Statement of Administration Policy: H.R. 5377 - Cash Management Improvement Act Amendments of 1992

(SENT 7/21/92)
(House)
(Conyers (D) Michigan and 57 others)

The Administration will support enactment of H.R. 5377 if its loss in receipts is offset for purposes of the pay-as-you-go requirement of the Omnibus Budget Reconciliation Act of 1990 (OBRA). The Administration recommends that its proposed "Federal Credit and Debt Management Act of 1992," transmitted to Congress on June 30th, be added to H.R. 5377 to provide the necessary offset. Any of the offsets proposed in the President's FY 1993 Budget would also be acceptable.

If H.R. 5377 is presented to the President without an acceptable offset (either in the bill or from available balances of pay-as- you-go offsets), his senior advisors will recommend a veto.

Pay-As-You-Go Scoring

H.R. 5377 would reduce receipts; therefore, it is subject to the pay-as-you-go requirement of OBRA. No offsets to the reduction in receipts are provided in the bill. A budget point of order applies in both the House and senate against any bill that is not fully offset under CBO scoring. If, contrary to the Administration's recommendation, the House waives any such point of order that applies against H.R. 5377, the effects of enactment of this legislation would be included in a look back pay-as-you- go sequester report at the end of the Congressional session.

OMB's preliminary scoring estimates of this bill are presented in the table below. Final scoring of this legislation may deviate from these estimates. If H.R. 5377 were enacted, final OMB scoring estimates would be published within five days of enactment, as required by OBRA. The cumulative effects of all enacted legislation on direct spending will be issued in monthly reports transmitted to the Congress.

ESTIMATES FOR PAY-AS-YOU-GO
($ in millions)