ( curr5t policy & propos$ policy 9 ! budget submitt$ by ! ,presid5t = su* fiscal ye>44 7b7 ,(fice ( ,managem5t & ,budget ,section #aaje7;a7 ( title #ca1 ,unit$ ,/ates ,code1 is am5d$ by add+ at ! end ! foll[+ new p>agraph3 7#dj7 long-t]m projections ( total sp5d+ ov] #dj ye>s z a p]c5tage ( gross dome/ic product annually & ! impact ( propos$ policies ov] t p]iod4 4 #e4 ,e/abli%m5t ( /atutory limit on ! public debt ,! ,rules ( ! ,h\se ( ,repres5tatives are am5d$ by add+ at ! end ! foll[+ new rule3 ,rule ,,xxx ,e/abli%m5t ( /atutory limit on ! public debt #a4 ,^u adoption by ,congress ( a concurr5t resolution on ! budget = a fiscal ye> "u section #cja or #cjd ( ! ,congressional ,budget ,act ( #aigd t sets =?1 z ! appropriate level ( ! public debt = t fiscal ye>1 an am\nt t is diff]5t f ! am\nt ( ! /atutory limit on ! public debt t o!rwise w\ld be 9 effect = t fiscal ye>1 ! ,cl]k %all prep>e an engrossm5t ( a jo9t resolution increas+ or decreas+1 z ! case may be1 ! /atutory limit on ! public debt 9 ! =m prescrib$ 9 clause #b4 ,^u engrossm5t ( ! jo9t resolution1 ! vote by :i* ! concurr5t resolution on ! budget 0 f9ally agre$ to 9 ! ,h\se %all also be consid]$ z a vote on passage ( ! jo9t resolution 9 ! ,h\se1 & ! jo9t resolution %all be consid]$ z pass$ by ! ,h\se & duly c]tifi$ & exam9$4 ,! engross$ copy %all be sign$ by ! ,cl]k & transmitt$ to ! ,s5ate = fur!r legislative action4 #b4 ,! matt] aft] ! resolv+ clause 9 a jo9t resolution describ$ 9 clause #a %all be z foll[s3 ,t subsection 7b7 ( section #caja ( title #ca1 ,unit$ ,/ates ,code1 is am5d$ by /rik+ out ! doll> limitation conta9$ 9 su* subsection & ins]t+ 9 lieu !re( 41 ) ! blank be+ fill$ ) a doll> limitation equal to ! appropriate level ( ! public debt set =? pursuant to section #cja7;a77#e7 ( ! ,congressional ,budget ,act ( #aigd = ! budget ye> 9 ! relevant concurr5t resolution describ$ 9 clause #a4 #c4 7a7 ,! report ( ! ,committee on ! ,budget on a concurr5t resolution describ$ 9 clause #a & ! jo9t explanatory /atem5t ( ! manag]s on a conf]5ce report to accompany su* a concurr5t resolution ea* %all conta9 a cle> /atem5t ( ! effect ! ev5tual enactm5t ( a jo9t resolution engross$ "u ?is rule w\ld h on ! /atutory limit on ! public debt4 7b7 ,x %all n be 9 ord] = ! ,h\se to consid] a concurr5t resolution describ$ 9 clause #a1 or a conf]5ce report !reon1 unless ! report ( ! ,committee on ! ,budget or ! jo9t explanatory /atem5t ( ! manag]s complies ) p>agraph 7a74 #d4 ,no?+ 9 ?is rule %all be con/ru$ z limit+ or o!rwise affect+-- 7a7 ! p[] ( ! ,h\se or ! ,s5ate to consid] & pass bills or jo9t resolutions1 )\t reg>d to ! proc$ures "u clause #a1 t w\ld *ange ! /atutory limit on ! public debt2 or 7b7 ! rights ( ,memb]s1 ,delegates1 ! ,resid5t ,commission]1 or committees ) respect to ! introduction1 consid]ation1 & report+ ( su* bills or jo9t resolutions4 #e4 ,9 ?is rule ! t]m /atutory limit on ! public debt means ! maximum face am\nt ( obligations issu$ "u au?ority ( *apt] #ca ( title #ca1 ,unit$ ,/ates ,code1 & obligations gu>ante$ z to pr9cipal & int]e/ by ! ,unit$ ,/ates 7except su* gu>ante$ obligations z may be held by ! ,secret>y ( ! ,treasury71 z det]m9$ "u section #caja7;b7 ( su* title aft] ! application ( section #caja7;a7 ( su* title1 t may be out/&+ at any "o "t4 4 #f4 ,/udy by ! ,gov]nm5t ,acc\ntability ,(fice ( long-t]m debt 7a7 ,,gao /udy ,title ,,iv ( ! ,congressional ,budget ,act ( #aigd is am5d$ by ins]t+ aft] section #djb ! foll[+ new section3 #djc4 ,/udy by ! ,gov]nm5t ,acc\ntability ,(fice ( long-t]m debt ,! ,gov]nm5t ,acc\ntability ,(fice %all /udy ! effect ( ! public debt ov] ! #ge-ye> p]iod comm5c+ ) ! ye> ( ! /udy ( social s]vice programs n includ$ z liabilities on ! balance %eet ( ! annual consolidat$ f9ancial /atem5ts ( ! ,gov]nm5t & report su* results to ! ,congress4 ,su* report %all be revis$ annually4 4 7b7 ,table ( cont5ts ,! table ( cont5ts set =? 9 section #a7;b7 ( ! ,congressional ,budget & ,imp\ndm5t ,act ( #aigd is am5d$ by ins]t+ aft] ! item relat+ to section #djb ! foll[+ new item3 ,sec4 #djc4 ,/udy by ! ,gov]nm5t ,acc\ntability ,(fice ( long-t]m debt4 4