To provide for deficit reduction.

1. Adds SEC. ____. ENSURING DEFICIT REDUCTION wherever appropriate

   Adds a section

   Inserted: SEC. ____. ENSURING DEFICIT REDUCTION.

   Inserted: (a) Trigger.--Notwithstanding any other provision of this Act, the provisions as described in subsection (b) shall take effect only as provided in subsection (c).

   Inserted: (b) Provision Described.--A provision of this Act described in this subsection is--

   Inserted: (1) a provision of this Act that accelerates the scheduled phase down of the top tax rate of 38.6 percent to 37.6 percent in 2004 and to 35 percent in 2006; and

   Inserted: (2) a provision of this Act that provides a 50 percent dividends exclusion between December 31, 2002, and December 31, 2003, and a 100 percent dividends exclusion between December 31, 2003 and December 31, 2006.

   Inserted: (c) Delay.--

   Inserted: (1) In general.--Each year when the final monthly Treasury report for the most recently ended fiscal year is released, the Secretary of the Treasury shall certify whether the on-budget deficit exceeds $300,000,000,000 for such year.

   Inserted: (2) Effective date.--The provisions described in subsection (b) shall become effective on January 1 in the calendar year following the issuance of the final Treasury report only if the Secretary has determined that the on-budget deficit is $300,000,000,000 or less for the recently ended fiscal year.

   Inserted: (d) Discretionary Spending Limitation.--

   Inserted: (1) In general.--Notwithstanding any other provision of law, in any fiscal year subject to the delay provisions of subsection (c)--

   Inserted: (A) the amount of budget authority for discretionary spending for Federal agency administrative overhead expenses shall be limited to the level in the preceding fiscal year minus 5 percent; and

   Inserted: (B) with respect to a second or subsequent consecutive fiscal year subject to this subsection, the amount of budget authority for discretionary spending for Federal agency administrative overhead expenses shall be limited to the level in the preceding fiscal year.

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   Inserted: (2) Definition.--In this subsection, the term "administrative overhead expenses" mean costs of resources that are jointly or commonly used to produce 2 or more types of outputs but are not specifically identifiable with any of the outputs. Administrative overhead expenses include general administrative services, general research and technology support, rent, employee health and recreation facilities, and operating and maintenance costs for buildings, equipment, and utilities.

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   Original wording

   At the appropriate place, insert the following:

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As printed