H.R.593: To amend the Balanced Budget and Emergency Deficit Control Act of 1985 to provide for a sequestration of all budgetary accounts for fiscal year 1998 (except Social Security, Federal retirement, and interest on the debt) equal to 5 percent of the OMB baseline.

Amends the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act) to require: (1) a sequestration of FY 1998 appropriations (including any under a continuing resolution) equivalent to five percent of the Office of Management and Budget (OMB) FY 1998 baseline; and (2) the President to issue an order, by a specified date, to fully implement the sequestration. Prohibits any reduction in benefits under title II (Old...

(Source: Library of Congress)