Budget Fraud Elimination Act of 2002

[AI summary unavailable — showing source text] Budget Fraud Elimination Act of 2002 - Redefines the public debt to exclude intragovernment obligations and reduces the public debt ceiling. Amends the Congressional Budget Act of 1974 and the Congressional Budget and Impoundment Control Act of 1974 to establish biennial budgeting. Makes conforming amendments, including requirements for government strategic and performance plans. Creates a special transition period for the 108th Congress. Amends the Balanced Budget and Emergency Deficit Control Act of 1985 to state that certain emergency legislation shall not be extended in the baseline. Establishes emergency criteria. Spending Accountability Reserve Act of 2002 - Amends the Congressional Budget Act of 1974 to establish a spending accountability reserve ledger to credit any reductions in new budget authority in an appropriation bill. Adjusts the respective appropriation allocation and discretionary spending limits downward accordingly. Enhanced Rescissions Act of 2002 - Amends the Congressional Budget and Impoundment Control Act of 1974 to authorize the President to propose at any time the rescission of any budget authority he identifies as wasteful spending. Amends the Balanced Bu…