S.Amdt. 1701

1. Inserts new text on page 41, between lines 15 and 16

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   Inserted: (4) Projects of national and regional significance.--

   Inserted: (A) Appropriation.--

   Inserted: (i) In general.--Notwithstanding any other provision of law, on October 1, 2012, out of any funds in the Treasury not otherwise appropriated, the Secretary of the Treasury shall transfer to the Secretary for the cost of the projects of national and regional significance program under section 1118 $1,000,000,000, to remain available until expended.

   Inserted: (ii) Receipt and acceptance.--The Secretary shall be entitled to receive, shall accept, and shall use to carry out this section the funds transferred under clause (i), without further appropriation.

   Inserted: (B) Offset.--

   Inserted: (i) In general.--Section 251(b)(2) of the Balanced Budget and Emergency Deficit Control Act of 1985 (2 U.S.C. 901(b)(2)) is amended by adding at the end the following:

   Inserted: '(E) Overseas contingency and related activities.--

   Inserted: '(i) Cap adjustment.--If a bill or joint resolution making appropriations for a fiscal year is enacted that specifies an amount for overseas contingency and related activities for that fiscal year, but not to exceed the amounts specified in clause (ii), the adjustments for that fiscal year shall be the additional new budget authority provided in that Act for the activities for that fiscal year.

   Inserted: '(ii) Levels.--The levels for overseas contingency and related activities specified in this subparagraph for fiscal year 2013 is $127,658,000,000 in budget authority.'.

   Inserted: (ii) Breach.--Section 251(a) of the Balanced Budget and Emergency Deficit Control Act of 1985 (2 U.S.C. 901(a)) is amended by striking paragraph (2) and inserting the following:

   Inserted: '(2) Eliminating a breach.--

   Inserted: '(A) In general.--Each nonexempt account within a category shall be reduced by a dollar amount calculated by multiplying the enacted level of sequesterable budgetary resources in that account by the uniform percentage necessary to eliminate a breach within that category.

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   Inserted: '(B) Overseas contingencies.--Any amount of budget authority for overseas contingency operations and related activities for fiscal year 2013 in excess of the level established in subsection (b)(2)(E) shall be counted in determining whether a breach has occurred in the security category and the nonsecurity category on a proportional basis to the total spending for overseas contingency operations in the security category and the nonsecurity category.'.

   Inserted: (iii) Conforming amendment.--Section 251(b)(2) of the Balanced Budget and Emergency Deficit Control Act of 1985 (2 U.S.C. 901(b)(2)) is amended by striking subparagraph (A) and inserting the following:

   Inserted: '(A) Emergency appropriations.--If, for any fiscal year, appropriations for discretionary accounts are enacted that Congress designates as emergency requirements in law on an account by account basis and the President subsequently so designates, the adjustment shall be the total of such appropriations in discretionary accounts designated as emergency requirements.'.

   Original wording

   On page 41, between lines 15 and 16, insert the following:

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As printed