; and (2) striking year before the year in which the fiscal year begins and inserting calendar year preceding the calendar year in which the biennium begins . 103. Baseline construction Section 257(c) of the Balanced Budget and Emergency Deficit Control Act of 1985 ( 2 U.S.C. 907(c) ) is amended to read as follows: (c) Exclusion of exempted spending For the budget year and each outyear, the baseline shall be calculated by assuming that appropriations receiving designations under section 251(b)(2)(A) or designations created through a concurrent resolution on the budget that exempts designated spending from enforcement under section 302 or section 311 of the Congressional Budget Act ( 2 U.S.C. 633 , 642) shall not continue. . 104. Report on debt to GDP targets Section 202 of the Congressional Budget Act of 1974 ( 2 U.S.C. 602 ) is amended by adding at the end the following: (h) Report on debt to GDP target (1) In general Not later than February 15 of each even-numbered year, the Director shall make publicly available a report estimating whether the target for the ratio of the debt held by the public to the gross domestic product of the United States by the end of the last fiscal year covered by the most recently agreed to concurrent resolution on the budget will be achieved. (2) Discretionary appropriations In producing each estimate described in paragraph (1), the Director shall assume discretionary appropriations are made available in the amounts specified under the most recently agreed to concurrent resolution on the budget. (3) Deficit reduction For each report made available under paragraph (1), the Director— (A) shall include an estimate of the level of deficit reduction required to achieve the target for the ratio of the debt held by the public to the gross domestic product of the United States by the end of the last fiscal year covered by the most recently agreed to concurrent resolution on the budget