Technical and conforming amendments

(a) Exercise of rulemaking powers Section 904 of the Congressional Budget Act of 1974 (2 U.S.C. 621 note) is amended— (1) in subsection (a), by striking 1017 and inserting 1012; and (2) in subsection (d), by striking section 1017 and inserting section 1012. (b) Analysis by congressional budget office Section 402 of the Congressional Budget Act of 1974 is amended by inserting (a) after 402. and by adding at the end the following new subsection: (b) Upon the receipt of a special message under section 1011 proposing to cancel any item of direct spending, the Director of the Congressional Budget Office shall prepare an estimate of the savings in budget authority or outlays resulting from such proposed cancellation relative to the most recent levels calculated consistent with the methodology used to calculate a baseline under section 257 of the Balanced Budget and Emergency Deficit Control Act of 1985 and included with a budget submission under section 1105(a) of title 31, United States Code, and transmit such estimate to the chairmen of the Committees on the Budget of the House of Representatives and Senate.. (c) Clerical amendments (1) Section 1(a) of the Congressional Budget and Impoundment Control Act of 1974 is amended by striking the last sentence. (2) Section 1022(c) of such Act (as redesignated) is amended is amended by striking rescinded or that is to be reserved and insert canceled and by striking 1012 and inserting 1011. (3) Table of contents The table of contents set forth in section (b) of the Congressional Budget and Impoundment Control Act of 1974 is amended by deleting the contents for parts B and C of title X and inserting the following: PART B—LEGISLATIVE LINE-ITEM VETO Sec. 1011. Line item veto authority. Sec. 1012. Procedures for expedited consideration. Sec. 1013. Presidential deferral authority. Sec. 1014. Identification of targeted tax benefits. Sec. 1015. Treatment of cancellations. Sec. 1016. Reports by comptroller general. Sec. 1017. Definitions. Sec. 1018. Expiration. Sec. 1019. Suits by Comptroller General. Sec. 1020. Proposed Deferrals of budget authority.. (d) Effective date The amendments made by this Act shall take effect on the date of its enactment and apply only to any dollar amount of discretionary budget authority, item of direct spending, or targeted tax benefit provided in an Act enacted on or after the date of enactment of this Act.