Amends the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act) to extend Pay-As-You-Go (PAYGO) requirements.Extends congressional supermajority enforcement requirements in the Senate.Exempts direct spending or revenue effects resulting in net deficit reduction enacted pursuant to reconciliation since the beginning of that same calendar year from PAYGO points of order enforcement in the Senate.Expresses the sense of the Senate that Congress and the President should negotiate and agree on the appropriate discretionary spending levels and extend the statutory discretionary spending caps for 2003 and beyond as early as possible.
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