AMENDMENTS TO SECTION 301.

SEC. 10105. AMENDMENTS TO SECTION 301. (a) Terms of Budget Resolutions.—Section 301(a) of the Congressional Budget Act of 1974 is amended by striking “, and planning levels for each of the two ensuing fiscal years,” and inserting “and for at least each of the 4 ensuing fiscal years”. (b) Contents of Budget Resolutions.—Paragraphs (1) and (4) of section 301(a) of the Congressional Budget Act of 1974 are amended by striking “, budget outlays, direct loan obligations, and primary loan guarantee commitments” each place it appears and inserting “and outlays”. (c) Additional Matters.—Section 301(b) of the Congressional Budget Act of 1974 is amended by— (1) striking paragraph (7) and inserting the following: “(7) set forth procedures in the Senate whereby committee allocations, aggregates, and other levels can be revised for legislation if that legislation would not increase the deficit, or would not increase the deficit when taken with other legislation enacted after the adoption of the resolution, for the first fiscal year or the total period of fiscal years covered by the resolution;”; (2) in paragraph 8, striking the period and inserting “; and”; and (3) adding the following new paragraph: “(9) set forth direct loan obligation and primary loan guarantee commitment levels.”. (d) Views and Estimates.—The first sentence of section 301(d) of the Congressional Budget Act of 1974 is amended by inserting “or at such time as may be requested by the Committee on the Budget,” after “Code,”. (e) Hearings and Report.—Section 301(e) of the Congressional Budget Act of 1974 is amended— (1) by striking “In developing” and inserting the following: “(1) In general.—In developing”; and (2) by striking the sentence beginning with “The report accompanying” and all that follows through the end of the subsection and inserting the following: “(2) Required contents of report.—The report accompanying the resolution shall include— “(A) a comparison of the levels of total new budget authority, total outlays, total revenues, and the surplus or deficit for each fiscal year set forth in the resolution 111 STAT. 680with those requested in the budget submitted by the President; “(B) with respect to each major functional category, an estimate of total new budget authority and total outlays, with the estimates divided between discretionary and mandatory amounts; “(C) the economic assumptions that underlie each of the matters set forth in the resolution and any alternative economic assumptions and objectives the committee considered; “(D) information, data, and comparisons indicating the manner in which, and the basis on which, the committee determined each of the matters set forth in the resolution; “(E) the estimated levels of tax expenditures (the tax expenditures budget) by major items and functional categories for the President’s budget and in the resolution; and “(F) allocations described in section 302(a). “(3) Additional contents of report.—The report accompanying the resolution may include— “(A) a statement of any significant changes in the proposed levels of Federal assistance to State and local governments; “(B) an allocation of the level of Federal revenues recommended in the resolution among the major sources of such revenues; “(C) information, data, and comparisons on the share of total Federal budget outlays and of gross domestic product devoted to investment in the budget submitted by the President and in the resolution; “(D) the assumed levels of budget authority and outlays for public buildings, with a division between amounts for construction and repair and for rental payments; and “(E) other matters, relating to the budget and to fiscal policy, that the committee deems appropriate.”. (f) Social Security Corrections.—(1) Section 301(i) of the Congressional Budget Act of 1974 is amended by— (A) inserting “Social Security Point of Order.—” after “(i)”; and (B) striking “as reported to the Senate” and inserting “(or amendment, motion, or conference report on the resolution)”; and (2) Section 22 of House Concurrent Resolution 218 (103d Congress) is repealed.