Bill summaries are authored by CRS.

Shown Here:
House receded and concurred with amendment (06/22/1982)

(House receded from an amendment with an amendment, roll call #161 (210-208))

Recommends levels of Federal revenues of 628,400,000,000 in FY 1982, $665,900,000,000 in FY 1983, $738,000,000,000 in FY 1984, and $821,400,000,000 in FY 1985. Sets the amount by which the aggregate levels of Federal revenues should be increased at- $200,000,000 in FY 1982, $20,900,000,000 in FY 1983, $36,000,000,000 in FY 1984, and $41,400,000,000 in 1985.

States that the appropriate levels of total new budget authority are $777,672,000,000 in FY 1982, $822,390,000,000 in FY 1983, $878,473,000,000 in FY 1984, and $960,611,000,000 in FY 1985. Sets the appropriate levels of total budget outlays at $734,100,000,000, in FY 1982, $769,818,000,000, in FY 1983, $821,928,000,000 in FY 1984, and $881,356,000,000 in FY 1985.

States that the amounts of the deficits in the budget which are appropriate in light of economic conditions and other relevant factors are $105,700,000,000 in FY 1982, $103,918,000,000 in FY 1983, $83,928,000,000 in FY 1984, and $59,956,000,000 in FY 1985.

Sets the appropriate levels of public debt at $1,143,100,000,000 in FY 1982, $1,290,200,000,000, in FY 1983, $1,420,219,000,000 in FY 1984, and $1,533,491,000,000 in FY 1985. Sets forth the increase in the temporary statutory limit on such debt at $63,300,000,000 in FY 1982, $147,100,000,000 in FY 1983, $130,019,000,000 in FY 1984, and $113,272,000,000 in FY 1985.

Establishes the appropriate levels of Federal credit activity for FY 1982 and FY 1983 with respect to: (1) new direct loan obligations at $63,600,000,000 for FY 1982 and at $59,700,000,000 for FY 1983; (2) new primary loan guarantee commitments at $74,900,000,000 for FY 1982 and at $101,900,000,000 for FY 1983; and (3) new secondary loan guarantee commitments at $69,000,000,000 for FY 1982 and at $68,300,000,000 for FY 1983.

Sets forth the appropriate levels of new budget authority and outlays, for FY 1982 through 1985, and the appropriate levels of new direct loan obligations, new primary loan guarantee commitments, and new secondary loan guarantee commitments for FY 1982 and FY 1983 for each major functional category.

Requires specified House and Senate committees to recommend program changes in laws within their respective jurisdictions to reduce budget authority and outlays for fiscal years 1983, 1984, and 1985 by specified amounts. Requires such committees, not later than July 20, 1982 for the Senate committees and August 1, 1982, for the House committees, to submit their recommendations to the Committees on the Budget of their respective Houses. Requires the Committees on the Budget to report to the House and the Senate a reconciliation bill or resolution or both carrying out all such recommendations without any substantive revision.

Requires the Senate Committee on Finance to report to the Senate by July 12, 1982, changes in laws within the jurisdiction of such committee: (1) which provide spending authority sufficient to reduce budget authority and outlays by specified amounts through FY 1985; and (2) sufficient to increase revenues by specified amounts through FY 1985.

Declares that it shall not be in order in either the House or the Senate during FY 1982 and FY 1983 to consider any bill, resolution, or amendment, except proposed legislation reported in response to reconciliation instructions, authorizing new direct loan obligations or new loan guarantee commitments unless that bill, resolution, or amendment also provides that the authority to make or guarantee such loans shall be effective only to such extent or in such amounts as are contained in appropriation Acts, except for agricultural price supports in operation on January 1, 1982.

Prohibits any bill or resolution providing new budget authority for fiscal year 1983 or providing new spending authority in excess of the reconciliation proposals of a committee from being enrolled until Congress has completed action on the Second Budget Resolution for that fiscal year.

Permits the authorizing of legislation for spending financed by certain trust funds.

Declares that it is the sense of Congress that if Congress acts to restore fiscal responsibility and reduces projected budget deficits in a substantial and permanent way, then the Federal Reserve Open Market Committee shall reevaluate its monetary targets in order to assure that they are fully complementary to a new and more restrained fiscal policy.

Declares that it is the sense of Congress that concurrent resolutions on the budget should reflect the full range of fiscal activities of the Federal Government.

States that if Congress has not completed action by October 1, 1982, on the Concurrent Resolution on the Budget required for FY 1983, then this concurrent resolution shall be deemed to be the concurrent resoluton required under the Budget Act.

Makes it out of order in either House to consider any bill or resolution or amendment providing new budget authority for FY 1983 or new spending authority first effective in FY 1983 within the jurisdiction of any of its committees unless and until such committee makes the allocations or subdivisions required by the Budget Act in connection with the most recently agreed to concurrent resolution on the budget.

Declares that after the Congress has completed action on the concurrent resolution on the budget for FY 1983, and, if a reconciliation bill or resolution, or both, for such fiscal year are required to be reported, after that bill has been enacted into law or that resolution has been agreed to, it shall not be in order in either the House or the Senate to consider any bill, resolution, or amendment providing authority in excess of established levels for new direct loan obligations, new primary loan guarantee commitments, or new secondary loan guarantee commitments for FY 1983.

Requires the joint explanatory statement accompanying the conference report on this resolution to include an estimated allocation of the appropriate levels of total new direct loan obligations, and new primary and secondary loan guarantee commitments.

Requires each committee of each House, as soon as practicable after this resolution is agreed to, to subdivide among its subcommittees the allocation of new direct loan obligations and new primary and secondary loan guarantee commitments allocated to it in the join explanatory statement accompanying the conference report on this resolution.

Declares that such requirements shall not be applicable to agricultural price supports and related programs in operation on January 1, 1982.

Declares that it is the sense of Congress that reductions in Federal employment should be accomplished through attrition.