Pub. L. 91-305, tit. V, sec. 501

Sec. 501. (a) Expenditures and net lending (budget outlays) of the Federal Government during the fiscal year ending June 30, 1971, shall not exceed $200,771,000,000: Provided, That whenever action, or inaction, by the Congress on requests for appropriations and other budgetary proposals varies from the President’s recommendations reflected in the Budget for 1971 (H. Doc. 91–240, part 1), the Director of the Bureau of the Budget shall report to the President and to the Congress his estimate of the effect of such action or inaction on budget outlays, and the limitation set forth herein shall be correspondingly adjusted: Provided further, That the Director of the Bureau of the Budget shall report to the President and to the Congress his estimate of the effect on budget outlays of other actions by the Congress (whether initiated by the President or the Congress) and the limitation set forth herein shall be correspondingly adjusted, and reports, so far as practicable, shall indicate whether such other actions were initiated by the President or by the Congress. (b) (1) In the event the President shall estimate and determine that budget outlays during the fiscal year 1971 for the following items (the expenditures for which arise under appropriations or other authority not requiring annual action by the Congress) appearing on page 49 of the Budget for 1971, namely: (i) items designated “Social security, medicare, and other social insurance trust funds”; (ii) the item “National service life insurance (trust fund) ”; (iii) the item “Interest”; and (iv) the item “Farm price supports (Commodity Credit Corporation)” will exceed the estimates included for such items in the Budget for 1971, the President may, after notification in writing to the Congress stating his reasons therefor, adjust accordingly the amount of the overall limitation provided in subsection (a). (2) In the event the President shall estimate and determine that receipts (credited against budget outlays) during the fiscal year 1971 derived from: (i) sales of financial assets of programs administered by the Farmers Home Administration, Export-Import Bank, agencies of the Department of Housing and Urban Development, and the Veterans’ Administration; and (ii) leases of lands on the Outer Continental Shelf; will be less than the estimates included for such items in the Budget for 1971, the President may, after notification in writing to the Congress stating his reasons therefor, adjust accordingly the amount of the overall limitation provided in subsection (a). (3) The aggregate amount of the adjustments made pursuant to paragraphs (1) and (2) of this subsection shall not exceed $4,500,000,000. (c) The Director of the Bureau of the Budget shall report periodically to the President and to the Congress on the operation of this sec-84 Stat. 407tion. Such reports shall be made at the end of each calendar month during the second session of the Ninety-first Congress and at the end of each calendar quarter thereafter.