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Full Text of this Amendment
On page 311, between lines 11 and 12, insert the following:
SEC. 7__. UPDATES TO FEDERAL BUDGET DEFICIT CALCULATIONS; OMB REPORT TO CONGRESS.
(a) Updates to Federal Budget Deficit Calculations.--Thirty days after the date of enactment of this Act, the Director of the Office of Management and Budget and the Director of the Congressional Budget Office shall update the Federal budget deficit calculations to take into account any loss of Federal revenue resulting from projected reductions in oil and gas production during each of the 5- and 10-year periods beginning on the date of enactment of this Act due to the moratorium on
oil and gas leasing in the Gulf of Mexico set forth on May 25, 2010, and all following notice to lessees, rules, and regulations by the Department of Interior pertaining to offshore energy production.
(b) Report to Congress.--As soon as practicable after the date of enactment of this Act, the Director of the Office of Management and Budget shall submit to Congress a report that provides--
(1) an estimate of the total revenues generated by Department of the Interior due to domestic offshore oil and gas production during each of the preceding 10 fiscal years; and
(2) projections of the total revenues to be generated by the Department of the Interior due to domestic resource production for each of fiscal years 2011 through 2015.
(As printed in the Congressional Record for the Senate on Feb 3, 2011.)