Summary: S.Con.Res.50 — 97th Congress (1981-1982)All Information (Except Text)

Bill summaries are authored by CRS.

Shown Here:
Passed Senate amended (12/09/1981)

(Measure passed Senate, amended, roll call #465 (49-48))

Reaffirms the concurrent resolution on the budget most recently agreed to with respect to fiscal year 1982 (H. Con. Res. 115, Ninety-seventh Congress).

Declares that it is the sense of Congress that: (1) the economic crisis now facing the American people is so severe that solutions must be found immediately; (2) the President should submit a plan as soon as possible to bring interest rates down, to decrease unemployment, to decrease substantially inflation, and to balance the budget in fiscal year 1984; and (3) Presidential guidance and leadership is essential to reach these goals.

Declares that it is the sense of the Senate that prompt Congressional action is required to meet such goals and therefore the Senate directs the Budget Committee to report no later than March 31, 1982, a combined Revised Second Concurrent Resolution on the Budget for fiscal year 1982 and a proposed First Resolution on the Budget for fiscal year 1983, which also shall contain a budget for fiscal year 1984 that shall balance revenues and outlays.

Declares that it is the sense of the Senate that: (1) Federal outlays be reduced and the Federal budget be balanced through spending reductions in all parts of the budget and revenue increases achieved other than through changes in the Accelerated Cost Recovery System or the individual rate reductions recently enacted in the Economic Recovery Tax Act; and (2) the plan to be submitted by the committee should be a balanced plan which provides for Federal outlays no greater than twenty and one-half percent of the Gross National Product in fiscal year 1984.