Pub. L. 91-47, tit. IV, sec. 401

Sec. 401. (a) Expenditures and net lending (budget outlays) of the Federal Government during the fiscal year ending June 30, 1970, shall not exceed $191,900,000,000: 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 “Review of the 1970 Budget” appearing on pages E2993–2996 Congressional Record of April 16, 1969, 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 expenditures and net lending (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 expenditures and net lending (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: Provided further, That net congressional actions or inactions affecting expenditures and net lending reflected in the “Review of the 1970 Budget” shall not serve to reduce the foregoing limitation of $191,900,000,000 unless and until such actions or inactions result in a net reduction of $1,000,000,000 below total expenditures and net lending estimated for 1970 in the "Review of the 1970 Budget". (b) (1) In the event the President shall estimate and determine that expenditures and net lending (budget outlays) during the fiscal year 1970 for the following items (the expenditures for which arise under appropriations or other authority not requiring annual action by the Congress) appearing on page 16 of the budget for such fiscal year (H. Doc. 91–15, part 1, Ninety-first Congress), namely: (i) items designated “Social security, Medicare, and other social insurance trust funds”; (ii) the appropriation “National service life insurance (trust fund)” included in the items designated “Veterans pensions, compensation, and insurance”; (iii) the item “Interest”; and (iv) the item “Farm price supports (Commodity Credit Corporation)” will exceed the estimates included for such items in the “Review of the 1970 Budget” referred to in subsection (a) hereof, 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 expenditures and net lending) during the fiscal year 1970 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, the Veterans’ Administration, and the Small Business Administration; and (ii) leases of lands on the Outer Continental Shelf will be less than the estimates included for such items in the “Review of the 1970 Budget” referred to in subsection (a) hereof, the President may, after notification in writing to the Congress stating his reasons therefor, adjust accordingly the amount of the overall limitation provided m subsection (a). 83 Stat. 83 (3) The aggregate amount of the adjustments made pursuant to paragraphs (1) and (2) of this subsection shall not exceed $2,000,000,000. (c) The Director of the Bureau of the Budget shall report periodically to the President and to the Congress on the operation of this section. The first such report shall be made at the end of the first month which begins after the date of approval of this Act; subsequent reports shall be made at the end of each calendar month during the first session of the Ninety-first Congress, and at the end of each calendar quarter thereafter.