Economic Growth and Social Security Transition Act

[AI summary unavailable — showing source text] Economic Growth and Social Security Transition Act - Provides that, for purposes of this Act: (1) the initial direct spending targets for each of FY 1998 through 2002 shall equal total outlays for all direct spending except net interest as provided in H. Con. Res. 84 (105th Congress), the concurrent resolution on the budget for FY 1998, unless such outlays are reduced by a subsequent budget resolution (in which case the lower level of total outlays except net interest shall be used); and (2) the revenue targets are the amounts provided in such resolution. Requires the President, as part of each Federal budget submitted to the Congress, to provide an annual review of direct spending and receipts, including: (1) information on total outlays for programs covered by the direct spending targets, including actual outlays for the prior fiscal year and projected outlays for the current and five succeeding fiscal years; and (2) any amount by which revenues for a budget year and any outyears through FY 2002 exceed the revenue target. Directs the Office of Management and Budget to include the amount of any changes in revenues as a deficit decrease under specified estimates and sequestration r…