S.Amdt. 360

1. Adds SEC. ____. EDUCATION FIRST wherever appropriate

   Adds a section

   Inserted: SEC. ____. EDUCATION FIRST.

   Inserted: (a) Statement of Purpose.--It is the purpose of this section to ensure that a portion of unexpected, additional Federal resources are available to--

   Inserted: (1) assist disadvantaged children, teachers, and schools in meeting the additional academic challenges posed in the No Child Left Behind Act of 2001 (Public Law 107-110);

   Inserted: (2) provide for full funding of Federal financial commitment to children with disabilities and local communities as identified in the Individuals with Disabilities Education Act (20 U.S.C. 1400 et seq.);

   Inserted: (3) ensure that every student with the talent, desire, and drive to pursue postsecondary training at a school of their choice is not inhibited by family financial need; and

   Inserted: (4) grow to 10 percent over time, the share of the Federal discretionary budget dedicated toward education.

   Inserted: (b) Adjustment.--If the report provided pursuant to section 202(e) of the Congressional Budget Act of 1974 (2 U.S.C. 602(e)) (the budget and economic outlook: update), estimates on-budget Federal revenues for fiscal year 2003 or 2004, respectively, that exceed estimated on-budget Federal revenues set forth in the Congressional Budget Office's Spring 2003 or 2004, respectively, budget and economic outlook for fiscal year 2003 or 2004, respectively, (adjusted for the enactment of any fiscal year 2003 or 2004, respectively, supplemental appropriations act), then the Chairman of the Committee on the Budget of the Senate shall--

   Inserted: (1) in an amount equal to 20 percent of the increase in estimated on-budget Federal revenues for fiscal year 2004 or 2005, respectively, increase the amount of discretionary budget authority and outlays flowing therefrom allocated under section 302(a) of the Congressional Budget Act of 1974 (2 U.S.C. 633(a)) to carry out Function 500 education programs and for other purposes; and

   Inserted: (2) in an amount equal to 80 percent of the increase in estimated on-budget Federal revenue for fiscal year 2004 or 2005, respectively, reduce the deficit and level of publicly held debt in order to better secure the integrity of the Federal Old-Age and Survivors Insurance Trust Fund under section 201 of the Social Security Act (42 U.S.C. 401), unless there is a national emergency related to the war on terrorism.

   Inserted: (c) Limitation.--Amounts made available under subsection (a) shall--

   Inserted: (1) not exceed \1/2\ of 1 percent of on-budget Federal revenues for fiscal year 2003; and

   Inserted: (2) supplement, and not supplant, amounts allocated under section 302(b) of the Congressional Budget Act of 1974 (2 U.S.C. 633(b)) and any other amounts used to carry out the Elementary and Secondary Education Act of 1965 (20 U.S.C. 6301 et seq.), the Individuals with Disabilities Education Act (20 U.S.C. 1400 et seq.), and the Higher Education Act of 1965 (20 U.S.C. 1001 et seq.) for the previous fiscal year for which amounts are provided under this section.

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   Inserted: (d) Conforming Changes.--The Chairman of the Committee on the Budget of the Senate shall make all necessary conforming changes to the functions and aggregates included in any applicable resolution as a result of adjustments under this section.

   The amendment doesn't say where this goes; the clerk decides.

   Original wording

   At the appropriate place, insert the following:

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As printed