Requires such chairman to maintain a Mandatory Spending Ledger, divided into entries corresponding to the House Committees receiving budget allocations, excluding Appropriations. States that each entry will consist of the First Year Deficit Reduction Safeguard Balance and the Five Year Deficit Reduction Safeguard Balance which may be credited with applicable reductions in new budget authority offered in an amendment to a bill.
Permits such reductions to be used to offset an increase in other new budget authority or remain within the applicable allocation.
Prohibits the entry of a negative amount.
Requires the chairman to maintain and make available to Members running tallies of the amendments adopted, reflecting increases and decreases of budget authority in bills as reported.