(a) In general

Title 31, United States Code, is amended by striking section 3101A and inserting the following:

3101A. Modification of statutory limit on the public debt

(a) In general

Upon adoption by Congress of a concurrent resolution on the budget under section 301 or 304 of the Congressional Budget Act of 1974 (2 U.S.C. 632, 634) that satisfies the required ratio, as determined by the Congressional Budget Office, the Clerk of the House of Representatives shall prepare an engrossment of a joint resolution in the form prescribed in subsection (b) increasing the statutory limit on the public debt to the amount of debt subject to limit specified by such concurrent resolution. Upon engrossment of the joint resolution, the vote by which the concurrent resolution on the budget was adopted by the House of Representatives shall also be considered as a vote on passage of the joint resolution in the House of Representatives, and the joint resolution shall be considered as passed by the House of Representatives and duly certified and examined. The engrossed copy shall be signed by the Clerk of the House of Representatives and transmitted to the Senate. Upon receipt of the House of Representatives joint resolution in the Senate, the vote by which the concurrent resolution on the budget was adopted in the Senate shall also be considered as a vote on passage of the joint resolution in the Senate, and the joint resolution shall be considered as passed by the Senate, duly certified and examined, and transmitted to the House of Representatives for enrollment.

(b) Form of joint resolution

The form of the joint resolution described in this subsection is a joint resolution—

(1)

which does not have a preamble;

(2)

the title of which is only as follows: Joint resolution increasing the debt limit, as prepared under section 3101A of title 31, United States Code, on ______ (with the blank containing the date on which the joint resolution is prepared); and

(3)

the matter after the resolving clause which is only as follows: The limitation under section 3101(b) of title 31, United States Code, is increased by $___ (with the blank being filled with the increase, expressed as a dollar amount, of the debt subject to limit, as determined under subsection (c)).

(c) Determination

The dollar amount under subsection (b)(3) shall be equal to the amount necessary to increase the total debt subject to limit on the date of enactment of such joint resolution to the amount that such limit is estimated to be on the last day of the budget year covered by the applicable concurrent resolution on the budget.

(d) Rule of construction

Nothing in this section shall be construed as limiting or otherwise affecting—

(1)

the power of the House of Representatives or the Senate to consider and pass bills or joint resolutions, without regard to the procedures under subsection (a), that would change the statutory limit on the public debt; or

(2)

the rights of Members, Delegates, the Resident Commissioner, or committees with respect to the introduction, consideration, and reporting of such bills or joint resolutions.

(e) Definitions

In this section and section 3101B—

(1)

the term required ratio means the ratio that reduces by not less than 5 percentage points the projected ratio under current law of debt held by the public to Gross Domestic Product in the tenth fiscal year after the current fiscal year; and

(2)

the term statutory limit on the public debt means the maximum face amount of obligations issued under authority of this chapter and obligations guaranteed as to principal and interest by the United States (except such guaranteed obligations as may be held by the Secretary of the Treasury), as determined under section 3101(b) after the application of section 3101(a), that may be outstanding at any one time.

3101B. Presidential modification of the debt ceiling

(a) In general

(1) Written notification

If, for a fiscal year, Congress does not adopt a concurrent resolution on the budget that satisfies the required ratio by the covered date, the President may submit a written notification to Congress, including a debt reduction proposal with legislative language that satisfies the required ratio, that the President is increasing the statutory limit on the public debt subject to limit in section 3101(b) and that further borrowing is required to meet existing commitments.

(2) Effect of notification

(A) In general

Subject to subparagraph (C), upon the submission of a written notification by the President under paragraph (1), including a debt reduction proposal comprised of legislative text that the Director of the Office of Management and Budget has determined satisfies the required ratio, the statutory limit on the public debt shall be increased by an amount determined under subparagraph (D).

(B) Effective date

Except as provided in subparagraph (C), an increase of the statutory limit on the public debt under subparagraph (A) shall take effect on the date that is 30 calendar days after the date on which the written notification is submitted by the President under paragraph (1).

(C) Limitation on authority

The statutory limit on the public debt shall not be increased under this paragraph if, during the 30-calendar-day period beginning on the date on which Congress receives a notification under this paragraph, Congress enacts into law a joint resolution of disapproval in accordance with subsection (b).

(D) Determination of increase

The increase of the statutory limit on the public debt under subparagraph (A) shall be equal to the amount necessary to increase the total debt subject to limit to the amount that such limit is estimated to be on the last day of the first fiscal year beginning after the covered date. The Office of Management and Budget shall determine the amount of such increase using baseline estimates provided by the Congressional Budget Office.

(3) Covered date defined

For purposes of paragraph (1), the term covered date means the earlier of—

(A)

April 15 of the calendar year in which the fiscal year of the applicable concurrent resolution on the budget begins; or

(B)

60 days before the date on which the statutory limit on the public debt will be reached, as described in the congressional notification submitted by the Secretary of the Treasury.

(b) Joint resolution of disapproval

(1) In general

If a joint resolution of disapproval has not been enacted by the end of the 30-calendar-day period beginning on the date on which the presidential notification to which the joint resolution relates was received by Congress under subsection (a), the statutory limit on public debt shall be increased as specified in the presidential notification.

(2) Contents of joint resolution

For the purpose of this section, the term joint resolution means only a joint resolution—

(A)

that is introduced between the date the written notification is received and 3 calendar days after that date (or if the House of Representatives or Senate is not in session, the next calendar date in which it is in session);

(B)

which does not have a preamble;

(C)

the title of which is only as follows: Joint resolution relating to the disapproval of the President’s exercise of authority to increase the debt limit, as submitted under section 3101B(a) of title 31, United States Code, on ______ (with the blank containing the date of such submission); and

(D)

the matter after the resolving clause of which is only as follows: That Congress disapproves of the President’s exercise of authority to increase the debt limit, as exercised pursuant to the written notification under section 3101B(a) of title 31, United States Code..

(c) Expedited consideration in the House of Representatives

(1) Reconvening

Upon receipt of a written notification described in subsection (a)(1), the Speaker of the House of Representatives, if the House of Representatives would otherwise be adjourned, shall notify the Members of the House of Representatives that, pursuant to this section, the House of Representatives shall convene not later than the second calendar day after receipt of such written notification.

(2) Reporting and discharge

A joint resolution introduced under paragraph (1) shall be referred to the Committee on Ways and Means of the House of Representatives and such committee shall report the joint resolution to the House of Representatives without amendment not later than 5 calendar days after the date on which the joint resolution is introduced. If the Committee on Ways and Means fails to report the joint resolution within the 5-day period, the Committee on Ways and Means shall be discharged from further consideration of the joint resolution and it shall be referred to the appropriate calendar.

(3) Proceeding to consideration

Upon report or discharge from the Committee on Ways and Means of the House of Representatives, and not later than 6 days after the date on which the joint resolution is introduced under paragraph (1), it shall be in order to move to proceed to consider the joint resolution in the House of Representatives. All points of order against the motion are waived. Such a motion shall not be in order after the House of Representatives has disposed of a motion to proceed on a joint resolution addressing a particular submission. The previous question shall be considered as ordered on the motion to its adoption without intervening motion. The motion shall not be debatable. A motion to reconsider the vote by which the motion is disposed of shall not be in order.

(4) Consideration

The joint resolution shall be considered as read. All points of order against the joint resolution and against its consideration are waived. The previous question shall be considered as ordered on the joint resolution to its passage without intervening motion except two hours of debate equally divided and controlled by the proponent and an opponent. A motion to reconsider the vote on passage of the joint resolution shall not be in order.

(d) Expedited procedure in Senate

(1) Reconvening

Upon receipt of a written notification under subsection (a)(1), if the Senate has adjourned or recessed for more than 2 days, the majority leader of the Senate, after consultation with the minority leader of the Senate, shall notify the Members of the Senate that, pursuant to this section, the Senate shall convene not later than the second calendar day after receipt of such message.

(2) Placement on calendar

Upon introduction in the Senate, the joint resolution shall be immediately placed on the calendar.

(3) Floor consideration

(A) In general

Notwithstanding Rule XXII of the Standing Rules of the Senate, it is in order at any time during the period beginning on the day after the date on which Congress receives a written notification under subsection (a) and ending on the sixth day after the date on which Congress receives a written notification under subsection (a) (even though a previous motion to the same effect has been disagreed to) to move to proceed to the consideration of the joint resolution, and all points of order against the joint resolution (and against consideration of the joint resolution) are waived. The motion to proceed is not debatable. The motion is not subject to a motion to postpone. A motion to reconsider the vote by which the motion is agreed to or disagreed to shall not be in order. If a motion to proceed to the consideration of the resolution is agreed to, the joint resolution shall remain the unfinished business until disposed of.

(B) Consideration

Consideration of the joint resolution, and on all debatable motions and appeals in connection therewith, shall be limited to not more than 10 hours, which shall be divided equally between the majority and minority leaders or their designees. A motion further to limit debate is in order and not debatable. An amendment to, or a motion to postpone, or a motion to proceed to the consideration of other business, or a motion to recommit the joint resolution is not in order.

(C) Vote on passage

If the Senate has voted to proceed to a joint resolution, the vote on passage of the joint resolution shall occur immediately following the conclusion of consideration of the joint resolution, and a single quorum call at the conclusion of the debate if requested in accordance with the rules of the Senate.

(D) Rulings of the chair on procedure

Appeals from the decisions of the Chair relating to the application of the rules of the Senate, as the case may be, to the procedure relating to a joint resolution shall be decided without debate.

(e) Amendment not in order

A joint resolution of disapproval considered pursuant to this section shall not be subject to amendment in either the House of Representatives or the Senate.

(f) Coordination with action by other house

(1) In general

If, before passing the joint resolution, one House receives from the other a joint resolution—

(A)

the joint resolution of the other House shall not be referred to a committee; and

(B)

the procedure in the receiving house shall be the same as if no joint resolution had been received from the other house until the vote on passage, when the joint resolution received from the other house shall supplant the joint resolution of the receiving House.

(2) Treatment of joint resolution of other House

If the Senate fails to introduce or consider a joint resolution under this section, the joint resolution of the House shall be entitled to expedited floor procedures under this section.

(3) Treatment of companion measures

If, following passage of the joint resolution in the Senate, the Senate then receives the companion measure from the House of Representatives, the companion measure shall not be debatable.

(4) Consideration after passage

(A) In general

If Congress passes a joint resolution, the period beginning on the date the President is presented with the joint resolution and ending on the date the President signs, allows to become law without the signature of the President, or vetoes and returns the joint resolution (but excluding days when either House is not in session) shall be disregarded in computing the appropriate calendar day period described in subsection (b)(1).

(B) Debate on veto message

Debate on a veto message in the Senate under this section shall be 1 hour equally divided between the majority and minority leaders or their designees.

(C) Veto override

If, within the 30-calendar-day period described in subsection (b)(1), Congress overrides a veto of a joint resolution, the limitation in effect under section 3101(b) shall not be suspended.

(g) Rules of House of Representatives and Senate

This section and section 3101A are enacted by Congress—

(1)

as an exercise of the rulemaking power of the Senate and House of Representatives, respectively, and as such it is deemed a part of the rules of each House, respectively, but applicable only with respect to the procedure to be followed in that House in the case of a joint resolution, and it supersedes other rules only to the extent that it is inconsistent with such rules; and

(2)

with full recognition of the constitutional right of either House to change the rules (so far as relating to the procedure of that House) at any time, in the same manner, and to the same extent as in the case of any other rule of that House.

(b) Clerical amendment

The table of sections of subchapter I of chapter 31 of title 31, United States Code, is amended by striking the item relating to section 3101A and inserting the following:

(a) In general

Part A of title IV of the Congressional Budget and Impoundment Control Act of 1974 (2 U.S.C. 651 et seq.) is amended by inserting after section 406 the following:

407. Consideration of the debt reduction proposal submitted by the President

(a) In general

Any debt reduction proposal submitted by the President under section 3101B(a)(2)(A) of title 31, United States Code, is required to satisfy the required ratio as determined by the Office of Management and Budget.

(b) Consideration of the President’s proposal in the House of Representatives

(1) Introduction

Any debt reduction proposal submitted by the President under section 3101B of title 31, United States Code, shall be introduced by the majority or minority leader of the House of Representatives or their designees. Upon introduction, the Chair of the Committee on the Budget shall within 3 days submit the proposal to the Congressional Budget Office to be scored.

(2) Referral

Any proposal introduced under paragraph (1) shall be referred to the Committee on the Budget of the House of Representatives.

(3) Requests by budget committee

Not later than 3 days after the date on which a proposal is referred under paragraph (2), the Chair of the Committee on the Budget of the House of Representatives shall submit to each appropriate committee of the House a debt reduction target and a request that, during the 30-day period beginning on the date on which the request is made, the appropriate committee submit to the Committee on the Budget of the House—

(A)

a general assessment of the proposal introduced under paragraph (1); and

(B)

a legislative proposal within the committee’s jurisdiction that results in debt reduction meeting or exceeding the target assigned to the committee under this paragraph.

(4) Reported legislation by budget committee

(A) In general

The Committee on the Budget of the House of Representatives shall report a bill that meets the required ratio not later than 60 days after the date on which the President submits a debt reduction proposal under this section.

(B) Contents of legislation

The bill reported under subparagraph (A) may include—

(i)

the debt reduction proposal submitted by the President under this section, including any modifications to such proposal by the Committee on Budget of the House of Representatives that are necessary to make it achieve the required ratio; and

(ii)

the compilation of proposals submitted to the Committee on Budget of the House of Representatives under paragraph (3), including any modifications to such package by such Committee that are necessary to make it achieve the required ratio.

(C) CBO score

(i) In general

No bill may be reported under subparagraph (A) unless the Chair of the Committee on the Budget—

(I)

submits to the Director of the Congressional Budget Office such bill for a cost estimate to be prepared under section 402; and

(II)

receives from the Director a cost estimate described in subclause (I) that includes a statement that such bill meets the required ratio.

(ii) Time period

The 60-day period described in subparagraph (A) shall not include the period beginning on the date on which the Chair of the Committee on the Budget of the House of Representatives submits to the Director of the Congressional Budget Office the bill under clause (i)(I) and ending on the date on which the Chair receives the cost estimate under clause (i)(II).

(5) Discharge

(A) In general

If the Committee on the Budget of the House of Representatives fails to report a bill within 60 days after the referral of the proposal submitted under section 3101B of title 31, United States Code, and such proposal has been determined by the Director to satisfy the required ratio, then the committee shall be discharged from further consideration of the bill that embodies the debt reduction proposal of the President and it shall be referred to the appropriate calendar.

(B) Consideration

In the House of Representatives, if the Committee on Rules fails to report a rule within 7 legislative days of the bill being placed on the Calendar for the consideration of a bill reported by the Committee on the Budget under paragraph (4) or discharged under subparagraph (A) of this paragraph which has been determined by the Director to satisfy the required ratio, then any Member may offer a privilege resolution providing for the consideration of the bill. Such resolution shall provide that upon its adoption it shall be in order to consider in the House of Representatives the bill. The bill under the procedure set forth in section 408(c) shall be debatable for two hours equally divided and controlled by a proponent and opponent of thereof. The previous question shall be considered as ordered on the bill of final passage without intervening motion except 1 motion to recommit.

(c) Consideration of the President's proposal in the Senate

(1) Introduction

Any debt reduction proposal submitted by the President under section 3101B of title 31, United States Code, shall be introduced by the majority or minority leader of the Senate or their designees. Upon introduction, the Chair of the Committee on the Budget shall within 3 days submit the proposal to the Congressional Budget Office to be scored.

(2) Referral

Any proposal introduced under paragraph (1) shall be referred to the Committee on the Budget of the Senate.

(3) Requests by budget committee

(A) Appropriate committees

Not later than 3 days after the date on which a proposal is referred under paragraph (2), the Chair of the Committee on the Budget of the Senate shall submit to each appropriate committee of the Senate a debt reduction target and a request that, during the 30-day period beginning on the date on which the request is made, the appropriate committee submit to the Committee on the Budget of the Senate—

(i)

a general assessment of the proposal introduced under paragraph (1); and

(ii)

a legislative proposal within the committee’s jurisdiction that results in debt reduction meeting or exceeding the target assigned to the committee under this subparagraph.

(B) Other proposals

Any Member of the Senate may introduce a bill that meets the required ratio, as determined by the Congressional Budget Office, which shall be referred to the Committee on the Budget of the Senate if the proposal is sponsored by not less than one-fifth of the Members, duly chosen and sworn, including—

(i)

not fewer than 10 Members who are members of or caucus with the members of the political party of the majority leader of the Senate; and

(ii)

not fewer than 10 Members who are members of or caucus with any other political party that is not the political party of the majority leader of the Senate.

(4) Reported legislation by budget committee

(A) In general

The Committee on the Budget of the Senate shall report at least one bill that meets the required ratio not later than 60 days after the date on which the President submits a debt reduction proposal under this section.

(B) Contents of legislation

A bill reported under subparagraph (A) may include—

(i)

the debt reduction proposal submitted by the President under this subsection, including any modifications to such proposal by the Committee on Budget of the Senate that are necessary to make it achieve the required ratio;

(ii)

the compilation of proposals submitted to the Committee on Budget of the Senate under subparagraph (3)(A), including any modifications to such package by the Committee on Budget of the Senate that are necessary to make it achieve the required ratio; or

(iii)

any proposal submitted to the Committee on Budget of the Senate under subparagraph (3)(B).

(C) CBO score

(i) In general

No bill may be reported under subparagraph (A) unless the Chair of the Committee on the Budget—

(I)

submits to the Director of the Congressional Budget Office such bill for a cost estimate to be prepared under section 402; and

(II)

receives from the Director a cost estimate described in subclause (I) that includes a statement that such bill meets the required ratio.

(ii) Time period

The 60-day period described in subparagraph (A) shall not include the period beginning on the date on which the Chair of the Committee on the Budget of the Senate submits to the Director of the Congressional Budget Office the bill under clause (i)(I) and ending on the date on which the Chair receives the cost estimate under clause (i)(II).

(5) Discharge

If the Committee on the Budget of the Senate has not reported a bill under paragraph (4) before the end of the 60-day period described in that paragraph, the Committee on the Budget of the Senate shall be automatically discharged from further consideration of—

(A)

the proposal introduced under paragraph (1), which shall be placed on the appropriate calendar; and

(B)

any proposal submitted under paragraph (3)(B), which shall be placed on the appropriate calendar.

(d) Definition

In this section and section 408, the term required ratio means the ratio that reduces by not less than 5 percentage points the projected ratio under current law of debt held by the public to Gross Domestic Product in the tenth fiscal year after the current fiscal year.

408. Consideration in the House of Representatives of alternative debt reduction proposals

(a) Introduction

In the House of Representatives, any bill that satisfies the required ratio as determined by the Congressional Budget Office and does not contain any matter that is unrelated to debt reduction may be introduced by the majority leader, the minority leader, or by any other Member (if that Member’s proposed bill is cosponsored by at least 145 other Members or by at least 20 Members of the majority party and 20 Members of the minority party).

(b) Referral to Committee on Rules

Any bill introduced under subsection (a) shall be referred to the Committee on Rules. Each such bill shall be scored by the Director of the Congressional Budget Office to determine if such bill satisfies the required ratio. If such bill achieves the required ratio, it shall be reported without amendment to the House for its consideration within 30 calendar days of the date of introduction of the bill.

(c) Queen-of-the-Hill rule for consideration

In the House of Representatives, any bill described in section 407 and any bill reported under subsection (b) shall be considered in the House of Representatives pursuant to a special order of business if the text of the bill provides that the text of all such bills reported under subsection (b) may be offered as amendments in the nature of a substitute and if more than one such amendment is adopted then the one receiving the greater number of affirmative recorded votes shall be considered as finally adopted.

409. Consideration on the floor of the Senate

(a) In general

Notwithstanding Rule XXII of the Standing Rules of the Senate, it is in order, not later than 5 days of session after the date on which a bill meeting the requirements of section 407(c)(4) is reported from the Committee on the Budget of the Senate or the date on which any proposal is placed on the calendar after discharge under section 407(c)(5), as applicable, for the majority leader of the Senate or a Member of the Senate designated by the majority leader of the Senate to move to proceed to the consideration of the bill. It shall also be in order, notwithstanding Rule XXII of the Standing Rules of the Senate, for any Member of the Senate to move to proceed to the consideration of the bill at any time after the conclusion of such 5-day period. A motion to proceed is in order even though a previous motion to the same effect has been disagreed to. All points of order against the motion to proceed to the bill are waived. The motion is not subject to a motion to postpone. A motion to reconsider the vote by which the motion is agreed to or disagreed to shall not be in order. Consideration of the motion to proceed shall be limited to not more than 10 hours equally divided between the majority leader and the minority leader or their designees. A motion to proceed shall require an affirmative vote of three-fifths of Senators duly chosen and sworn.

(b) Extraneous provisions

(1) In general

When the Senate is considering a bill under subsection (a), upon a point of order being made by any Senator against a extraneous material contained in the joint resolution, and the point of order is sustained by the Chair, the provision that contains the extraneous material shall be stricken from the joint resolution.

(2) Extraneous material defined

In this subsection, the term extraneous material means—

(A)

a provision that does not produce a change in outlays or revenue, including changes in outlays and revenues brought about by changes in the terms and conditions under which outlays are made or revenues are required to be collected (but a provision in which outlay decreases or revenue increases exactly offset outlay increases or revenue decreases shall not be considered extraneous by virtue of this subparagraph); or

(B)

a provision producing changes in outlays or revenues which are merely incidental to the non-budgetary components of the provision.

(3) Form of the point of order

A point of order under paragraph (1) may be raised by a Senator as provided in section 313(e) of the Congressional Budget Act of 1974 (2 U.S.C. 644(e)).

410. Consideration by other house

If a House of Congress receives a bill passed by the other House under section 408 or 409 and has not yet passed a bill under section 408 or 409, the following procedures for consideration shall apply:

(1) Expedited consideration in the House of Representatives

(A) Proceeding to consideration

(i) In general

It shall be in order, not later than 30 days after the date on which the House of Representatives receives a bill passed by the Senate under section 409, to move to proceed to consider the bill in the House of Representatives.

(ii) Procedure

For a motion to proceed to consider a bill under this subparagraph—

(I)

all points of order against the motion are waived;

(II)

such a motion shall not be in order after the House of Representatives has disposed of a motion to proceed on the bill;

(III)

the previous question shall be considered as ordered on the motion to its adoption without intervening motion;

(IV)

the motion shall not be debatable; and

(V)

a motion to reconsider the vote by which the motion is disposed of shall not be in order.

(B) Consideration

If the House of Representatives proceeds to consideration of a bill under this paragraph—

(i)

the bill shall be considered as read;

(ii)

all points of order against the bill and against its consideration are waived;

(iii)

the previous question shall be considered as ordered on the bill to its passage without intervening motion except three hours of debate equally divided and controlled by the proponent and an opponent;

(iv)

an amendment to the bill shall not be in order; and

(v)

a motion to reconsider the vote on passage of the bill shall not be in order.

(2) Expedited consideration in the Senate

(A) Proceeding to consideration

(i) In general

Notwithstanding rule XXII of the Standing Rules of the Senate, it is in order, not later than 30 days after the date on which the Senate receives a bill passed under section 408 by the House of Representatives, to move to proceed to consider the bill in the Senate.

(ii) Procedure

For a motion to proceed to the consideration of a bill under this paragraph—

(I)

all points of order against the motion are waived;

(II)

the motion is not debatable;

(III)

the motion is not subject to a motion to postpone;

(IV)

a motion to reconsider the vote by which the motion is agreed to or disagreed to shall not be in order; and

(V)

if the motion is agreed to, the bill shall remain the unfinished business until disposed of.

(B) Floor consideration generally

If the Senate proceeds to consideration of a bill under this paragraph—

(i)

all points of order against the bill (and against consideration of the bill) are waived;

(ii)

consideration of the bill, and all debatable motions and appeals in connection therewith, shall be limited to not more than 20 hours, which shall be divided equally between the majority and minority leaders or their designees;

(iii)

a motion further to limit debate is in order and not debatable;

(iv)

an amendment to, a motion to postpone, or a motion to recommit the bill is not in order; and

(v)

a motion to proceed to the consideration of other business is not in order.

(C) Vote on passage

The vote on passage of a bill under this paragraph shall occur immediately following the conclusion of the consideration of the bill, and a single quorum call at the conclusion of the debate if requested in accordance with the rules of the Senate, and shall require an affirmative vote of three-fifths of the Members of the Senate duly chosen and sworn.

(3) Conferences

If the Senate and the House of Representatives have both passed the bill in different forms, then a conference committee on the bill shall be considered as ordered and the Speaker of the House of Representatives and the majority leader of the Senate shall immediately appoint Managers to such conference committee to resolve any disagreement between the Houses.

(b) Clerical amendment

The table of contents in section 1(b) of the Congressional Budget and Impoundment Control Act of 1974 is amended by inserting after the item relating to section 406 the following: