Summary: S.Con.Res.119 — 96th Congress (1979-1980)All Information (Except Text)

Bill summaries are authored by CRS.

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Indefinitely postponed in Senate (11/19/1980)

(Measure indefinitely postponed in Senate, H. Con. Res. 448 passed in lieu)

Sets forth the congressional budget for the United States Government for fiscal years 1981, 1982, and 1983.

Recommends the following levels of Federal revenues: $598,300,000,000 in fiscal year 1981:; $672,400,000,000 in fiscal year 1982; and $766,500,000,000 in fiscal year 1983. Recommends decreases in the aggregate level of Federal revenues of $16,500,000,000 in fiscal year 1981, $57,600,000,000 in fiscal year 1982, and $103,800,000,000 in fiscal year 1983.

States that the appropriate level of new budget authority is: $699,600,000,000; $778,800,000,000; and $852,600,000,000 for fiscal years 1981, 1982, and 1983 respectively. Sets the appropriate level of total budget outlays in such years at $633,000,000,000; $709,900,000,000; and $777,700,000,000.

Recommends, in light of economic conditions, budget deficits of $34,700,000,000 in fiscal year 1981, $37,500,000,000 in fiscal year 1982, and $11,200,000,000 in fiscal year 1983.

States that the appropriate level of the public debt is $978,600,000,000 in fiscal year 1981 with an increase in the temporary statutory debt limit of $57,700,000,000. Sets the appropriate level of the public debt in fiscal year 1982 at $1,046,100,000,000 with an increase in the temporary debt limit of $67,500,000,000. Recommends a level of public debt in fiscal year 1983 of $1,061,500,000,000 with an increase in the debt limit of $15,400,000,000.

Sets forth recommended levels of new budget authority and outlays for each major functional category of the budget in fiscal years 1981, 1982, and 1983.

Revises the Congressional Federal Credit Budget for fiscal year 1981 to set the appropriate level for: (1) new direct loan obligations at $68,300,000,000; (2) new primary loan guarantee commitments at $75,100,000,000; and (3) new secondary loan guarantee commitments at $53,100,000,000. Allocates the appropriate levels of total Federal credit activity among the major functional categories.

Expresses the sense of Congress that the following ceilings should be applied in fiscal year 1981: (1) $32,100,000,000 for off-budget lending activities; (2) $36,200,000,000 for on-budget lending activities; (3) $75,100,000,000 for new primary loan guarantee commitments; and (4) $53,100,000,000 for new secondary loan guarantee commitments.

Expresses the sense of Congress that: (1) the President should implement a "Zero Net Inflation Impact" policy for the regulations promulgated during the remainder of fiscal year 1981; and (2) the Director of the Congressional Budget Office should issue a periodic inflation scorekeeping report on enacted legislation and reports on the inflationary impact of bills reported by congressional committees.