Omnibus Budget Reconciliation Act of 1990

This law is an omnibus budget reconciliation act that makes significant changes to the Congressional Budget Act of 1974 and other related laws. It modifies various provisions dealing with budget authority, new budget authority, credit reform, revenue estimates, pay-as-you-go procedures, and points of order in the Senate. The act also includes amendments to sections 202, 300, 301, 302, 303, 304, 308, 311, and 401 of the Congressional Budget Act of 1974. Key changes include: * Defining budget authority and new budget authority * Modifying credit reform accounting and treatment of administrative costs * Requiring agencies to make estimates of costs for direct loan and loan guarantee programs * Changing the way Congress handles reconciliation legislation, including extraneous matter and points of order in the Senate The act also addresses the financial safety and soundness of government-sponsored enterprises (GSEs) by requiring a study on GSEs and recommended legislation. It requires access to relevant information from GSEs and exemption from certain laws for confidentiality purposes. Other provisions include: * Rescinding sequestration orders issued in 1990 * Providing compensation for federal employees furloughed due to the lapse in appropriations * Requiring an analysis of the financial condition of GSEs in the President's annual budget submission This act aims to improve the accuracy and transparency of budgeting, reduce the deficit, and ensure the long-term solvency of Social Security. It also addresses concerns about government-sponsored enterprises and the federal debt.