07.13.15

Enzi Requests CBO Report on Current Impact of Balanced Budget Resolution

WASHINGTON D.C. – At the request of Senate Budget Committee Chairman Mike Enzi (R-WY), the Congressional Budget Office (CBO) released a report for July 2015 that tracks the budgetary impact of enacted legislation against the FY 2015 deemed budget resolution and the FY 2016 balanced budget resolution recently approved by Congress. CBO will release similar reports after each recess work period to provide a status update on Congress’ progress against the budget resolution plan, which the Chairman will provide to the public and can be used for enforcement of budget points of order.

“Regularly providing information like this will help foster fiscal transparency in the federal spending process, and over time encourage a heightened awareness of the importance of complying with the budget,” said Chairman Enzi.  “This report compares current law levels of spending and revenues with the amounts provided in the conference report to accompany the budget resolution for fiscal year 2016. This information is necessary to determine whether budget points of order lie against pending legislation and is the first report made since adoption of the 2016 budget resolution earlier this year. We look forward to providing these reports periodically to help ensure Congress remains focused on fiscal responsibility.”

The CBO report found that: 

  • For FY 2015, which is still enforced under the deemed budget resolution from the Bipartisan Budget Act of 2013 (BBA), Senate authorizing committees have increased direct spending outlays by $7.8 billion more than the agreed upon spending levels.
  • Over the FY 2016-2025 period, which is the entire period covered by S. Con. Res. 11, Senate authorizing committees have spent $22 million more than the budget resolution assumed.
  • Current law levels of spending for FY 2015 exceed the amounts in the deemed budget resolution enacted in the BBA by $8 billion in budget authority and $1 billion in outlays.
  • Revenues are $79.8 billion below the revenue floor for FY 2015 set by the deemed budget resolution.
  • Social Security outlays are at the levels assumed for FY 2015, while Social Security revenues are $170 million above levels in the deemed budget.
  • For FY 2016, CBO estimates that current law levels are below the budget resolution’s allowable budget authority and outlay aggregates by $886 billion and $526.9 billion, respectively (The allowable spending room will be reduced as appropriations legislation is enacted.).
  • Revenues are $5 million above the level assumed in the budget resolution.
  • Finally, Social Security outlays and revenues are at the levels assumed in the budget resolution for FY 2016.

CBO’s full report can be found here.

 

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