H.R.6426: To amend the Balanced Budget and Emergency Deficit Control Act of 1985 to provide for a sequestration on December 31, 2009, to eliminate the actual budget deficit for fiscal year 2009, and for other purposes.

Amends the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act) to require a sequestration on December 31, 2009, of an amount equivalent to the actual amount of the deficit (if any) for FY2009, as determined by the Office of Management and Budget (OMB). Prescribes a general formula for mandatory permanent reduction of each account of the United States, with specified exceptions, under such a sequestration....

(Source: Library of Congress)