The bill would authorize the President, after consulting with the Secretary of the Treasury and the Office of Management and Budget, to decline to obligate covered budgetary resources for a fiscal year if the President determines that the fiscal year will have a deficit. The amount withheld could not exceed the amount necessary to eliminate the deficit and would operate notwithstanding the Impoundment Control Act. Covered resources would exclude funding for Medicare and the Social Security old-age, survivors, and disability insurance program.

FactVote-generated overview; it is not an official CRS summary.