Bill summaries are authored by CRS.

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House receded and concurred with amendment (08/01/1985)

(House receded and concurred in Senate Amendment with an amendment)

Revises the concurrent resolution on the budget for FY 1985 and sets forth the first concurrent resolution on the budget for FY 1986 and the appropriate budgetary levels for FY 1987 and 1988.

Recommends levels of Federal revenues of $736,500,000,000 for FY 1985 $795,700,000,000 for FY 1986, $869,400,000,000 for FY 1987, and $960,100,000,000 for FY 1988. Sets the amounts by which the aggregate levels of Federal revenues should be increased to zero for FY 1985, $3,000,000,000 for FY 1986, $5,100,000,000 for FY 1987, and $7,600,000,000 for FY 1988.

Sets the amounts for Federal Insurance Contributions Act (FICA) revenues for hospital insurance within the recommended levels of Federal revenues at $44,800,000,000 for FY 1985, $50,900,000 for FY 1986, $56,100,000,000 for FY 1987, and $61,200,000,000 for FY 1988. Sets the amount for FICA revenues for old-age, survivors, and disability insurance within the recommended levels of Federal revenues at $186,200,000,000 for FY 1985, $200,400,000,000 for FY 1986, $216,800,000,000 for FY 1987, and $248,000,000,000 for FY 1988.

Sets the appropriate levels of total new budget authority at $1,062,100,000,000 for FY 1985, $1,069,700,000,000 for FY 1986, $1,137,950,000,000 for FY 1987, and $1,216,450,000,000 for FY 1988.

States that the appropriate levels of total budget outlays are 946,300,000,000 for FY 1985, $967,600,000,000 for FY 1986, $1,024,100,000,000 for FY 1987, and $1,073,000,000,000 for FY 1988.

Sets the amounts of the deficits in the budget which are appropriate in the light of economic conditions and all other relevant factors at $209,800,000,000 for FY 1985, $171,900,000,000 for FY 1986, $154,700,000,000 for FY 1987, and $112,900,000,000 for FY 1988.

States that appropriate levels of the public debt are $1,847,800,000,000 for FY 1985, $2,078,700,000,000 for FY 1986, $2,301,900,000,000 for FY 1987 and $2,507,000,000,000 for FY 1988. Sets the amounts by which the statutory limits on such debt should be increased at $24,000,000,000 for FY 1985, $230,900,000,000 for FY 1986, $223,200,000,000 for FY 1987, and $205,100,000,000 for FY 1988.

Sets forth the appropriate levels of total Federal credit activity as follows: (1) $52,850,000,000 for new direct loan obligations, $69,350,000,000 for new primary loan guarantee commitments, and $68,200,000,000 for new secondary loan guarantee commitments for FY 1985; (2) $34,400,000,000 for new direct loan obligations, $80,150,000,000 for new primary loan guarantee commitments, and $68,200,000,000 for new secondary loan guarantee commitments for FY 1986; (3) $32,150,000,000 for new direct loan obligations, $79,050,000,000 for new primary loan guarantee commitments, and $68,200,000,000 for new secondary loan guarantee commitments for FY 1987; and (4) $31,400,000,000 for new direct loan obligations, $84,000,000,000 for new primary loan guarantee commitments, and $68,200,000,000 for new secondary loan guarantee commitments for FY 1988.

Sets forth the levels of budget authority, budget outlays, new direct loan obligations, and new loan guarantee commitments for each major functional category for FY 1985 through 1988.

Requires certain Senate and House committees to report changes in laws within their jurisdictions sufficient to achieve savings of specified amounts of budget authority and outlays in each of FY 1986 through 1988. Directs the Senate Committee on Finance to report changes in laws in its jurisdiction sufficient to increase revenues by a specified amount in each such year. Requires the House Committee on Ways and Means to report changes in laws in its jurisdiction sufficient to reduce the budget deficit by a specified amount in each such year. Requires such committees to submit their recommendations to the Committees on the Budget of their respective Houses by September 27, 1985. Requires the Budget Committees to report to the House and Senate a reconciliation bill carrying out such recommendations without any substantive revision.

Declares that if Congress has not completed action by October 1, 1985, on the second concurrent resolution on the budget for FY 1986, then this concurrent resolution shall be deemed to be such second concurrent resolution for purposes of the Congressional Budget Act of 1974.

Permits the enrollment in the House of Representatives of any bill or resolution providing new discretionary budget authority or new spending authority for FY 1986 if it would not cause the appropriate allocation for a committee to be exceeded.

Expresses the sense of the Congress that tax reform should be adopted as soon as possible incorporating the following objectives: (1) responsiveness to market conditions; (2) simplicity of structure and lower marginal tax rates; (3) fair and equitable distribution of the tax burden; (4) a broader tax base; and (5) increased incentives for work, saving, and investment.

Expresses the sense of the Senate that: (1) the Director of the Congressional Budget Office shall issue a weekly report when the Senate is in session tabulating the progress of congressional action on legislation providing new budget authority and changing revenues and the public debt for a fiscal year; and (2) tax legislation will be enacted to limit to the national median family income the amount of farm loss which may be deducted against nonfarm income and that the resulting revenues will be used to reduce individual income tax rates.

Expresses the sense of the Congress that revenues should be increased. Assumes that the Senate Committee on Finance and the House Committee on Ways and Means will develop legislation that will reduce the tax enforcement gap, increase and improve enforcement and collection, increase voluntary compliance with tax laws, and increase the resources of the Internal Revenue Service to accomplish full enforcement of the tax laws.

Expresses the sense of the Congress that the Administration should consider convening a high level meeting of the major industrial countries to explore options to improve the functioning of the international monetary system.

Expresses the sense of the House of Representatives that: (1) each of its standing committees should review, on a continuing basis and when considering public bills or resolutions, those portions of the President's Private Sector Survey on Cost Control (Grace Commission report) pertaining to such committee's jurisdiction; and (2) each committee report on a public bill or resolution should contain an identification of each recommendation of the Survey to be implemented and the resulting estimated program cost savings or revenue enhancement and a statement setting forth the disposition of each recommendation pertaining to such bill or resolution.

Expresses the sense of the Congress that functional totals should be reduced to reflect a limitation on the amount of social security benefits paid to illegal and nonresident aliens. Assumes that the Finance Committee and the Ways and Means Committee will report legislation to make required changes in law.