Summary: S.Con.Res.17 — 105th Congress (1997-1998)All Information (Except Text)

There is one summary for S.Con.Res.17. Bill summaries are authored by CRS.

Shown Here:
Introduced in Senate (03/20/1997)

TABLE OF CONTENTS:

Title I: Levels and Amounts

Title II: Budgetary Restraints and Rulemaking

Sets forth the congressional budget for the Government for FY 1998 through 2002.

Title I: Levels and Amounts - Lists recommended budgetary levels and amounts with respect to: (1) Federal revenues; (2) new budget authority; (3) budget outlays; (4) deficits; (5) public debt; (6) new direct loan obligations; and (7) new primary loan guarantee commitments.

Sets forth the amounts of Social Security revenues and outlays of the Federal Old-Age and Survivors Insurance Trust Fund and the Federal Disability Insurance Trust Fund.

Lists the appropriate levels of new budget authority, budget outlays, new direct loan obligations, and new primary loan guarantee commitments for each of specified major functional categories.

Specifies deficit reduction goals for Senate committees to meet in recommending budget reconciliation measures to the Committee on the Budget.

Title II: Budgetary Restraints and Rulemaking - Sets forth deficit and discretionary spending limits. Sets forth Senate procedures which prohibit revisions of this budget resolution or any budget resolution for FY 1999 through 2002, except under specified circumstances.

Mandates certain adjustments to such limits. Directs the Congressional Budget Office to include certain information on deficits and projected deficits in its annual report to congressional budget committees. Directs the Chair of the Senate Committee on the Budget to make adjustments increasing the budget authority and outlay discretionary spending limits according to a specified formula.

(Sec. 203) Provides for a tax reserve fund in the Senate. Authorizes the Senate to reduce revenue and spending aggregates and revise allocations for legislation that reduces revenues by providing family tax relief, fuel tax relief, and incentives to stimulate savings, investment, job creation, and economic growth, if such legislation will not increase the deficit for: (1) FY 1998; (2) the period of FY 1998 through 2002; or (3) the period of FY 2003 through 2007. Authorizes the Chairman of the Senate Committee on the Budget, upon the consideration of such legislation, to file with the Senate appropriately revised allocations under specified provisions of the Congressional Budget Act of 1974 and revised functional levels and aggregates. Directs the appropriate congressional committee to report such revised allocations.