Page:United States Statutes at Large Volume 104 Part 2.djvu/995

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PUBLIC LAW 101-508 —NOV. 5, 1990 104 STAT. 1388-587 "(A) The maximum deficit amount, the estimated deficit calculated under section 253(b), the excess deficit, and the margin. "(B) The amount of reductions required under section 252, the excess deficit remaining after those reductions have been made, and the amount of reductions required from defense accounts and the reductions required from non-defense accounts. "(C) The sequestration percentage necessary to achieve the required reduction in defense accounts under section 253(d). "(D) The reductions required under sections 253(e)(l) and 253(e)(2). "(E) The sequestration percentage necessary to achieve the required reduction in non-defense accounts under section 253(e)(3). The CBO report need not set forth the items other than the maximum deficit amount for fiscal year 1992, 1993, or any fiscal year for which the President notifies the House of Representatives and the Senate that he will adjust the maximum deficit amount under the option under section 253(g)(1)(B). "(5) EXPLANATION OF DIFFERENCES. — The OMB reports shall explain the differences between OMB and CBO estimates for each item set forth in this subsection. "(e) NOTIFICATION REGARDING MILITARY PERSONNEL.—On or before the date specified in subsection (a), the President shall notify the Congress of the manner in which he intends to exercise flexibility with respect to military personnel accounts under section 255(h). "(f) SEQUESTRATION UPDATE REPORTS.—On the dates specified in subsection (a), OMB and CBO shall issue a sequestration update report, reflecting laws enacted through those dates, containing all of the information required in the sequestration preview reports. "(g) FINAL SEQUESTRATION REPORTS. — "(1) REPORTING REQUIREMENT. — On the dates specified in subsection (a), OMB and CBO shall issue a final sequestration report, updated to reflect laws enacted through those dates. "(2) DISCRETIONARY SEQUESTRATION REPORTS. —The final reports shall set forth estimates for each of the following: "(A) For the current year and each subsequent year through 1995 the applicable discretionary spending limits for each category and an explanation of any adjustments in such limits under section 251. "(B) For the current year and the budget year the estimated new budget authority and outlays for each category and the breach, if any, in each category. "(C) For each category for which a sequestration is required, the sequestration percentages necessary to achieve the required reduction.

"(D) For the budget year, for each account to be sequestered, estimates of the baseline level of sequestrable budgetary resources and resulting outlays and the amount of budgetary resources to be sequestered and resulting outlay reductions. " (3) PAY-AS-YOU-GO AND DEFICIT SEQUESTRATION REPORTS. —The final reports shall contain all the information required in the pay-as-you-go and deficit sequestration preview reports. In addition, these reports shall contain, for the budget year, for each