ENFORCING PAY-AS-YOU-GO.

SEC. 10205. ENFORCING PAY-AS-YOU-GO. Section 252 of the Balanced Budget and Emergency Deficit Control Act of 1985 is amended— (1) by striking subsections (a) and (b) and inserting the following: “(a) Purpose.—The purpose of this section is to assure that any legislation enacted before October 1, 2002, affecting direct spending or receipts that increases the deficit will trigger an offsetting sequestration. “(b) Sequestration.— “(1) Timing.—Not later than 15 calendar days after the date Congress adjourns to end a session and on the same day as a sequestration (if any) under section 251 or 253, there shall be a sequestration to offset the amount of any net deficit increase caused by all direct spending and receipts legislation enacted before October 1, 2002, as calculated under paragraph (2). “(2) Calculation of deficit increase.—OMB shall calculate the amount of deficit increase or decrease by adding—111 STAT. 703 “(A) all OMB estimates for the budget year of direct spending and receipts legislation transmitted under subsection (d); “(B) the estimated amount of savings in direct spending programs applicable to budget year resulting from the prior year’s sequestration under this section or section 253, if any, as published in OMB’s final sequestration report for that prior year; and “(C) any net deficit increase or decrease in the current year resulting from all OMB estimates for the current year of direct spending and receipts legislation transmitted under subsection (d) that were not reflected in the final OMB sequestration report for the current year.”; (2) by amending subsection (c)(1)(B), by inserting “and direct” after “guaranteed”; (3) by amending subsection (d) to read as follows: “(d) Estimates.— “(1) CBO estimates.—As soon as practicable after Congress completes action on any direct spending or receipts legislation, CBO shall provide an estimate to OMB of that legislation. “(2) OMB estimates.—Not later than 7 calendar days (excluding Saturdays, Sundays, and legal holidays) after the date of enactment of any direct spending or receipts legislation, OMB shall transmit a report to the House of Representatives and to the Senate containing— “(A) the CBO estimate of that legislation; “(B) an OMB estimate of that legislation using current economic and technical assumptions; and “(C) an explanation of any difference between the 2 estimates. “(3) Significant differences.—If during the preparation of the report under paragraph (2) OMB determines that there is a significant difference between the OMB and CBO estimates, OMB shall consult with the Committees on the Budget of the House of Representatives and the Senate regarding that difference and that consultation, to the extent practicable, shall include written communication to such committees that affords such committees the opportunity to comment before the issuance of that report. “(4) Scope of estimates.—The estimates under this section shall include the amount of change in outlays or receipts for the current year (if applicable), the budget year, and each outyear excluding any amounts resulting from— “(A) full funding of, and continuation of, the deposit insurance guarantee commitment in effect under current estimates; and “(B) emergency provisions as designated under subsection (e). “(5) Scorekeeping guidelines.—OMB and CBO, after consultation with each other and the Committees on the Budget of the House of Representatives and the Senate, shall— “(A) determine common scorekeeping guidelines; and “(B) in conformance with such guidelines, prepare estimates under this section.”; and (4) in subsection (e), by striking “, for any fiscal year from 1991 through 1998,” and by striking “through 1995”.111 STAT. 704