101 STAT. 764
PUBLIC LAW 100-119—SEPT. 29, 1987
Additional reductions in outlays under defense programs in such total amount shall be achieved by a uniform percentage sequestration of new budget authority and unobligated balances in each program, project, and activity within each account within major functional category 050 other than those military personnel accounts for which the authority f' provided under subparagraph (A) has been exercised, com' puted on the basis of the outlay rate for each such program, project, and activity determined under paragraphs (1) and (2).
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^ "(C) The President may not use the authority provided by subparagraph (A) unless he notifies the Congress on or before October 10, 1987, in the case of fiscal year 1988, or August 15 of the calendar year in which the fiscal year begins in the case of any subsequent fiscal year, of the manner in which such authority will be exercised. The Directors shall reflect the results of authority exercised under this paragraph in the reports required under section 251(a)(2). "(e) EXCEPTION.—The preceding provisions of this section shall not apply if a declaration of war by the Congress is in effect. 2 USC 902.
"SEC. 252. PRESIDENTIAL ORDER.
- - "(a) ISSUANCE OF INITIAL ORDER.—
Loans.
"(1) IN GENERAL.—On August 25 (or October 20, 1987, in the case of fiscal year 1988), following the submission of a report by the Director of OMB under section 251(a)(2)(B), the President, in strict accordance with the requirements of paragraph (2) and iJ section 251(a)(3) and (4) and subject to the exemptions, exceptions, limitations, special rules, and definitions set forth in sections 255, 256, and 257, shall make all the reductions specified in such report by issuing an order that (notwithstanding the Impoundment Control Act of 1974)— "(A) in accordance with such report, suspends the operation of each provision of Federal law that would (but for such order) require an automatic spending increase to take effect during such fiscal year in such a manner as to prevent such increase from taking effect, or reduce such increase, in accordance with such report; and '^^^: ^^ "(B) in accordance with such report, sequesters new budget authority; unobligated balances; new loan guarantee commitments or limitations; new direct loan obligations, •^""^^ commitments, or limitations; spending authority as defined in section 401(c)(2) of the Congressional Budget Act of 1974; t) >!.vr and obligation limitations— <*^« ^ "(i) for funds provided in annual appropriation Acts, from each affected program, project, and activity (as set nit l^> forth in the most recently enacted applicable appropriation Acts and accompanying committee reports for the program, project, or activity involved, including VJl joint resolutions providing continuing appropriations 'JO and committee reports accompanying Acts referred to tf^ in such resolutions), applying the same reduction fi percentage as the percentage by which the account -=^s involved is reduced in the report submitted under seci'^*^ tion 251(a)(2)(B) or from each affected budget account if .bsiiifii:?io the program, project, or activity is not so set forth, and
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