272 Veterans' benefits. Social Security Act trust funds.
Exceptions. Vietnam operations. Interest. Veterans' benefits. Social Security Act trust funds.
Report to Congress.
Report to Congress.
PUBLIC LAW 90-364-JUNE 28, 1968
[82 STAT.
(8) for veterans' benefits and services in excess of the amounts estimated therefor in the Budget, and (4) for payments from trust funds established by the Social Security Act, as amended, in excess of the amounts estimated therefor i n the Budget, (b) The President shall reserve from expenditure and net lending, from appropriations or other obligational authority heretofore or hereafter made available, such amounts as may be necessary to effectuate the provisions of subsection (a). SEC. 203. REDUCTION OF $10 BILLION IN NEW OBLIGATIONAL AUTHORITY. (a) The total new obligational authority and loan authority for the fiscal year ending June 80, 1969, provided by law heretofore or hereafter enacted (estimated on page 55 of House Document No. 225, Part 1,90th Congress, as $201,723,000,000) shall not exceed $191,723,000,000, except for new obligational authority and loan authority— (1) which the President may determine are necessary for special support of Vietnam operations in excess of the amounts estimated therefor in the Budget, (2) for interest in excess of the amounts estimated therefor in the Budget, (3) for veterans' benefits and services in excess of the amounts estimated therefor in the Budget, and (4) for payments from trust funds established by the Social Security Act, as amended, in excess of the amounts estimated therefor in the Budget. (b) I n the event that the total amount of new obligational authority and loan authority for the fiscal year ending June 30, 1969, exceeds the limitation prescribed by subsection (a), the President shall reserve from such obligational and loan authority such amounts a.s may be necessary to effectuate the provisions of subsection (a). The amounts so reserved (other than any amounts reserved from trust funds) are hereby rescinded as of the close of June 30, 1969. The President, at the time of the submission of the Budget for the fiscal year ending June 30, 1970, shall make a report to the Congress identifying the amounts reserved pursuant to this paragraph. SEC. 204. SPECIFIC RECOMMENDATIONS FOR $8 BILLION RESCISSION IN OLD OBLIGATIONAL AUTHORITY. The President shall cause a special study and analysis to be made of unobligated balances of appropriations and other obligational and loan authority available for obligation or commitment during the fiscal year ending June 30, 1969, which will remain available for obligation or commitment after June 30, 1969, and make a report thereon to the Congress. Such report shall be made at the time of the submission of the Budget for the fiscal year ending June 30, 1970, and shall include specific recommendations for legislation to rescind not less than $8,000,000,000 of such unobligated balances. SEC. 205. APPLICATION OF CERTAIN FORMULAS. I n the administration of any program as to which— (1) the amount of expenditures or obligations is limited pursuant to section 202 or 203, and (2) the allocation, ^rant, apportionment, or other distribution of funds among recipients is required to be determined by application of a formula involving the amount appropriated or otherwise made available for distribution, the amount available for expenditure or obligation (as determined by the President) shall be substituted for the amount appropriated or otherwise made available in the application of the formula.
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