Balanced Budget Enforcement Act of 1997

[AI summary unavailable — showing source text] TABLE OF CONTENTS: Title I: Balancing the Budget Title II: Technical and Conforming Amendments Balanced Budget Enforcement Act of 1997 - Title I: Balancing the Budget - Part A: Purpose - Repeals parts C (Emergency Powers to Eliminate Deficits in Excess of Maximum Deficit Amount), D (Budgetary Treatment of Social Security Trust Funds), and E (Miscellaneous and Related Provisions) of the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act). Part B: The Deficit Elimination Act of 1997 - Deficit Elimination Act of 1997 - Sets for FY 1998 through 2002: (1) deficit reduction targets for direct spending and receipts legislation; and (2) discretionary funding limits, measured in terms of new budget authority. Permits adjustments, whenever appropriate, to discretionary funding limits to reflect: (1) changes in concepts; (2) changes in inflation; (3) expiring housing contracts; (4) emergencies; (5) new limits for FY 2002 and thereafter; and (6) transportation trust funds. (Sec. 103) Provides for: (1) balancing the budget in FY 2002; (2) preventing deficits after FY 2002; (3) enactment of a spin-off law, if required, to achieve such goals; and (4) targeted seq…