Retains (eliminates the expiration of) certain budget enforcement mechanisms.
Retains (eliminates the expiration of) pay-as-you-go.
Amends the Congressional Budget Act of 1974 concerning legislation which: (1) evades specified budget enforcement mechanisms; (2) provides direct spending (to be included in the Congressional Budget Office (CBO) analysis (scoring); and (3) is unreported by committee (for purposes of budget point of order rules).
Limits the adjustment required to the discretionary spending limits in new budget authority for FY 2003 when new budget authority to prosecute the war on terrorism is enacted.
Requires reports on legislation which provide new budget, spending, or credit authority or otherwise provide an increase or decrease in revenues or tax expenditures to include a projection by CBO of the cost of debt servicing (interest).
Amends the Congressional Budget and Impoundment Control Act of 1974 to address issues of emergency spending through: (1) establishing criteria and guidelines; (2) the inclusion of a reserve fund in the President's Budget; and (3) requiring a separate House vote on an emergency designation.
Amends the Rules of the House of Representatives concerning: (1) budget compliance statements (permitting inclusion of budgetary implications); and (2) justification for budget act waivers (inclusion required for bill consideration).