Fiscal Year 2008
Senate Passes Final Budget Resolution (May 17, 2007)
The Senate approved the FY 2008 Budget Resolution Conference Report on May 17, 2007 by a vote of 52 - 40.
Final Passage Materials (May 17, 2007)
Materials from final consideration of the FY 2008 Budget Resolution Conference Report:
Conference Agreement Reached (May 16, 2007)
Senate and House negotiators have reached an
agreement on a budget plan for fiscal year 2008. The five-year budget
resolution funds critical national priorities while returning the
budget to surplus by 2012. And it achieves this goal without raising
Sen. Conrad released a statement after the agreement was announced:
This budget provides a fiscally responsible plan for our country," said Senate Budget Committee Chairman Kent Conrad (D-ND). "It balances the budget by 2012. It provides for an extension of middle-class tax cuts. And it funds the nation's priorities, including a strong national defense, improving veterans' health care, expanding children's health care, and increasing our investment in education. We've been placed in a deep hole. This plan will begin to dig us out.
Conference Committee Materials (May 16, 2007)
The Conference Committee for the FY 2008 Budget Resolution met in May, 2007 to negotiate an agreement between the House and Senate on the resolution. Below are materials related to the Conference Committee:
Senate Floor Consideration
Senate Passes FY 2008 Budget Resolution
The Senate passed the FY 2008 Budget Resolution on March 23, 2007 by a vote of 52-47.
Mark Up Materials (March 14, 2007)
Below are transcripts of Chairman Kent Conrad's remarks and charts used during the mark up:
Conrad Remarks at Markup of FY 2008 Senate Budget Resolution
Charts Used During FY 2008 BR Mark Up
Chairman's Mark (March 14, 2007)
The Chairman’s Mark for the Fiscal Year 2008 Senate Budget Resolution provides a fiscallyresponsible budget plan for our country. It funds critical national priorities and reaches balance without raising taxes. While no single budget resolution can solve all of our budget challenges, the Chairman’s Mark will begin to put the nation back on a sound fiscal path.
Unfortunately, the nation’s budget outlook has deteriorated dramatically over the last six years under Bush administration policies. When the President took office in 2001, we faced a record $5.6 trillion ten-year projected surplus. That surplus has been squandered. Gross debt has exploded – rising from $5.8 trillion in 2001 to $9 trillion by the end of this year. And this debt is accumulating at the worst possible time, just before the baby boom generation will begin to retire.
As an important first step in restoring our nation’s fiscal security, the Chairman’s Mark brings the budget back into balance – reaching a surplus of $132 billion in 2012. Gross debt as a share of GDP will begin to fall after 2009. And spending as a share of GDP will decline in every year after 2008. The plan also restores crucial budget enforcement provisions, such as a strong paygo rule and allowing reconciliation for deficit reduction only.
Summary of Chairman's Mark FY 2008 Budget Resolution
Fact Sheet on Revenues in Chairman's Mark FY 2008 Budget Resolution
Chairman's Mark FY 2009 Budget Resolution (.pdf)
Chairman's Mark FY 2008 Budget Resolution (Legislative Language) (.pdf)