REDUCTION OF 110 BILLION IN NEW OBLIGATIONAL AUTHORITY.

SEC. 203. REDUCTION OF 110 BILLION IN NEW OBLIGATIONAL AUTHORITY. (a) The total new obligational authority and loan authority for the fiscal year ending June 30, 1969, provided by law heretofore or hereafter enacted (estimated on page 55 of House Document No. 225, Part 1,90th Congress, as $201,723,000,000) shall not exceed $191,723,000,000, except for new obligational authority and loan authority— (1) which the President may determine are necessary for special support of Vietnam operations in excess of the amounts estimated therefor in the Budget, (2) for interest in excess of the amounts estimated therefor in the Budget, (3) for veterans’ benefits and services in excess of the amounts estimated therefor in the Budget, and (4) for payments from trust funds established by the Social Security Act, as amended, in excess of the amounts estimated therefor in the Budget. (b) In the event that the total amount of new obligational authority and loan authority for the fiscal year ending June 30, 1969, exceeds the limitation prescribed by subsection (a), the President shall reserve from such obligational and loan authority such amounts as may be necessary to effectuate the provisions of subsection (a). The amounts so reserved (other than any amounts reserved from trust funds) are hereby rescinded as of the close of June 30, 1969. The President, at the time of the submission of the Budget for the fiscal year ending June 30, 1970, shall make a report to the Congress identifying the amounts reserved pursuant to this paragraph.