Balanced Budget Responsibility Act of 2026

This Act may be cited as the Balanced Budget Responsibility Act of 2026.
In this section—
the term budgetary resources—
has the meaning given that term in section 250(c) of the Balanced Budget and Emergency Deficit Control Act of 1985 (2 U.S.C. 900(c)); and
includes any discretionary appropriations or direct spending, as defined in such section, available for the applicable fiscal year;
the term covered budgetary resources means any budgetary resources, except for budgetary resources to carry out—
the Medicare program under title XVIII of the Social Security Act (42 U.S.C. 1395 et seq.); or
the old-age, survivors, and disability insurance program established under title II of the Social Security Act (42 U.S.C. 401 et seq.); and
the term deficit has the meaning given that term under section 3 of the Congressional Budget and Impoundment Control Act of 1974 (2 U.S.C. 622).
Notwithstanding the Impoundment Control Act of 1974 (2 U.S.C. 681 et seq.), if the President determines, in consultation with the Secretary of the Treasury and the Office of Management and Budget, that there will be a deficit for a fiscal year, the President may exercise budgetary discretion and decline to obligate covered budgetary resources available for that fiscal year, as the President determines appropriate, in an amount that is not more than the amount required to eliminate the deficit.