S.Amdt. 3207

SA 3207. Mr. GRASSLEY submitted an amendment intended to be proposed
to amendment SA 2786 proposed by Mr. Reid (for himself, Mr. Baucus, Mr.
Dodd, and Mr. Harkin) to the bill H.R. 3590, to amend the Internal
Revenue Code of 1986 to modify the first-time homebuyers credit in the
case of members of the Armed Forces and certain other Federal
employees, and for other purposes; which was ordered to lie on the
table; as follows:

On page 268, after line 19, insert the following:

SEC. 1403. FAIL-SAFE MECHANISM TO PREVENT INCREASE IN FEDERAL
BUDGET DEFICIT.

(a) Estimate and Certification of Effect of Act on Budget
Deficit.--
(1) In general.--The President shall include in the
submission under section 1105 of title 31, United States
Code, of the budget of the United States Government for
fiscal year 2013 and each fiscal year thereafter an estimate
of the budgetary effects for the fiscal year of the
provisions of (and the amendments made by) this Act, based on
the information available as of the date of such submission.
(2) Certification.--The President shall include with the
estimate under paragraph (1) for any fiscal year a
certification as to whether the sum of the decreases in
revenues and increases in outlays for the fiscal year by
reason of the provisions of (and the amendments made by) this
Act exceed (or do not exceed) the sum of the increases in
revenues and decreases in outlays for the fiscal year by
reason of the provisions and amendments.
(b) Effect of Deficit.--If the President certifies an
excess under subsection (a)(2) for any fiscal year--
(1) the President shall include with the certification the
percentage by which the credits allowable under section 36B
of the Internal Revenue Code of 1986 and the cost-sharing
subsidies under section 1402 must be reduced for plan years
beginning during such

[[Page S13195]]

fiscal year such that there is an aggregate decrease in the
amount of such credits and subsidies equal to the amount of
such excess; and
(2) the President shall instruct the Secretary of Health
and Human Services and the Secretary of the Treasury to
reduce such credits and subsidies for such plan years by such
percentage.
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