Revised Reid Debt Plan

On Friday night, Senate Majority Leader Harry Reid made some changes to the debt limit plan he issued earlier this week, as the Congressional Budget Office reported that it will now save $2.4 trillion over 10 years, compared to the $917 billion in savings from a GOP plan passed by the House.

Since I have not seen this document on any Senate web site, I will put the plan here on my blog, just in case you want to read through it.

Remember, large chunks of the bill text - along with the title of this plan, the "Budget Control Act of 2011" - are exactly the same as what was approved by the House.

You might not realize that from the rhetoric of recent days, but Democratic and Republican staffers on the Senate side worked together on a number of plans before talks broke down last weekend.

SA 589. Mr. REID proposed an amendment to the bill S. 627, to establish the Commission on Freedom of Information Act Processing Delays; as follows:

Strike all after ``Section'' and insert the following:

1. SHORT TITLE AND TABLE OF CONTENTS.

(a) Short Title.--This Act may be cited as the ``Budget Control Act of 2011''.

(b) Table of Contents.--The table of contents for this Act is as follows:

Sec..1..Short title and table of contents.

TITLE I--DISCRETIONARY SPENDING CAPS AND ENFORCEMENT

Sec..101..Discretionary spending limits.

Sec..102..Senate budget enforcement.

TITLE II--OTHER SPENDING CUTS

Subtitle A--Federal Pell Grant and Student Loan Program Changes

Sec..211..Federal Pell Grant and student loan program changes.

Subtitle B--Farm Programs

Sec..221..Definition of payment acres.

TITLE III--JOINT SELECT COMMITTEE ON DEFICIT REDUCTION

Sec..301..Establishment of Joint Select Committee.

Sec..302..Expedited consideration of joint committee recommendations.

Sec..303..Funding.

Sec..304..Rulemaking.

TITLE IV--DEBT CEILING DISAPPROVAL PROCESS

Sec..401..Debt ceiling disapproval process.

TITLE I--DISCRETIONARY SPENDING CAPS AND ENFORCEMENT

SEC. 101. DISCRETIONARY SPENDING LIMITS.

(a) Point of Order.--It shall not be in order in the House of Representatives or the

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Senate to consider any bill, resolution, amendment, motion or conference report that includes any provision that would cause the discretionary spending limits as set forth in this section to be exceeded.

(b) Limits.--

(1) IN GENERAL.--In this section, the term ``discretionary spending limits'' has the following meaning subject to adjustments in paragraph (2) and subsection (c):

(A) For fiscal year 2012--

(i) for the security category $606,000,000,000 in budget authority; and

(ii) for the nonsecurity category $439,000,000,000 in budget authority.

(B) For fiscal year 2013--

(i) for the security category $607,000,000,000 in budget authority; and

(ii) for the nonsecurity category $440,000,000,000 in budget authority.

(D) For fiscal year 2015, for the discretionary category, $1,089,000,000,000 in budget authority.

(E) For fiscal year 2016, for the discretionary category, $1,111,000,000,000 in budget authority.

(F) For fiscal year 2017, for the discretionary category, $1,134,000,000,000 in budget authority.

(G) For fiscal year 2018, for the discretionary category, $1,156,000,000,000 in budget authority.

(H) For fiscal year 2019, for the discretionary category, $1,180,000,000,000 in budget authority.

(I) For fiscal year 2020, for the discretionary category, $1,203,000,000,000 in budget authority.

(J) For fiscal year 2021, for the discretionary category, $1,227,000,000,000 in budget authority.

(2) AUTHORIZED ADJUSTMENT TO LIMITS.--

(A) ADJUSTMENTS FOR BUDGET SUBMISSION.--When the President submits a budget under section 1105 of title 31, United States Code, OMB shall calculate and the budget shall include adjustments to discretionary spending limits (and those limits as cumulatively adjusted) for the budget year and each out year equal to the baseline levels of new budget authority using up-to-date concepts and definitions minus those levels using the concepts and definitions in effect before such changes. Such changes may only be made after consultation with the committees on Appropriations and the Budget of the House of Representatives and the Senate and that consultation shall include written communication to such committees that affords such committees the opportunity to comment before official action is taken with respect to such changes.

(B) ADJUSTMENTS FOR CONGRESSIONAL ENFORCEMENT.--For the purposes of Congressional enforcement of the limits in this section, the Chairmen of the Committees on the Budget of the Senate and House of Representatives may adjust the discretionary spending limits in amounts equal to the adjustments made pursuant to subparagraph (A) as contained in the President's budget. Any adjustment made pursuant to this subparagraph shall not constitute a repeal or change to the limits contained in this section.

(1) IN GENERAL.--

(A) LIMITS AND SUBALLOCATIONS FOR CONGRESSIONAL ENFORCEMENT.--After the reporting of a bill or joint resolution relating to any matter described in paragraph (2), (3), or (4), or the offering of an amendment thereto or the submission of a conference report thereon--

(i) for the purposes of enforcement of the discretionary spending limits in the Senate and the House of Representatives, the Chairman of the Committee on the Budget of that House may adjust the discretionary spending limits in this section, the budgetary aggregates in the concurrent resolution on the budget most recently adopted by the Senate and the House of Representatives, and allocations pursuant to section 302(a) of the Congressional Budget Act of 1974, by the amount of new budget authority in that measure for that purpose; and

(ii) following any adjustment under clause (i), the Committee on Appropriations of that House may report appropriately revised suballocations pursuant to section 302(b) of the Congressional Budget Act of 1974 to carry out this subsection.

(B) OTHER ADJUSTMENTS.--For the purposes of determining an end of the year sequester pursuant to subsection (f), when OMB submits a sequestration report under subsection (f)(7) for a fiscal year, OMB shall calculate, and the sequestration report and subsequent budgets submitted by the President under section 1105(a) of title 31, United States Code, shall include, adjustments to discretionary spending limits (and those limits as adjusted) for the fiscal year and each succeeding year through 2021 upon the enactment of a bill or resolution relating to any matter described in paragraphs (2), (3), or (4).

(i) CBO ESTIMATES.--As soon as practicable after Congress completes action on any discretionary appropriation, CBO, after consultation with the Committees on the Budget of the House of Representatives and the Senate, shall provide OMB with an estimate of the amount of discretionary new budget authority for the current year (if any) and the budget year provided by that legislation.

(ii) OMB ESTIMATES AND EXPLANATION OF DIFFERENCES.--

(I) IN GENERAL.--Not later than 7 calendar days (excluding Saturdays, Sundays, and legal holidays) after the date of enactment of any discretionary appropriation, OMB shall make publicly available on the day it is issued and, on the following day, shall be printed in the Federal Register a report containing the CBO estimate of that legislation, an OMB estimate of the amount of discretionary new budget authority for the current year (if any) and the budget year provided by that legislation, and an explanation of any difference between the 2 estimates.

(II) DIFFERENCES.--If during the preparation of the report OMB determines that there is a significant difference between OMB and CBO, OMB shall consult with the Committees on the Budget of the House of Representatives and the Senate regarding that difference and that consultation shall include, to the extent practicable, written communication to those committees that affords such committees the opportunity to comment before the issuance of the report.

(D) ASSUMPTIONS AND GUIDELINES.--OMB estimates under subparagraph (C) shall be made using current economic and technical assumptions. In its final sequestration report, OMB shall use the OMB estimates transmitted to the Congress under this paragraph. OMB and CBO shall prepare estimates under this paragraph in conformance with scorekeeping guidelines determined after consultation among the House and Senate Committees on the Budget, CBO, and OMB.

(E) ANNUAL APPROPRIATIONS.--For purposes of this paragraph, amounts provided by annual appropriations shall include any new budget authority for the current year (if any) and the advance appropriations that become available in the budget year from previously enacted legislation.

(2) OTHER ADJUSTMENTS.--Other adjustments referred to in paragraph (1)(B) are as follows:

(A) CONTINUING DISABILITY REVIEWS AND SSI REDETERMINATIONS.--

(i) IN GENERAL.--If a bill or joint resolution is reported making appropriations in a fiscal year of the first amount specified in subclauses (I) through (X) of clause (ii) for that fiscal year for continuing disability reviews and Supplemental Security Income redeterminations under the heading ``Limitation on Administrative Expenses'' for the Social Security Administration, and provides an additional appropriation for continuing disability reviews and Supplemental Security Income redeterminations for the Social Security Administration, or one or more initiatives that the Office of the Chief Actuary determines would be at least as cost effective as a redetermination of eligibility under the heading ``Limitation on Administrative Expenses'' for the Social Security Administration of up to an amount further specified in that subclause, then the discretionary spending limits, allocation to the Committees on Appropriations of each House, and aggregates for that fiscal year may be adjusted by the amount in budget authority not to exceed the additional appropriation provided in such legislation for that purpose for that fiscal year.

(ii) AMOUNTS SPECIFIED.--The amounts specified are--

(I) for fiscal year 2012, an appropriation of $758,000,000, and an additional appropriation of $237,000,000;

(II) for fiscal year 2013, an appropriation of $758,000,000, and an additional appropriation of $390,000,000;

(III) for fiscal year 2014, an appropriation of $778,000,000, and an additional appropriation of $559,000,000;

(IV) for fiscal year 2015, an appropriation of $799,000,000, and an additional appropriation of $774,000,000;

(V) for fiscal year 2016, an appropriation of $822,000,000, and an additional appropriation of $778,000,000;

(VI) for fiscal year 2017, an appropriation of $849,000,000, and an additional appropriation of $804,000,000;

(VII) for fiscal year 2018, an appropriation of $877,000,000, and an additional appropriation of $831,000,000;

(VIII) for fiscal year 2019, an appropriation of $906,000,000, and an additional appropriation of $860,000,000;

(IX) for fiscal year 2020, an appropriation of $935,000,000, and an additional appropriation of $890,000,000; and

(X) for fiscal year 2021, an appropriation of $963,000,000, and an additional appropriation of $924,000,000.

(iii) DEFINITIONS.--As used in this subparagraph, the terms ``continuing disability reviews'' and ``Supplemental Security Income redeterminations'' mean continuing disability reviews under titles II and XVI of the Social Security Act and redeterminations of eligibility under title XVI of the Social Security Act.

(iv) REPORT.--The Commissioner of Social Security shall provide annually to the Congress a report on continuing disability reviews and Supplemental Security Income redeterminations which includes--

(I) the amount spent on continuing disability reviews and Supplemental Security Income redeterminations in the fiscal year covered by the report, and the number of reviews and redeterminations conducted, by category of review or redetermination;

(II) the results of the continuing disability reviews and Supplemental Security Income redeterminations in terms of cessations of benefits or determinations of continuing eligibility, by program; and

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(III) the estimated savings over the Ðshort-, medium-, and long-term to the Old-age, Survivors, and Disability Insurance, Supplemental Security Income, Medicare, and Medicaid programs from continuing disability reviews and Supplemental Security Income redeterminations which result in cessations of benefits and the estimated present value of such savings.

(B) INTERNAL REVENUE SERVICE TAX ENFORCEMENT.--

(i) IN GENERAL.--If a bill or joint resolution is reported making appropriations in a fiscal year to the Internal Revenue Service of not less than the first amount specified in subclauses (I) through (X) of clause (ii) for tax activities for that fiscal year, including tax compliance to address the Federal tax gap (taxes owed but not paid), and provides an additional appropriation for tax activities, including tax compliance activities to address the Federal tax gap, of up to an amount further specified in that subclause, then the discretionary spending limits, allocation to the Committees on Appropriations of each House, and aggregates for that fiscal year may be adjusted by the amount in budget authority not to exceed the amount of additional appropriations for tax activities, including tax compliance to address the Federal tax gap provided in such legislation for that fiscal year.

(ii) AMOUNTS SPECIFIED.--The amounts specified are--

(I) for fiscal year 2012, an appropriation of $7,979,000,000, and an additional appropriation of $2,519,000,000 for tax activities, including tax compliance to address the Federal tax gap;

(II) for fiscal year 2013, an appropriation of $7,979,000,000, and an additional appropriation of $3,132,000,000 for tax activities, including tax compliance to address the Federal tax gap;

(III) for fiscal year 2014, an appropriation of $8,204,000,000, and an additional appropriation of $3,542,000,000 for tax activities, including tax compliance to address the Federal tax gap;

(IV) for fiscal year 2015, an appropriation of $8,444,000,000, and an additional appropriation of $3,975,000,000 for tax activities, including tax compliance to address the Federal tax gap;

(V) for fiscal year 2016, an appropriation of $8,710,000,000, and an additional appropriation of $4,486,000,000 for tax activities, including tax compliance to address the Federal tax gap;

(VI) for fiscal year 2017, an appropriation of $9,012,000,000, and an additional appropriation of $4,538,000,000 for tax activities, including tax compliance to address the Federal tax gap;

(VII) for fiscal year 2018, an appropriation of $9,330,000,000, and an additional appropriation of $4,585,000,000 for tax activities, including tax compliance to address the Federal tax gap;

(VIII) for fiscal year 2019, an appropriation of $9,667,000,000, and an additional appropriation of $4,626,000,000 for tax activities, including tax compliance to address the Federal tax gap;

(IX) for fiscal year 2020, an appropriation of $9,989,000,000, and an additional appropriation of $4,688,000,000 for tax activities, including tax compliance to address the Federal tax gap; and

(X) for fiscal year 2021, an appropriation of $10,315,000,000, and an additional appropriation of $4,754,000,000 for tax activities, including tax compliance to address the Federal tax gap.

(iii) DEFINITION.--As used in this subparagraph, the term ``additional appropriation for tax activities, including tax compliance to address the Federal tax gap'' means new and continuing investments in expanding and improving the effectiveness and efficiency of the overall tax enforcement and compliance program of the Internal Revenue Service and fully funding operational support activities at the Internal Revenue Service. New and continuing investments include additional resources for implementing new authorities and for conducting additional examinations, audits, and enhanced third party data matching.

(iv) APPROPRIATION.--The first amount specified in subclauses (I) through (X) of clause (ii) is the amount under one or more headings in an appropriations Act for the Internal Revenue Service that is specified to pay for the costs of tax activities, including tax compliance to address the Federal tax gap.

(v) ADDITIONAL AMOUNT.--The amounts further specified in subclauses (I) through (X) of clause (ii) are the amounts under one or more headings in an appropriations Act for the Internal Revenue Service for the amount of the additional appropriation for tax activities, including tax compliance to address the Federal tax gap, but such adjustment shall be 0 (zero) unless the appropriations Act under the heading ``Operations Support'' for the Internal Revenue Service provides that such sums as are necessary shall be available, under the ``Operations Support'' heading, to fully support tax enforcement and compliance activities.

(i) IN GENERAL.--If a bill or joint resolution is reported making appropriations in a fiscal year of the first amount specified in subclauses (I) through (X) of clause (ii) for program integrity or fraud and abuse activities under the heading ``Health Care Fraud and Abuse Control Account'' program for the Department of Health and Human Services for that fiscal year, and provides an additional appropriation for program integrity or fraud and abuse activities under the heading ``Health Care Fraud and Abuse Control Account'' program for the Department of Health and Human Services of up to an amount further specified that subclause, then the discretionary spending limits, allocation to the Committees on Appropriations of each House, and aggregates for that year may be adjusted in an amount not to exceed the amount in budget authority provided in such legislation for that purpose for that fiscal year.

(ii) AMOUNTS SPECIFIED.--The amounts specified are--

(I) for fiscal year 2012, an appropriation of $311,000,000, and an additional appropriation of $270,000,000;

(II) for fiscal year 2013, an appropriation of $311,000,000, and an additional appropriation of $299,000,000;

(III) for fiscal year 2014, an appropriation of $326,000,000, and an additional appropriation of $314,000,000;

(IV) for fiscal year 2015, an appropriation of $340,000,000, and an additional appropriation of $332,000,000;

(V) for fiscal year 2016, an appropriation of $356,000,000, and an additional appropriation of $350,000,000;

(VI) for fiscal year 2017, an appropriation of $373,000,000, and an additional appropriation of $352,000,000;

(VII) for fiscal year 2018, an appropriation of $391,000,000, and an additional appropriation of $354,000,000;

(VIII) for fiscal year 2019, an appropriation of $411,000,000, and an additional appropriation of $354,000,000;

(IX) for fiscal year 2020, an appropriation of $430,000,000, and an additional appropriation of $356,000,000; and

(X) for fiscal year 2021, an appropriation of $451,000,000, and an additional appropriation of $356,000,000.

(iii) DEFINITION.--As used in this subparagraph, the term ``program integrity or fraud and abuse activities'' means those activities authorized by section 1817(k)(3) of the Social Security Act and other related program integrity activities, including administrative costs, in the Medicare Advantage and the Medicare Prescription Drug Programs authorized in title XVIII of the Social Security Act, in section 1893 of the Social Security Act, in Medicaid authorized in title XIX of the Social Security Act, and in the Children's Health Insurance Program (``CHIP'') authorized in title XXI of the Social Security Act.

(iv) REPORT.--The report required by section 1817(k)(5) of the Social Security Act for each fiscal year shall include measures of the operational efficiency and impact on fraud, waste, and abuse in the Medicare, Medicaid, and CHIP programs for the funds provided by an adjustment under this subparagraph.

(D) UNEMPLOYMENT INSURANCE IMPROPER PAYMENT REVIEWS.--

(i) IN GENERAL.--If a bill or joint resolution is reported making appropriations in a fiscal year of the first amount specified in subclauses (I) through (X) of clause (ii) for in-person reemployment and eligibility assessments and unemployment insurance improper payment reviews under the heading ``State Unemployment Insurance and Employment Service Operations'' for the Department of Labor for that fiscal year, and provides an additional appropriation for in-person reemployment and eligibility assessments and unemployment insurance improper payment reviews under the heading ``State Unemployment Insurance and Employment Service Operations'' for the Department of Labor of up to an amount further specified in that subclause, then the discretionary spending limits, allocation to the Committees on Appropriations of each House, and aggregates for that year may be adjusted by an amount in budget authority not to exceed the additional appropriation provided in such legislation for that purpose for that fiscal year.

(ii) AMOUNTS SPECIFIED.--The amounts specified are--

(I) for fiscal year 2012, an appropriation of $60,000,000, and an additional appropriation of $10,000,000;

(II) for fiscal year 2013, an appropriation of $60,000,000, and an additional appropriation of $15,000,000;

(III) for fiscal year 2014, an appropriation of $61,000,000, and an additional appropriation of $19,000,000;

(IV) for fiscal year 2015, an appropriation of $61,000,000, and an additional appropriation of $24,000,000;

(V) for fiscal year 2016, an appropriation of $62,000,000, and an additional appropriation of $28,000,000;

(VI) for fiscal year 2017, an appropriation of $63,000,000, and an additional appropriation of $28,000,000;

(VII) for fiscal year 2018, an appropriation of $64,000,000, and an additional appropriation of $29,000,000;

(VIII) for fiscal year 2019, an appropriation of $64,000,000, and an additional appropriation of $30,000,000;

(IX) for fiscal year 2020, an appropriation of $65,000,000, and an additional appropriation of $31,000,000; and

(X) for fiscal year 2021, an appropriation of $66,000,000, and an additional appropriation of $31,000,000.

(iii) DEFINITIONS.--As used in this subparagraph, the terms ``in-person reemployment

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and eligibility assessments'' and ``unemployment improper payment reviews'' mean reviews or assessments conducted in local workforce offices to determine the continued eligibility of an unemployment insurance claimant under the Federal Unemployment Tax Act, title III of the Social Security Act, and applicable State laws, to ensure they are meeting their obligation to search for work as a condition of eligibility, and to speed their return to work.

(iv) ADDITIONAL APPROPRIATION.--The amounts further specified in subclauses (I) through (X) of clause (ii) are the amounts under the heading ``State Unemployment Insurance and Employment Service Operations'' for the Department of Labor for the amount of the additional appropriation for in-person reemployment and eligibility assessments and unemployment insurance improper payment reviews, but such adjustment shall be 0 (zero) unless the appropriations Act providing such additional appropriation also provides the full amount requested under the heading ``State Unemployment Insurance and Employment Service Operations'' for the Department of Labor for grants to States for the administration of State unemployment insurance laws in the budget submitted for that fiscal year under section 1105 of title 31, United States Code.

(3) OVERSEAS DEPLOYMENTS AND RELATED ACTIVITIES.--

(A) CAP ADJUSTMENT.--The discretionary spending limits, allocation to the Committees on Appropriations of each House, and aggregates for that year may be adjusted by an amount in budget authority not to exceed the amount provided in such legislation for that purpose for that fiscal year, but not to exceed in aggregate the amounts specified in subparagraph (B) for any--

(i) bills reported by the Committees on Appropriations of either House or in the Senate, passed by the House of Representatives;

(ii) joint resolutions or amendments reported by the Committees on Appropriations of either House;

(iii) amendments between the Houses, Senate amendments to such amendments offered by the authority of the Committee on Appropriations of the Senate, or House amendments to such amendments offered by the authority of the Committee on Appropriations in the House of Representatives; or

(iv) conference reports;

making appropriations for overseas deployments and related activities.

(B) LEVELS.--

(i) LEVELS.--The initial levels for overseas deployments and related activities specified in this subparagraph are as follows:

(I) For fiscal year 2012, $126,544,000,000 in budget authority.

(II) For the total of fiscal years 2013 through 2021, $450,000,000,000 in budget authority.

(ii) LEVELS FOR CONGRESSIONAL ENFORCEMENT.--For each fiscal year after fiscal year 2012, Congress shall adopt in the concurrent resolution on the budget for that fiscal year an adjustment for overseas deployments and related activities, provided that Congress may not adopt an adjustment for any fiscal year that would cause the total adjustments for fiscal years 2013 through 2021 to exceed the amount authorized in clause (i)(II).

(iii) ACCOUNTING FOR OVERSEAS DEPLOYMENT AND RELATED ACTIVITIES.--In any report issued under subsection (f)(7), OMB shall state the total amount of spending on overseas deployments and related activities for fiscal years 2013 through 2021 and the estimated amount of budget authority adjustment remaining for that period.

(C) ADJUSTMENT FOR OFFSET OVERSEAS DEPLOYMENT COSTS.--The levels set in subparagraph (B) may be further adjusted by the amount of budget authority provided in legislation for additional costs associated with overseas deployments and related activities if the amount of budget authority above those levels is offset.

(4) ADJUSTMENTS FOR DISASTER FUNDING.--

(A) IN GENERAL.--If, for fiscal years 2011 through 2021, appropriations for discretionary accounts are enacted that Congress designates as being for disaster relief in statute, the adjustment shall be the total of such appropriations in discretionary accounts designated as being for disaster relief, but not to exceed the total of--

(i) the average funding provided for disasters over the previous 10 years, excluding the highest and lowest years; and

(ii) for years when the enacted new discretionary budget authority designated as being for disaster relief for the preceding fiscal year was less than the average as calculated in clause (i) for that fiscal year, the difference between the enacted amount and the allowable adjustment as calculated in clause (i) for that fiscal year.

(B) OMB REPORT.--OMB shall report to the Committees on Appropriations in each House the adjustment for disaster funding for fiscal year 2011, and a preview report of the estimated level for fiscal year 2012, not later than 30 days after enactment of this Act.

(d) Limitations on Changes to This Section.--Unless otherwise specifically provided in this section, it shall not be in order in the Senate or the House of Representatives to consider any bill, resolution (including a concurrent resolution on the budget), amendment, motion, or conference report that would repeal or otherwise change this section.

(e) Waiver and Appeal.--

(1) WAIVER.--In the Senate, subsections (a) through (d) shall be waived or suspended only--

(A) by the affirmative vote of three-fifths of the Members, duly chosen and sworn; or

(B) if the provisions of section (f)(8) are in effect.

(2) APPEAL.--Appeals in the Senate from the decisions of the Chair relating to any provision of this section shall be limited to 1 hour, to be equally divided between, and controlled by, the appellant and the manager of the measure. An affirmative vote of three-fifths of the Members of the Senate, duly chosen and sworn, shall be required to sustain an appeal of the ruling of the Chair on a point of order raised under this section.

(f) End-of-Year Sequester for Exceeding Discretionary Caps.--

(1) SEQUESTRATION.--

(A) IN GENERAL.--Not later than 14 calendar days after the end of a session of Congress (excluding weekends and holidays) and on the same day as a sequestration (if any) under section 5 of the Statutory Pay-As-You-Go Act of 2010, there shall be a sequestration to eliminate a budget-year breach, if any, within the discretionary categories as set by subsection (b).

(B) OVERSEAS DEPLOYMENTS.--Any amount of budget authority for overseas deployments and related activities for fiscal year 2012 in excess of the levels set in subsection (c)(3)(B)(i), or for fiscal years 2013 through 2021 that would cause the total adjustment for fiscal years 2013 through 2021 to exceed the amount authorized in section (c)(3)(B)(II), that is not otherwise offset pursuant subsection (c)(3)(C)(i), shall be counted in determining whether a breach has occurred--

(i) for fiscal years 2012 and 2013, in the security and non-security categories by amounts in the same proportion as the total amount designated in that fiscal year for overseas deployments and related activities in security and non-security accounts, respectively; and

(ii) for fiscal years 2014 through 2021, in the discretionary category.

(i) EFFECT OF DESIGNATION IN STATUTE.--If, for any fiscal year, appropriations for discretionary accounts are enacted that Congress designates as emergency requirements in statute pursuant to this subparagraph, the total of such budget authority in discretionary accounts designated as emergency requirements in all fiscal years from such appropriations shall not be counted in determining whether a breach has occurred, and shall not count for the purposes of Congressional enforcement.

(ii) DESIGNATION IN THE HOUSE OF REPRESENTATIVES.--If an appropriations Act includes a provision expressly designated as an emergency for the purposes of this section, the Chair shall put the question of consideration with respect thereto.

(iii) POINT OF ORDER IN THE SENATE.--

(I) IN GENERAL.--When the Senate is considering an appropriations Act, if a point of order is made by a Senator against an emergency designation in that measure, the provision making such a designation shall be stricken from the measure and may not be offered as an amendment from the floor.

(II) SUPERMAJORITY WAIVER AND APPEALS.--

(aa) WAIVER.--Subclause (I) may be waived or suspended in the Senate only by an affirmative vote of three-fifths of the Members, duly chosen and sworn.

(bb) APPEALS.--Appeals in the Senate from the decisions of the Chair relating to any provision of this subparagraph shall be limited to 1 hour, to be equally divided between, and controlled by, the appellant and the manager of the bill or joint resolution, as the case may be. An affirmative vote of three-fifths of the Members of the Senate, duly chosen and sworn, shall be required to sustain an appeal of the ruling of the Chair on a point of order raised under this subparagraph.

(III) DEFINITION OF AN EMERGENCY DESIGNATION.--For purposes of subclause (I), a provision shall be considered an emergency designation if it designates any item as an emergency requirement pursuant to this subparagraph.

(IV) FORM OF THE POINT OF ORDER.--A point of order under subclause (I) may be raised by a Senator as provided in section 313(e) of the Congressional Budget Act of 1974.

(V) CONFERENCE REPORTS.--When the Senate is considering a conference report on, or an amendment between the Houses in relation to, an appropriations Act, upon a point of order being made by any Senator pursuant to this subparagraph, and such point of order being sustained, such material contained in such conference report shall be deemed stricken, and the Senate shall proceed to consider the question of whether the Senate shall recede from its amendment and concur with a further amendment, or concur in the House amendment with a further amendment, as the case may be, which further amendment shall consist of only that portion of the conference report or House amendment, as the case may be, not so stricken. Any such motion in the Senate shall be debatable under the same conditions as was the conference report. In any case in which such point of order is sustained against a conference report (or Senate amendment derived from such conference report by operation of this subsection), no further amendment shall be in order.

(2) ELIMINATING A BREACH.--Each non-exempt account within a category shall be reduced by a dollar amount calculated by multiplying the baseline level of sequesterable budgetary resources in that account at that

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time by the uniform percentage necessary to eliminate a breach within that category.

(3) MILITARY PERSONNEL.--

(A) IN GENERAL.--The President may, with respect to any military personnel account, exempt that account from sequestration or provide for a lower uniform percentage reduction than would otherwise apply, provided that the President has notified Congress of the manner in which such authority will be exercised pursuant to paragraph (7)(A)(ii).

(B) REDUCTIONS.--If the President uses the authority to exempt any military personnel from sequestration under paragraph (7)(A)(ii), each account within subfunctional category 051 (other than those military personnel accounts for which the authority provided under subparagraph (A) has been exercised) shall be further reduced by a dollar amount calculated by multiplying the enacted level of non-exempt budgetary resources in that account at that time by the uniform percentage necessary to offset the total dollar amount by which budget authority is not reduced in military personnel accounts by reason of the use of such authority.

(4) PART-YEAR APPROPRIATIONS.--If, on the date specified in paragraph (1), there is in effect an Act making or continuing appropriations for part of a fiscal year for any budget account, then the dollar sequestration calculated for that account under paragraphs (2) and (3) shall be subtracted from--

(A) the annualized amount otherwise available by law in that account under that or a subsequent part-year appropriation; and

(B) when a full-year appropriation for that account is enacted, from the amount otherwise provided by the full-year appropriation.

(5) LOOK-BACK.--If, after June 30, an appropriation for the fiscal year in progress is enacted that causes a breach within a category for that year (after taking into account any sequestration of amounts within that category), the discretionary spending limits for that category for the next fiscal year shall be reduced by the amount or amounts of that breach.

(6) WITHIN-SESSION SEQUESTRATION.--If an appropriation for a fiscal year in progress is enacted (after Congress adjourns to end the session for that budget year and before July 1 of that fiscal year) that causes a breach within a category for that year (after taking into account any prior sequestration of amounts within that category), 15 days after such enactment there shall be a sequestration to eliminate that breach within that category following the procedures set forth in paragraphs (2) through (4).

(7) REPORTS.--

(A) SEQUESTRATION PREVIEW REPORT.--

(i) IN GENERAL.--Not later than 5 days before the date of the President's budget submission for CBO, and the date of the President's budget submissions for OMB, OMB and CBO shall issue a preview report regarding discretionary spending based on laws enacted through those dates. The preview report shall set forth estimates for the current year and each subsequent year through 2021 of the applicable discretionary spending limits for each category and an explanation of any adjustments in such limits under this section.

(ii) NOTIFICATION REGARDING MILITARY PERSONNEL.--On or before the date of the sequestration preview report, the President shall notify Congress of the manner in which the President intends to exercise flexibility with respect to military personnel accounts under paragraph (3).

(B) SEQUESTRATION UPDATE REPORT.--Not later than August 15 for CBO, and August 20 for OMB, OMB and CBO shall issue a sequestration update report, reflecting laws enacted through those dates, containing all of the information required in the sequestration preview reports. This report shall also contain a preview estimate of the adjustment for disaster funding for the upcoming fiscal year.

(C) FINAL SEQUESTRATION REPORT.--Not later than 10 days after the end of session for CBO, and 14 days after the end of session for OMB (excluding weekends and holidays), OMB and CBO shall issue a final sequestration report, updated to reflect laws enacted through those dates, with estimates for each of the following:

(i) For the current year and each subsequent year through 2021 the applicable discretionary spending limits for each category and an explanation of any adjustments in such limits under this section, including a final estimate of the disaster funding adjustment.

(ii) For the current year and the budget year the estimated new budget authority for each category and the breach, if any, in each category.

(iii) For each category for which a sequestration is required, the sequestration percentages necessary to achieve the required reduction.

(iv) For the budget year, for each account to be sequestered, estimates of the baseline level of sequesterable budgetary resources and the amount of budgetary resources to be sequestered.

(D) EXPLANATION OF DIFFERENCES.--The OMB reports shall explain the differences between OMB and CBO estimates for each report required by this paragraph.

(8) SUSPENSION IN THE EVENT OF LOW GROWTH.--Section 254(i) and subsections (a), (b)(1), and (c) of section 258 of the Balanced Budget and Emergency Deficit Control Act of 1985 with respect to suspension of this section for low growth only shall apply to this section, provided that those sections are deemed not to apply to titles III and IV of the Congressional Budget Act of 1974 and section 1103 of title 31, United States Code.

(g) Definitions.--In this section:

(1) NONSECURITY CATEGORY.--The term ``nonsecurity category'' means all discretionary appropriations, as that term is defined in section 250(c)(7) of the Balanced Budget and Emergency Deficit Control Act of 1985, not included in the security category defined in this Act, but does not include any appropriation designated for overseas deployments and related activities pursuant to section (c)(3) or appropriation designated as an emergency pursuant to this Act.

(2) SECURITY CATEGORY.--The term ``security category'' includes discretionary appropriations, as that term is defined in section 250(c)(7) of the Balanced Budget and Emergency Deficit Control Act of 1985, in budget functions 050 and 700, but does not include any appropriation designated for overseas deployments and related activities pursuant to section (c)(3) or appropriation designated as an emergency pursuant to this Act.

(3) DISCRETIONARY CATEGORY.--The term ``discretionary category'' includes all discretionary appropriations, as that term is defined in section 250(c)(7) of the Balanced Budget and Emergency Deficit Control Act of 1985, but does not include any appropriation designated for overseas deployments and related activities pursuant to section (c)(3) or appropriation designated as an emergency pursuant to this Act.

(4) ADVANCE APPROPRIATION.--The term ``advance appropriation'' means appropriations of new budget authority that become available one or more fiscal years beyond the fiscal year for which the appropriation act was passed.

(5) DISCRETIONARY SPENDING LIMITS.--The term ``discretionary spending limits'' means the amounts specified in this section.

(6) DEFINITIONS.--To the extent they are not defined in this section, the terms used in this section shall have the same meaning as the terms defined in section 250(c) of the Balanced Budget and Emergency Deficit Control Act of 1985.

(h) Sequestration Rules.--

(1) IN GENERAL.--Subsections (g) and (k) of section 256 of the Balanced Budget and Emergency Deficit Control Act of 1985 shall apply to sequestration under this Act.

(2) INTERGOVERNMENTAL FUNDS.--For purposes of sequestration under this section, budgetary resources shall not include activities financed by voluntary payments to the Government for goods and services to be provided for such payments, intragovernmental funds paid in from other Government accounts, and unobligated balances of prior year appropriations.

SEC. 102. SENATE BUDGET ENFORCEMENT.

(a) In General.--

(1) For the purpose of enforcing the Congressional Budget Act of 1974 through April 15, 2012, including section 300 of that Act, and enforcing budgetary points of order in prior concurrent resolutions on the budget, the allocations, aggregates, and levels set in subsection (b)(1) shall apply in the Senate in the same manner as for a concurrent resolution on the budget for fiscal year 2012 with appropriate budgetary levels for fiscal years 2011 and 2013 through 2021.

(2) For the purpose of enforcing the Congressional Budget Act of 1974 after April 15, 2012, including section 300 of that Act, and enforcing budgetary points of order in prior concurrent resolutions on the budget, the allocations, aggregates, and levels set in subsection (b)(2) shall apply in the Senate in the same manner as for a concurrent resolution on the budget for fiscal year 2013 with appropriate budgetary levels for fiscal years 2012 and 2014 through 2022.

(b) Committee Allocations, Aggregates and Levels.--

(1) As soon as practicable after the date of enactment of this section, the Chairman of the Committee on the Budget shall file--

(A) for the Committee on Appropriations, committee allocations for fiscal years 2011 and 2012 consistent with the discretionary spending limits set forth in this Act for the purpose of enforcing section 302 of the Congressional Budget Act of 1974;

(B) for all committees other than the Committee on Appropriations, committee allocations for fiscal years 2011, 2012, 2012 through 2016, and 2012 through 2021 consistent with the Congressional Budget Office's March 2011 baseline adjusted to account for the budgetary effects of this Act and legislation enacted prior to this Act but not included in the Congressional Budget Office's March 2011 baseline, for the purpose of enforcing section 302 of the Congressional Budget Act of 1974;

(C) aggregate spending levels for fiscal years 2011 and 2012 and aggregate revenue levels fiscal years 2011, 2012, 2012 through 2016, 2012 through 2021 consistent with the Congressional Budget Office's March 2011 baseline adjusted to account for the budgetary effects of this Act and legislation enacted prior to this Act but not included in the Congressional Budget Office's March 2011 baseline, and the discretionary spending limits set forth in this Act for the purpose of enforcing section 311 of the Congressional Budget Act of 1974; and

(D) levels of Social Security revenues and outlays for fiscal years 2011, 2012, 2012 through 2016, and 2012 through 2021 consistent with the Congressional Budget Office's March 2011 baseline adjusted to account for the budgetary effects of this Act and legislation enacted prior to this Act but not included in the Congressional Budget Office's March 2011 baseline, for the purpose of

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enforcing sections 302 and 311 of the Congressional Budget Act of 1974.

(2) Not later than April 15, 2012, the Chairman of the Committee on the Budget shall file--

(A) for the Committee on Appropriations, committee allocations for fiscal years 2012 and 2013 consistent with the discretionary spending limits set forth in this Act for the purpose of enforcing section 302 of the Congressional Budget Act of 1974;

(B) for all committees other than the Committee on Appropriations, committee allocations for fiscal years 2012, 2013, 2013 through 2017, and 2013 through 2022 consistent with the Congressional Budget Office's March 2012 baseline for the purpose of enforcing section 302 of the Congressional Budget Act of 1974;

(C) aggregate spending levels for fiscal years 2012 and 2013 and aggregate revenue levels fiscal years 2012, 2013, 2013-2017, and 2013-2022 consistent with the Congressional Budget Office's March 2012 baseline and the discretionary spending limits set forth in this Act for the purpose of enforcing section 311 of the Congressional Budget Act of 1974; and

(D) levels of Social Security revenues and outlays for fiscal years 2012 and 2013, 2013-2017, and 2013-2022 consistent with the Congressional Budget Office's March 2012 baseline budget for the purpose of enforcing sections 302 and 311 of the Congressional Budget Act of 1974.

(1) Effective on the date of enactment of this section, for the purpose of enforcing section 201 of S. Con. Res. 21 (110th Congress), the Chairman of the Senate Committee on the Budget shall reduce any balances of direct spending and revenues for any fiscal year to 0 (zero).

(2) Not later than April 15, 2012, for the purpose of enforcing section 201 of S. Con. Res. 21 (110th Congress), the Chairman of the Senate Committee on the Budget shall reduce any balances of direct spending and revenues for any fiscal year to 0 (zero).

(3) Upon resetting the Senate paygo scorecard pursuant to paragraph (2), the Chairman shall publish a notification of such action in the Congressional Record.

(d) Further Adjustments.--

(1) The Chairman of the Committee on the Budget of the Senate may revise any allocations, aggregates, or levels set pursuant to this section to account for any subsequent adjustments to discretionary spending limits made pursuant to this Act.

(2) With respect to any allocations, aggregates, or levels set or adjustments made pursuant to this section, sections 412 through 414 of S. Con. Res. 13 (111th Congress) shall remain in effect.

(e) Expiration.--

(1) Subections (a)(1), (b)(1), and (c)(1) shall expire if a concurrent resolution on the budget for fiscal year 2012 is agreed to by the Senate and House of Representatives pursuant to section 301 of the Congressional Budget Act of 1974.

(2) Subections (a)(2), (b)(2), and (c)(2) shall expire if a concurrent resolution on the budget for fiscal year 2013 is agreed to by the Senate and House of Representatives pursuant to section 301 of the Congressional Budget Act of 1974.

TITLE II--OTHER SPENDING CUTS

Subtitle A--Federal Pell Grant and Student Loan Program Changes

SEC. 211. FEDERAL PELL GRANT AND STUDENT LOAN PROGRAM CHANGES.

(a) Federal Pell Grants.--Section 401(b)(7)(A)(iv) of the Higher Education Act of 1965 (20 U.S.C. 1070a(b)(7)(A)(iv)) is amended--

(1) in subclause (II), by striking ``$3,183,000,000'' and inserting ``$13,683,000,000''; and

(2) in subclause (III), by striking ``$0'' and inserting ``$7,500,000,000''.

(b) Termination of Authority to Make Interest Subsidized Loans to Graduate and Professional Students.--Section 455(a) of the Higher Education Act of 1965 (20 U.S.C. 1087e(a)) is amended by adding at the end the following:

``(3) TERMINATION OF AUTHORITY TO MAKE INTEREST SUBSIDIZED LOANS TO GRADUATE AND PROFESSIONAL STUDENTS.--

``(A) IN GENERAL.--Notwithstanding any provision of this part or part B, for any period of instruction beginning on or after July 1, 2012--

``(i) a graduate or professional student shall not be eligible to receive a subsidized Federal Direct Stafford Loan under this part;

``(ii) the maximum annual amount of Federal Direct Unsubsidized Stafford Loans such a student may borrow in any academic year (as defined in section 481(a)(2)) or its equivalent shall be the maximum annual amount for such student determined under section 428H, plus an amount equal to the amount of Federal Direct Subsidized Loans the student would have received in the absence of this subparagraph; and

``(iii) the maximum aggregate amount of Federal Direct Unsubsidized Stafford Loans such a student may borrow shall be the maximum aggregate amount for such student determined under section 428H, adjusted to reflect the increased annual limits described in clause (ii), as prescribed by the Secretary by regulation.

``(B) EXCEPTION.--Subparagraph (A) shall not apply to an individual enrolled in coursework specified in paragraph (3)(B) or (4)(B) of section 484(b).''.

(c) Inapplicability of Title IV Negotiated Rulemaking and Master Calendar Exception.--Sections 482(c) and 492 of the Higher Education Act of 1965 (20 U.S.C. 1089(c), 1098a) shall not apply to the amendments made by this section, or to any regulations promulgated under those amendments.

Subtitle B--Farm Programs

SEC. 221. DEFINITION OF PAYMENT ACRES.

(a) In General.--Section 1001(11) of the Food, Conservation, and Energy Act of 2008 (7 U.S.C. 8702(11)) is amended--

(1) in subparagraph (A)--

(A) by striking ``subparagraph (B)'' and inserting ``subparagraphs (B) and (C)''; and

(B) by striking ``and'' at the end;

(2) in subparagraph (B), by striking the period at the end and inserting ``; and''; and

(3) by adding at the end the following:

``(C) in the case of direct payments for the 2012 crop year, 59 percent of the base acres for the covered commodity on a farm on which direct payments are made.''.

(b) Payment Acres for Peanuts.--Section 1301(5) of the Food, Conservation, and Energy Act of 2008 (7 U.S.C. 8751(5)) is amended--

(1) in subparagraph (A)--

(A) by striking ``subparagraph (B)'' and inserting ``subparagraphs (B) and (C)''; and

(B) by striking ``and'' at the end;

(2) in subparagraph (B), by striking the period at the end and inserting ``; and''; and

(3) by adding at the end the following:

``(C) in the case of direct payments for the 2012 crop year, 59 percent of the base acres for peanuts on a farm on which direct payments are made.''.

TITLE III--JOINT SELECT COMMITTEE ON DEFICIT REDUCTION

SEC. 301. ESTABLISHMENT OF JOINT SELECT COMMITTEE.

(a) Definitions.--In this title:

(1) JOINT SELECT COMMITTEE.--The term ``joint committee'' means the Joint Select Committee on Deficit Reduction established under subsection (b)(1).

(2) JOINT SELECT COMMITTEE BILL.--The term ``joint committee bill'' means a bill consisting of the proposed legislative language of the joint committee recommended under subsection (b)(3)(B) and introduced under section 302(a).

(b) Establishment of Joint Select Committee.--

(1) ESTABLISHMENT.--There is established a joint select committee of Congress to be known as the ``Joint Select Committee on Deficit Reduction''.

(2) GOAL.--The goal of the joint committee shall be to reduce the deficit to 3 percent or less of GDP.

(3) DUTIES.--

(A) IN GENERAL.--

(i) IMPROVING THE SHORT-TERM AND LONG-TERM FISCAL IMBALANCE.--The joint committee shall provide recommendations and legislative language that will significantly improve the short-term and long-term fiscal imbalance of the Federal Government and may include recommendations and legislative language on tax reform.

(ii) CONSIDERATION OF OTHER BIPARTISAN PLANS.--As a part of developing the joint committee's recommendations and legislation, the joint committee shall consider existing bipartisan plans to reduce the deficit, including plans developed jointly by Senators or Members of the House of Representatives.

(iii) RECOMMENDATIONS OF HOUSE OF REPRESENTATIVES AND SENATE COMMITTEES.--Not later than October 14, 2011, each committee of the House of Representatives and Senate may transmit to the joint committee its recommendations for changes in law to reduce the deficit consistent with the goals described in paragraph (2) for the joint committee's consideration.

(B) REPORT, RECOMMENDATIONS, AND LEGISLATIVE LANGUAGE.--

(i) IN GENERAL.--Not later than November 23, 2011, the joint committee shall vote on--

(I) a report that contains a detailed statement of the findings, conclusions, and recommendations of the joint committee and the CBO estimate required by paragraph (5)(D)(ii); and

(II) proposed legislative language to carry out such recommendations as described in subclause (I).

No amendment to the Rules of the House of Representatives or the Standing Rules of the Senate shall be in order in the legislative language required in subclause (II).

(ii) APPROVAL OF REPORT AND LEGISLATIVE LANGUAGE.--The report of the joint committee and the proposed legislative language described in clause (i) shall require the approval of not fewer than 7 of the 12 members of the joint committee.

(iii) ADDITIONAL VIEWS.--A member of the joint committee who gives notice of an intention to file supplemental, minority, or additional views at the time of final joint committee vote on the approval of the report and legislative language under clause (ii), shall be entitled to 3 calendar days in which to file such views in writing with the staff director of the joint committee. Such views shall then be included in the joint committee report and printed in the same volume, or part thereof, and their inclusion shall be noted on the cover of the report. In the absence of timely notice, the joint committee report may be printed and transmitted immediately without such views.

(iv) TRANSMISSION OF REPORT AND LEGISLATIVE LANGUAGE.--If the report and legislative language are approved by the joint committee pursuant to clause (ii), then not later

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than December 2, 2011, the joint committee shall submit the joint committee report and legislative language described in clause (i) to the President, the Vice President, the Speaker of the House of Representatives, and the Majority and Minority Leaders of both Houses.

(v) REPORT AND LEGISLATIVE LANGUAGE TO BE MADE PUBLIC.--Upon the approval or disapproval of the joint committee report and legislative language pursuant to clause (ii), the joint committee shall promptly make the full report and legislative language, and a record of the vote, available to the public.

(4) MEMBERSHIP.--

(A) IN GENERAL.--The joint committee shall be composed of 12 members appointed pursuant to subparagraph (B).

(B) APPOINTMENT.--Members of the joint committee shall be appointed as follows:

(i) The majority leader of the Senate shall appoint 3 members from among Members of the Senate.

(ii) The minority leader of the Senate shall appoint 3 members from among Members of the Senate.

(iii) The Speaker of the House of Representatives shall appoint 3 members from among Members of the House of Representatives.

(iv) The minority leader of the House of Representatives shall appoint 3 members from among Members of the House of Representatives.

(i) IN GENERAL.--There shall be 2 Co-Chairs of the joint committee. The majority leader of the Senate shall appoint one Co-Chair from among the members of the joint committee. The Speaker of the House of Representatives shall appoint the second Co-Chair from among the members of the joint committee. The Co-Chairs shall be appointed not later than 14 calendar days after the date of enactment of this section.

(ii) STAFF DIRECTOR.--The Co-Chairs, acting jointly, shall hire the staff director of the joint committee.

(D) DATE.--Members of the joint committee shall be appointed not later than 14 calendar days after the date of enactment of this section.

(E) PERIOD OF APPOINTMENT.--Members shall be appointed for the life of the joint committee. Any vacancy in the joint committee shall not affect its powers, but shall be filled not later than 14 calendar days after the date on which the vacancy occurs in the same manner as the original appointment. If a member of the committee leaves Congress, the member is no longer a member of the joint committee and a vacancy shall exist.

(5) ADMINISTRATION.--

(A) IN GENERAL.--To enable the joint committee to exercise its powers, functions, and duties, there are authorized to be disbursed by the Senate the actual and necessary expenses of the joint committee approved by the Co-Chairs, subject to Senate rules and regulations.

(B) EXPENSES.--In carrying out its functions, the joint committee is authorized to incur expenses in the same manner and under the same conditions as the Joint Economic Committee as authorized by section 11 of Public Law 79-304 (15 U.S.C. 1024(d)).

(C) QUORUM.--Seven members of the joint committee shall constitute a quorum for purposes of voting, meeting, and holding hearings.

(D) VOTING.--

(i) PROXY VOTING.--No proxy voting shall be allowed on behalf of the members of the joint committee.

(ii) CONGRESSIONAL BUDGET OFFICE ESTIMATES.--The Congressional Budget Office shall provide estimates of the legislation (as described in paragraph (3)(B)) in accordance with sections 308(a) and 201(f) of the Congressional Budget Act of 1974 (2 U.S.C. 639(a) and 601(f)) (including estimates of the effect of interest payment on the debt). In addition, the Congressional Budget Office shall provide information on the budgetary effect of the legislation beyond the year 2021 and the Congressional Budget Office and Joint Committee on Taxation may provide information on the budgetary effect of the legislation relative to alternative fiscal scenarios. The joint committee may not vote on any version of the report, recommendations, or legislative language unless such estimates are available for consideration by all members of the joint committee at least 48 hours prior to the vote as certified by the Co-Chairs.

(E) MEETINGS.--

(i) INITIAL MEETING.--Not later than 45 calendar days after the date of enactment of this section, the joint committee shall hold its first meeting.

(ii) AGENDA.--The Co-Chairs shall provide an agenda to the joint committee members not less than 48 hours in advance of any meeting.

(F) HEARINGS.--

(i) IN GENERAL.--The joint committee may, for the purpose of carrying out this section, hold such hearings, sit and act at such times and places, require attendance of witnesses and production of books, papers, and documents, take such testimony, receive such evidence, and administer such oaths the joint committee considers advisable.

(ii) HEARING PROCEDURES AND RESPONSIBILITIES OF CO-CHAIRS.--

(I) ANNOUNCEMENT.--The Co-Chairs shall make a public announcement of the date, place, time, and subject matter of any hearing to be conducted not less than 7 days in advance of such hearing, unless the Co-Chairs determine that there is good cause to begin such hearing at an earlier date.

(II) WRITTEN STATEMENT.--A witness appearing before the joint committee shall file a written statement of proposed testimony at least 2 calendar days prior to appearance, unless the requirement is waived by the Co-Chairs, following their determination that there is good cause for failure of compliance.

(G) TECHNICAL ASSISTANCE.--Upon written request of the Co-Chairs, a Federal agency shall provide technical assistance to the joint committee in order for the joint committee to carry out its duties.

(1) IN GENERAL.--The Co-Chairs may jointly appoint and fix the compensation of staff as they deem necessary, within the guidelines for Senate employees and following all applicable Senate rules and employment requirements.

(2) ETHICAL STANDARDS.--Members on the joint committee who serve in the House of Representatives shall be governed by the House ethics rules and requirements. Members of the Senate who serve on the joint committee and staff of the joint committee shall comply with Senate ethics rules.

(d) Termination.--The joint committee shall terminate on January 13, 2012.

SEC. 302. EXPEDITED CONSIDERATION OF JOINT COMMITTEE RECOMMENDATIONS.

(a) Introduction.--If approved by the majority required by section 301(b)(3)(B)(ii), the proposed legislative language submitted pursuant to section 301(b)(3)(B)(iv) shall be introduced in the Senate (by request) on the next day on which the Senate is in session by the majority leader of the Senate or by a Member of the Senate designated by the majority leader of the Senate and shall be introduced in the House of Representatives (by request) on the next legislative day by the majority leader of the House of Representatives or by a Member of the House of Representatives designated by the majority leader of the House of Representatives.

(b) Consideration in the House of Representatives.--

(1) REFERRAL AND REPORTING.--Any committee of the House of Representatives to which the joint committee bill is referred shall report it to the House of Representatives without amendment not later than December 9, 2011. If a committee fails to report the joint committee bill within that period, it shall be in order to move that the House of Representatives discharge the committee from further consideration of the bill. Such a motion shall not be in order after the last committee authorized to consider the bill reports it to the House of Representatives or after the House of Representatives has disposed of a motion to discharge the bill. The previous question shall be considered as ordered on the motion to its adoption without intervening motion except 20 minutes of debate equally divided and controlled by the proponent and an opponent. If such a motion is adopted, the House of Representatives shall proceed immediately to consider the joint committee bill in accordance with paragraphs (2) and (3). A motion to reconsider the vote by which the motion is disposed of shall not be in order.

(2) PROCEEDING TO CONSIDERATION.--After the last committee authorized to consider a joint committee bill reports it to the House of Representatives or has been discharged (other than by motion) from its consideration, it shall be in order to move to proceed to consider the joint committee bill in the House of Representatives. Such a motion shall not be in order after the House of Representatives has disposed of a motion to proceed with respect to the joint committee bill. The previous question shall be considered as ordered on the motion to its adoption without intervening motion. A motion to reconsider the vote by which the motion is disposed of shall not be in order.

(3) CONSIDERATION.--The joint committee bill shall be considered as read. All points of order against the joint committee bill and against its consideration are waived. The previous question shall be considered as ordered on the joint committee bill to its passage without intervening motion except 2 hours of debate equally divided and controlled by the proponent and an opponent and one motion to limit debate on the joint committee bill. A motion to reconsider the vote on passage of the joint committee bill shall not be in order.

(4) VOTE ON PASSAGE.--The vote on passage of the joint committee bill shall occur not later than December 23, 2011.

(1) COMMITTEE CONSIDERATION.--A joint committee bill introduced in the Senate under subsection (a) shall be jointly referred to the committee or committees of jurisdiction, which committees shall report the bill without any revision and with a favorable recommendation, an unfavorable recommendation, or without recommendation, not later than December 9, 2011. If any committee fails to report the bill within that period, that committee shall be automatically discharged from consideration of the bill, and the bill shall be placed on the appropriate calendar.

(2) MOTION TO PROCEED.--Notwithstanding rule XXII of the Standing Rules of the Senate, it is in order, not later than 2 days of session after the date on which a joint committee bill is reported or discharged from all committees to which it was referred, for the majority leader of the Senate or the majority leader's designee to move to proceed to the consideration of the joint committee bill. It shall also be in order for any Member

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of the Senate to move to proceed to the consideration of the joint committee bill at any time after the conclusion of such 2-day period. A motion to proceed is in order even though a previous motion to the same effect has been disagreed to. All points of order against the motion to proceed to the joint committee bill are waived. The motion to proceed is not debatable. The motion is not subject to a motion to postpone. A motion to reconsider the vote by which the motion is agreed to or disagreed to shall not be in order. If a motion to proceed to the consideration of the joint committee bill is agreed to, the joint committee bill shall remain the unfinished business until disposed of.

(3) CONSIDERATION.--All points of order against the joint committee bill and against consideration of the joint committee bill are waived. Consideration of the joint committee bill and of all debatable motions and appeals in connection therewith shall not exceed a total of 30 hours which shall be divided equally between the Majority and Minority Leaders or their designees. A motion further to limit debate on the joint committee bill is in order, shall require an affirmative vote of three-fifths of the Members duly chosen and sworn, and is not debatable. Any debatable motion or appeal is debatable for not to exceed 1 hour, to be divided equally between those favoring and those opposing the motion or appeal. All time used for consideration of the joint committee bill, including time used for quorum calls and voting, shall be counted against the total 30 hours of consideration.

(4) NO AMENDMENTS.--An amendment to the joint committee bill, or a motion to postpone, or a motion to proceed to the consideration of other business, or a motion to recommit the joint committee bill, is not in order.

(5) VOTE ON PASSAGE.--If the Senate has voted to proceed to the joint committee bill, the vote on passage of the joint committee bill shall occur immediately following the conclusion of the debate on a joint committee bill, and a single quorum call at the conclusion of the debate if requested. The vote on passage of the joint committee bill shall occur not later than December 23, 2011.

(6) RULINGS OF THE CHAIR ON PROCEDURE.--Appeals from the decisions of the Chair relating to the application of the rules of the Senate, as the case may be, to the procedure relating to a joint committee bill shall be decided without debate.

(d) Amendment.--The joint committee bill shall not be subject to amendment in either the House of Representatives or the Senate.

(e) Consideration by the Other House.--

(1) IN GENERAL.--If, before passing the joint committee bill, one House receives from the other a joint committee bill--

(A) the joint committee bill of the other House shall not be referred to a committee; and

(B) the procedure in the receiving House shall be the same as if no joint committee bill had been received from the other House until the vote on passage, when the joint committee bill received from the other House shall supplant the joint committee bill of the receiving House.

(2) REVENUE MEASURE.--This subsection shall not apply to the House of Representatives if the joint committee bill received from the Senate is a revenue measure.

(f) Rules to Coordinate Action With Other House.--

(1) TREATMENT OF JOINT COMMITTEE BILL OF OTHER HOUSE.--If the Senate fails to introduce or consider a joint committee bill under this section, the joint committee bill of the House of Representatives shall be entitled to expedited floor procedures under this section.

(2) TREATMENT OF COMPANION MEASURES IN THE SENATE.--If following passage of the joint committee bill in the Senate, the Senate then receives the joint committee bill from the House of Representatives, the House-passed joint committee bill shall not be debatable. The vote on passage of the joint committee bill in the Senate shall be considered to be the vote on passage of the joint committee bill received from the House of Representatives.

(3) VETOES.--If the President vetoes the joint committee bill, debate on a veto message in the Senate under this section shall be 1 hour equally divided between the majority and minority leaders or their designees.

(g) Loss of Privilege.--The provisions of this section shall cease to apply to the joint committee bill if--

(1) the joint committee fails to vote on the report or proposed legislative language required under section 301(b)(3)(B)(i) by November 23, 2011; or

(2) the joint committee bill does not pass both Houses by December 23, 2011.

SEC. 303. FUNDING.

Funding for the joint committee shall be derived in equal portions from--

(1) the applicable accounts of the House of Representatives; and

(2) the contingent fund of the Senate from the appropriations account ``Miscellaneous Items'', subject to Senate rules and regulations.

SEC. 304. RULEMAKING.

The provisions of this title are enacted by Congress--

(1) as an exercise of the rulemaking power of the House of Representatives and the Senate, respectively, and as such they shall be considered as part of the rules of each House, respectively, or of that House to which they specifically apply, and such rules shall supersede other rules only to the extent that they are inconsistent therewith; and

(2) with full recognition of the constitutional right of either House to change such rules (so far as relating to such House) at any time, in the same manner, and to the same extent as in the case of any other rule of such House.

TITLE IV--DEBT CEILING DISAPPROVAL PROCESS

SEC. 401. DEBT CEILING DISAPPROVAL PROCESS.

Subchapter I of chapter 31 of subtitle III of title 31, United States Code, is amended--

(1) in section 3101(b), by striking ``or otherwise'' and inserting ``or as provided by section 3101A or otherwise''; and

(2) by inserting after section 3101, the following:``§3101A. Presidential modification of the debt ceiling

``(a) In General.--

``(1) $1.2 TRILLION.--

``(A) CERTIFICATION.--If, not later than December 31, 2011, the President submits a written certification to Congress that the President has determined that the debt subject to limit is within $100,000,000,000 of the limit in section 3101(b) and that further borrowing is required to meet existing commitments, the Secretary of the Treasury may exercise authority to borrow an additional $1,200,000,000,000 subject to the enactment of a joint resolution of disapproval enacted pursuant to this section. Upon submission of such certification, the limit on debt provided in section 3101(b) (referred to in this section as the `debt limit') is increased by $416,000,000,000.

``(B) RESOLUTION OF DISAPPROVAL.--Congress may consider a joint resolution of disapproval of the authority under subparagraph (A) as provided in subsections (b) through (f). The joint resolution of disapproval considered under this section shall contain only the language provided in subsection (b)(2). If the time for disapproval has lapsed without enactment of a joint resolution of disapproval under this section, the debt limit is increased by an additional $784,000,000,000.

``(2) ADDITIONAL AMOUNT.--

``(A) CERTIFICATION.--If, after the debt limit is increased by $1,200,000,000,000 under paragraph (1), the President submits a written certification to Congress that the President has determined that the debt subject to limit is within $150,000,000,000 of the limit in section 3101(b) and that further borrowing is required to meet existing commitments, the Secretary of the Treasury may exercise authority to borrow an additional amount equal to $1,200,000,000,000 subject to the enactment of a joint resolution of disapproval enacted pursuant to this section.

``(B) RESOLUTION OF DISAPPROVAL.--Congress may consider a joint resolution of disapproval of the authority under subparagraph (A) as provided in subsections (b) through (f). The joint resolution of disapproval considered under this section shall contain only the language provided in subsection (b)(2). After the time for disapproval has lapsed without enactment of a joint resolution of disapproval under this section, the debt limit is increased by the amount authorized under subparagraph (A).

``(b) Joint Resolution of Disapproval.--

``(1) IN GENERAL.--Except for the $416,000,000,000 increase in the debt limit provided by subsection (a)(1)(A), the debt limit may not be raised under this section if, within 55 calendar days after the date on which Congress receives a certification described in subsection (a)(1) or within 15 calendar days after the Congress receives the certification described in subsection (a)(2) (regardless of whether Congress is in session), there is enacted into law a joint resolution disapproving the President's exercise of authority with respect to such additional amount.

``(2) CONTENTS OF JOINT RESOLUTION.--For the purpose of this section, the term `joint resolution' means only a joint resolution--

``(A)(i) for the certification described in subsection (a)(1), that is introduced on September 6, 7, 8 or 9, 2011 (or, if the Senate was not in session, the next calendar day on which the Senate is in session); and

``(ii) for the certification described in subsection (a)(2), that is introduced between the date the certification is received and 3 calendar days after that date;

``(B) which does not have a preamble;

``(C) the title of which is only as follows: `Joint resolution relating to the disapproval of the President's exercise of authority to increase the debt limit, as submitted under section 3101A of title 31, United States Code on __XXXXXXXXXX' (with the blank containing the date of submission); and

``(D) the matter after the resolving clause of which is only as follows: `That Congress disapproves of the President's exercise of authority to increase the debt limit, as exercised pursuant to the certification under section 3101A(a) of title 31, United States Code.'.

``(c) Expedited Consideration in House of Representatives.--

``(1) RECONVENING.--Upon receipt of a certification described in subsection (a)(2), the Speaker, if the House would otherwise be adjourned, shall notify the Members of the House that, pursuant to this section, the House shall convene not later than the second calendar day after receipt of such certification.

``(2) REPORTING AND DISCHARGE.--Any committee of the House of Representatives to which a joint resolution is referred shall report it to the House without amendment not later than 5 calendar days after the date of

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introduction of the joint resolution described in subsection (a). If a committee fails to report a joint resolution within that period, the committee shall be discharged from further consideration of the joint resolution and the joint resolution shall be referred to the appropriate calendar.

``(3) PROCEEDING TO CONSIDERATION.--After each committee authorized to consider a joint resolution reports it to the House or has been discharged from its consideration, it shall be in order, not later than the sixth day after introduction of a joint resolution under subsection (a), to move to proceed to consider the joint resolution in the House. All points of order against the motion are waived. Such a motion shall not be in order after the House has disposed of a motion to proceed on a joint resolution addressing a particular submission. The previous question shall be considered as ordered on the motion to its adoption without intervening motion. The motion shall not be debatable. A motion to reconsider the vote by which the motion is disposed of shall not be in order.

``(4) CONSIDERATION.--The joint resolution shall be considered as read. All points of order against the joint resolution and against its consideration are waived. The previous question shall be considered as ordered on the joint resolution to its passage without intervening motion except two hours of debate equally divided and controlled by the proponent and an opponent. A motion to reconsider the vote on passage of the joint resolution shall not be in order.

``(d) Expedited Procedure in Senate.--

``(1) RECONVENING.--Upon receipt of a certification under subsection (a)(2), if the Senate has adjourned or recessed for more than 2 days, the majority leader of the Senate, after consultation with the minority leader of the Senate, shall notify the Members of the Senate that, pursuant to this section, the Senate shall convene not later than the second calendar day after receipt of such message.

``(2) PLACEMENT ON CALENDAR.--Upon introduction in the Senate, the joint resolution shall be immediately placed on the calendar.

``(3) FLOOR CONSIDERATION.--

``(A) IN GENERAL.--Notwithstanding Rule XXII of the Standing Rules of the Senate, it is in order at any time during the period beginning on the day after the date on which Congress receives a certification under subsection (a) and for the certification described in subsection (a)(1), ending on September 14, 2011 and for the certification described in subsection (a)(2) on the 6th day after the date on which Congress receives a certification under subsection (a) (even though a previous motion to the same effect has been disagreed to) to move to proceed to the consideration of the joint resolution, and all points of order against the joint resolution (and against consideration of the joint resolution) are waived. The motion to proceed is not debatable. The motion is not subject to a motion to postpone. A motion to reconsider the vote by which the motion is agreed to or disagreed to shall not be in order. If a motion to proceed to the consideration of the resolution is agreed to, the joint resolution shall remain the unfinished business until disposed of.

``(B) CONSIDERATION.--Consideration of the joint resolution, and on all debatable motions and appeals in connection therewith, shall be limited to not more than 10 hours, which shall be divided equally between the majority and minority leaders or their designees. A motion further to limit debate is in order and not debatable. An amendment to, or a motion to postpone, or a motion to proceed to the consideration of other business, or a motion to recommit the joint resolution is not in order.

``(C) VOTE ON PASSAGE.--If the Senate has voted to proceed to a joint resolution, the vote on passage of the joint resolution shall occur immediately following the conclusion of consideration of the joint resolution, and a single quorum call at the conclusion of the debate if requested in accordance with the rules of the Senate.

``(D) RULINGS OF THE CHAIR ON PROCEDURE.--Appeals from the decisions of the Chair relating to the application of the rules of the Senate, as the case may be, to the procedure relating to a joint resolution shall be decided without debate.

``(e) Amendment Not in Order.--A joint resolution of disapproval considered pursuant to this section shall not be subject to amendment in either the House of Representatives or the Senate.

``(f) Coordination With Action by Other House.--

``(1) IN GENERAL.--If, before passing the joint resolution, one House receives from the other a joint resolution--

``(A) the joint resolution of the other House shall not be referred to a committee; and

``(B) the procedure in the receiving House shall be the same as if no joint resolution had been received from the other House until the vote on passage, when the joint resolution received from the other House shall supplant the joint resolution of the receiving House.

``(2) TREATMENT OF JOINT RESOLUTION OF OTHER HOUSE.--If the Senate fails to introduce or consider a joint resolution under this section, the joint resolution of the House shall be entitled to expedited floor procedures under this section.

``(3) TREATMENT OF COMPANION MEASURES.--If, following passage of the joint resolution in the Senate, the Senate then receives the companion measure from the House of Representatives, the companion measure shall not be debatable.

``(4) CONSIDERATION AFTER PASSAGE.--

``(A) IN GENERAL.--If Congress passes a joint resolution, the period beginning on the date the President is presented with the joint resolution and ending on the date the President takes action with respect to the joint resolution (but excluding days when either House is not in session) shall be disregarded in computing the appropriate calendar day period described in subsection (b)(1).

``(B) VETOES.--If the President vetoes the joint resolution--

``(i) the period beginning on the date the President vetoes the joint resolution and ending on the day on which the Congress receives the veto message with respect to the joint resolution (regardless of whether Congress is in session) shall be disregarded in computing the appropriate calendar day period described in subsection (b)(1); and

``(ii) debate on a veto message in the Senate under this section shall be 1 hour equally divided between the majority and minority leaders or their designees.

``(5) VETO OVERRIDE.--If within the appropriate calendar day period described in subsection (b)(1), Congress overrides a veto of the joint resolution with respect to authority exercised pursuant to paragraph (1) or (2) of subsection (a), the limit on debt provided in section 3101(b) shall not be raised, except for the $416,000,000,000 increase in the limit provided by subsection (a)(1)(A)(i).

``(6) SEQUESTER.--

``(A) IN GENERAL.--If within the 55 calendar days of receiving the certification described in subsection (a)(1), Congress overrides a veto of the joint resolution with respect to authority exercised pursuant to paragraph (1) of subsection (a), OMB shall, immediately, sequester pro rata amounts from all discretionary and direct spending accounts as defined in section 250(c) of the Balanced Budget and Emergency Deficit Control Act of 1985 (2 U.S.C. 900(c)) (as in effect September 30, 2006) equal to $416,000,000,000. No reduction of payments for net interest (all of major functional category 900) shall be made under any order issued under this paragraph.

``(B) APPLICATION.--Section 255 of the Balanced Budget and Emergency Deficit Control Act of 1985 shall not apply to this section, except that payments for military personnel accounts (within subfunctional category 051), TRICARE for Life, Medicare (functional category 570), military retirement, Social Security (functional category 650), veterans (functional category 700), and net interest (functional category 900) shall be exempt.

``(g) Rules of House of Representatives and Senate.--This subsection and subsections (b), (c), (d), (e) and (f) are enacted by Congress--

``(1) as an exercise of the rulemaking power of the Senate and House of Representatives, respectively, and as such it is deemed a part of the rules of each House, respectively, but applicable only with respect to the procedure to be followed in that House in the case of a joint resolution, and it supersedes other rules only to the extent that it is inconsistent with such rules; and

``(2) with full recognition of the constitutional right of either House to change the rules (so far as relating to the procedure of that House) at any time, in the same manner, and to the same extent as in the case of any other rule of that House.''.

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Jamie Dupree

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