Establishing the congressional budget for the United States Government for fiscal year 2025 and setting forth the appropriate budgetary levels for fiscal years 2026 through 2034.
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Progress
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- Introduced
- Passed House
- Passed Senate
- To President
- Became Law
Overview
This concurrent resolution establishes the congressional budget for the United States government for fiscal year 2025 and sets budgetary levels for the subsequent years through 2034. It outlines recommended levels for federal revenues, new budget authority, budget outlays, deficits, and the debt limit. The resolution also includes reconciliation instructions, directing committees to propose legislation to reduce the deficit and increase the debt limit, along with a reserve fund to accommodate adjustments. Finally, it establishes policy statements regarding economic growth, mandatory spending reduction, and government deregulation.
Key provisions
- Sets recommended levels for federal revenues, new budget authority, budget outlays, deficits, and the debt limit for fiscal years 2025-2034.
- Includes reconciliation instructions for House committees to reduce the deficit and increase the debt limit.
- Establishes a reserve fund to accommodate adjustments to budgetary levels during the reconciliation process.
- Contains policy statements on economic growth, mandatory spending reduction, and government deregulation.
- Specifies adjustments to committee allocations and budgetary levels to align with reconciliation goals.
- Outlines a process for adjusting allocations to accommodate changes in the baseline.
- Provides instructions for the Committee on the Budget to adjust allocations for changes in budgetary concepts and definitions.
- Establishes a framework for applying budgetary levels to bills and joint resolutions.
Bill text
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