104 STAT. 1388-586 PUBLIC LAW 101-508 —NOV. 5, 1990 deposit insurance guarantee commitment in effect on the date of submission of the budget for fiscal year 1993). 2 USC 904. "SEC. 254. REPORTS AND ORDERS. "(a) TIMETABLE.— The timetable with respect to this part for any budget year is as follows: "Date: Action to be completed: January 21 Notification regarding optional adjustment of maximum deficit amount. 5 days before the President's budget CBO sequestration preview report, submission. The President's budget submission.... OMB sequestration preview report. August 10 Notification regarding military personnel. August 15 CBO sequestration update report. August 20 OMB sequestration update report. 10 days after end of session CBOfinalsequestration report. 15 days after end of session OMB final sequestration report; Presidential order. 30 days later GAO compliance report. "(b) SUBMISSION AND AVAILABILITY OF REPORTS.— Each report required by this section shall be submitted, in the case of CBO, to the House of Representatives, the Senate and OMB and, in the case of OMB, to the House of Representatives, the Senate, and the President on the day it is issued. On the following day a notice of the report shall be printed in the Federal Register. (c) OPTIONAL ADJUSTMENT OF MAXIMUM DEFICIT AMOUNTS. — With respect to budget year 1994 or 1995, on the date specified in subsection (a) the President shall notify the House of Representatives and the Senate of his decision regarding the optional adjustment of the maximum deficit amount (as allowed under section 253(g)(1)(B)). "(d) SEQUESTRATION PREVIEW REPORTS. — "(1) REPORTING REQUIREMENT. — On the dates specified in subsection (a), OMB and CBO shall issue a preview report regarding discretionary, pay-as -you-go, and deficit sequestration based on laws enacted through those dates. "(2) DISCRETIONARY SEQUESTRATION REPORT. —The preview reports shall set forth estimates for the current year and each subsequent year through 1995 of the applicable discretionary spending limits for each category and an explanation of any adjustments in such limits under section 251. (3) PAY-AS-YOU-GO SEQUESTRATION REPORTS. —The preview reports shall set forth, for the current year and the budget year, estimates for each of the following: "(A) The amount of net deficit increase or decrease, if any, calculated under subsection 252(b). (B) A list identifying each law enacted and sequestration implemented after the date of enactment of this section included in the calculation of the amount of deficit increase or decrease and specifying the budgetary effect of each such law. "(C) The sequestration percentage or (if the required sequestration percentage is greater than the maximum allowable percentage for medicare) percentages necessary to eliminate a deficit increase under section 252(c). "(4) DEFICIT SEQUESTRATION REPORTS.— The preview reports shall set forth for the budget year estimates for each of the following:
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