SEC. 8101. DISCRETIONARY SPENDING CATEGORIES. [Legislation]
This provision would amend section 251(c) of the Balanced Budget and Emergency Deficit Control Act of 1985 (BBEDCA) to set discretionary outlay caps for the highway category and the mass transit category for fiscal years 2004 through 2009.
This provision would also amend section 250(c)(4) of the BBEDCA to update the definitions of accounts for the highway and the mass transit categories of discretionary spending to reflect new budget accounts for the highway and the mass transit category programs.
This provision would amend section 251(b)(1)(B) of the BBEDCA to revise the calculation of the adjustment to the highway category cap. The proposed revision would eliminate the look ahead portion of the adjustment to the category in an effort to smooth the extreme peaks and valleys in highway funding levels that resulted from the revenue aligned budget authority (RABA) mechanism under TEA-21. The President's budget submission would include a look back calculation to adjust for the actual level of highway account revenues collected. In place of the look ahead adjustment, this provision creates a "look now" adjustment at mid-year that modifies the highway category cap for the budget year based on the most recent estimate of highway account revenues for the current year. This look now adjustment would occur when the Office of Management and Budget releases the Mid-Session Review document, approximately six months after the President's budget is submitted to Congress.
The BBEDCA would be further amended to reference obligation limitation estimates under the Safe, Accountable, Flexible, and Efficient Transportation Equity Act of 2003 instead of those under TEA-21. New estimates of receipts to the highway account for fiscal years 2004 through 2009 would be inserted in place of 1998 through 2003 estimates.
This provision also inserts a new section 251(b)(1)(C) of the BBEDCA to provide an adjustment to the mass transit category cap. The calculation of the mass transit adjustment would also include the same look back and look now components as described above for the highway category cap.
Sections 251(b)(1)(D) and (E) of the BBEDCA, providing for estimating and adjusting limits on outlays for the highway and mass transit categories in future budget years, would be amended by this provision to reflect the new reauthorization act and time period.
SEC. 8102. LEVEL OF OBLIGATION LIMITATIONS. [Legislation]
This provision would establish the obligation limitations for fiscal years 2004 through 2009 for the highway category and the mass transit category.
SEC. 8103. EFFECTIVENESS OF TITLE. [Legislation]
This provision would take into account the fact that selected sections of the Balanced Budget and Emergency Deficit Control Act of 1985, including the section being amended in this title, expired on September 30, 2002. The provision delays the effectiveness of the amendments until the day that the relevant section of the Act is once again effective. If section 251 of the Act is not renewed, this title will have no effect.