Title I: Levels and Amounts - Lists recommended budgetary levels and amounts for FY 2003 through 2012 with respect to: (1) Federal revenues; (2) new budget authority; (3) budget outlays; (4) surpluses; (5) public debt; and (6) debt held by the public.
(Sec. 102) Sets forth specified amounts of revenues and outlays of the Federal Old-Age and Survivors and Disability Insurance Trust Funds.
(Sec. 103) Lists the appropriate levels of new budget authority and budget outlays for FY 2003 through FY 2012 for specified major functional categories.
Title II: Budgetary Restraints and Reserve Funds - Subtitle A: Budgetary Restraints - Sets forth requirements for concurrent budget resolutions covering years where the Congressional Budget Office (CBO) projects an on-budget deficit, including: (1) reducing on-budget deficits relative to the projections of CBO; (2) protecting Social Security and its benefit levels; (3) taking actions to achieve on-budget balance within five years; and (4) suspending these requirements during war or low economic growth as measured by real GDP.
(Sec. 202) Continues the supermajority enforcement requirements of the Congressional Budget Act of 1974 as a Senate rule through FY 2007.
(Sec. 203) Revises provisions concerning the Pay-As-You-Go point of order rule in the Senate to: (1) extend its application through FY 2007; (2) include decreasing the on-budget surplus (currently limited to increasing or causing an on-budget deficit) among those impacts of direct spending or revenue legislation requiring that their effect (decreasing, increasing, or causing), taken individually, must be the same as when taken together with all direct spending and revenue legislation enacted since the beginning of the calendar year not accounted for in the baseline; and (3) exclude from the estimate for Senate enforcement purposes amounts of committee allocations provided in this resolution above the baseline and amounts of revisions made to total budget authority and outlays, functional totals, and allocations pursuant to reserve funds in this resolution.
(Sec. 204) Rescinds provisions of law concerning an advance appropriations point of order rule in the Senate. Permits advance appropriations for FY 2004 up to a specified level. Defines "advanced appropriation" to mean any discretionary new budget authority in a bill or joint resolution making general appropriations or continuing appropriations for FY 2003 that first becomes available for any fiscal year after 2003.
(Sec. 205) Expands the exception to the emergency designation point of order rule in the Senate, no longer limiting it to discretionary defense appropriations.
(Sec. 206) Dedicates toward debt reduction any difference in budget surplus projections for FY 2003 through 2012 as estimated by reports required by the Congressional Budget Act of 1974.
(Sec. 207) Establishes discretionary spending limits for new budget authority and outlays for Senate enforcement purposes for FY 2003. Enforces such limits through a point of order, excepted only by a congressional declaration of war. Requires a supermajority for waiver or appeal. States that supplemental appropriations acts adjust the FY 2003 caps.
Subtitle B: Reserve Funds - Establishes a reserve fund for Medicare, prescription drugs, and health care. Authorizes the chairman of the Senate Budget Committee to revise the allocations to the Senate Finance Committee for FY 2002 through 2012, up to specified levels and subject to certain conditions, in response to subsequent committee action: (1) expanding health insurance coverage to the uninsured; and (2) providing a Medicare prescription drug benefit and other Medicare program changes.
(Sec. 212) Establishes a reserve fund for the Individuals with Disabilities Education Act. Directs the chairman of the Senate Budget Committee to increase the allocations to the Senate Committee on Health, Education, Labor, and Pensions for FY 2003, FY2002 through 2007, and for FY 2003 through 2012, up to specified levels and subject to certain conditions, in response to subsequent committee action that would increase funding for part B grants, providing 40 percent of the national average per pupil expenditure for children with disabilities in the sixth year.
(Sec. 213) Establishes a reserve fund for defense. Authorizes the chairman of the Senate Budget Committee to revise levels of budget authority and outlays for FY 2005 through 2012 if necessary when the Senate Armed Services Committee reports legislation authorizing discretionary appropriations for defense-related expenses, including those generated by the war on terrorism.
Treats revised allocations and aggregates as if they had been the original levels.
Subtitle C: Rulemaking - Adopts the provisions of this resolution as rules of each House.
Title III: Sense of the Senate - Expresses the sense of the Senate concerning: (1) estimates of the cost of small business credit programs; (2) Federal employee pay; (3) broadband capabilities for underserved areas; (4) reductions in guaranteed Social Security benefits; (5) mental health parity; (6) beneficiary access to health services; (7) cost of prescription drugs and competition; (8) equal access to Medicare; (9) home health care; (10) Medicare equity; (11) access to affordable health care coverage for the uninsured; (11) stockpile for childhood immunizations; (12) a medicaid commission; (13) child care funding; (14) child tax credit; (15) defense science and technology; (16) Department of Defense review of Tail-to-Tooth Commission; (17) the National Guard; (18) concurrent receipt of military retired pay and Veterans' Administration Disability Compensation; (19) full funding for the assistance to Firefighters Grant Program; (20) the National Infrastructure Protection Center; (21) tribal colleges and universities; (22) the Pell Grant; (23) Superfund; (24) PILT funding; (25) State and local costs of providing services to illegal immigrants; and (26) a balanced budget constitutional amendment.