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H.R. 4142 104th Congress House

Save Our Savings Act of 1996

Official title: To amend the Congressional Budget Act of 1974.

Introduced: September 24, 1996 See on congress.gov
Economics and Public Finance Agricultural creditAgricultural economicsAgricultural price supportsAgriculture and Food
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AppropriationsArmed Forces and National SecurityBudget deficitsChild support enforcementCommerceCommodity Credit CorporationCongressCongressional budget processCongressional oversightCongressional reporting requirementsConsumer price indexesCost of living adjustmentsDepartment of EnergyEarned income tax creditEconomic forecastingEnergyEnergy policyEntitlementsExecutive impoundment of appropriated fundsFamiliesFederal Housing Finance BoardFederal aid programsFederal budgetsFederal employeesFederally-assisted loansFeesFinance and Financial SectorGovernment Operations and PoliticsGovernment corporationsGovernment employees' health insuranceGovernment insuranceGovernment lendingGovernment paperworkGovernment spendingGovernment spending reductionsGovernment trust fundsHealthHouse rules and procedureHousing and Community DevelopmentHousing financeIncome taxIndexing (Economic policy)InflationInsurance premiumsLabor and EmploymentMedical economicsMedical feesMedicareMilitary payMilitary personnelMilkPostal serviceRecord votesSalariesSenate rules and procedureSocial WelfareTax expendituresTaxationTennessee Valley AuthorityUnemployment insuranceUnited States Postal ServiceWages
This bill died when the 104th Congress ended
It never became law before the 104th Congress (1995–1996) adjourned, and bills don't carry over to the next Congress. It would have to be reintroduced. You can still save it for reference, but it won't receive updates.
 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Sep 24, 1996
Referred to the Committee on the Budget, and in addition to the Committees on Government Reform and Oversight, and Rules, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Sep 24, 1996
Introduced in House
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 Latest action September 24, 1996

Referred to the Committee on the Budget, and in addition to the Committees on Government Reform and Oversight, and Rules, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

 Plain-English summary Congressional Research Service

TABLE OF CONTENTS:

Title I: Cap Entitlements and Other Mandatory Spending

Title II: Enforcement Provisions

Save Our Savings Act of 1996 - (Title I: Cap Entitlements and Other Mandatory Spending) - Sets forth a timetable for completion of certain budget actions by the President and by the Directors of the Office of Management and Budget (OMB) and of the Congressional Budget Office (CBO).

(Sec. 102) Applies direct spending caps to all entitlement authority, except for undistributed offsetting receipts and net interest outlays. Sets forth a table of such caps for specified categories of entitlements and other mandatory spending.

(Sec. 103) Requires determinations of such direct spending caps (as well as any breaches of such caps and actions necessary to remedy such breaches) to be based on certain economic assumptions for specified future fiscal years, subject to periodic reestimation based on changed economic conditions or changes in eligible population.

(Sec. 104) Provides for automatic adjustments to the caps for entitlements and other mandatory spending.

Allows the direct spending caps to be revised in a specified manner, only by recorded vote.

Title II: Enforcement Provisions - Directs OMB to: (1) compile a statement of actual direct spending for a fiscal year, following the end of that year, identifying such spending by categories of entitlements and other mandatory spending; and (2) under specified conditions, issue a report to the President and the Congress, estimating necessary spending reductions. Sets forth a timetable for specified budget actions by the President and by OMB and CBO.

(Sec. 202) Provides for enforcement of the direct spending caps on categories of spending established under title I of this Act. Applies specified enforcement rules and procedures for any fiscal year in which direct spending exceeds the applicable direct spending cap.

(Sec. 203) Subjects all direct spending (except matters specifically exempted under this title) to caps on total direct spending outlays for each fiscal year. Establishes separate caps, consistent with the cap on total outlays, for: (1) any entitlement program named in the table in title I; (2) such other program or groups of programs for which additional caps are established in subsequent legislation; and (3) the remainder of direct spending programs. Prohibits the total of the separate caps from title I, plus any additional separate caps subsequently established, from exceeding the cap for total direct spending, as appropriately adjusted. Sets forth: (1) general rules triggering sequestration to reduce spending for programs subject to direct spending caps; (2) special rules for programs with certain characteristics; and (3) rules for insurance programs, loan programs, and State grant program formulas. Requires a within session sequester under certain conditions.

(Sec. 204) Exempts from sequestration specified programs and activities, in terms of their budget accounts, activities within accounts, or income.

Authorizes the President to exempt any military personnel account from sequestration or provide for a lower uniform percentage reduction that would otherwise apply, if the Congress is notified of the manner in which such authority will be exercised on or before the initial snapshot date for the budget year.

(Sec. 205) Sets forth special rules for sequestration orders for: (1) the child support enforcement program under the Social Security Act; (2) the Commodity Credit Corporation; (3) the earned income tax credit; (4) regular and extended unemployment compensation; (5) the Federal Employees Health Benefits Fund; (6) the Federal Housing (Finance) Board; (7) Federal personnel pay; (8) the Medicare program under the Social Security Act; (9) the Postal Service Fund; (10) the Department of Energy power marketing administration funds or the Tennessee Valley Authority fund; and (11) programs which provide a businesslike service in exchange for a fee.

(Sec. 206) Directs CBO and OMB to report to the President and the Congress the budget baselines for the budget year and at least the subsequent nine fiscal years. Requires submission of the CBO report on or before January 15. Requires the OMB report to accompany the President's budget.

Specifies requirements for the budget baseline.

 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 3
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APA
U.S. Congress. (2026). H.R. 4142: Save Our Savings Act of 1996. 104th Congress. Open America. https://openamerica.io/bill/104-HR-4142/
MLA
"H.R. 4142: Save Our Savings Act of 1996." 104th Congress, 2026, Open America, https://openamerica.io/bill/104-HR-4142/.
Bluebook (legal)
H.R. 4142, 104th Cong. (2026), https://openamerica.io/bill/104-HR-4142/.
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[H.R. 4142: Save Our Savings Act of 1996](https://openamerica.io/bill/104-HR-4142/)
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