WASHINGTON D.C. – At the request of Senate Budget Committee Chairman Mike Enzi (R-WY), the Congressional Budget Office (CBO) released an analysis that tracks the budgetary impact of enacted legislation against the FY 2015 deemed budget resolution and the FY 2016 balanced budget resolution recently approved by Congress. The CBO analysis shows that the Senate’s authorizing committees are in compliance with the balanced budget resolution passed earlier this year.
“Today’s information from CBO shows that the Senate’s committees are adhering to the balanced budget resolution approved earlier this year,” said Chairman Enzi. “Providing regular budgetary updates like our scorekeeping report helps foster fiscal transparency in the federal spending process, and encourages a heightened awareness of the importance of complying with the budget. Most importantly, this helps make government more accountable when it comes to spending the tax revenues of hard working American families. We look forward to providing these reports periodically to help ensure Congress remains focused on fiscal responsibility.”
The CBO analysis found that:
- For FY 2015, which is still enforced under direction of the Bipartisan Budget Act of 2013 (BBA), Senate authorizing committees have increased direct spending outlays by $7.8 billion more than the agreed upon spending levels. Over the FY 2016-2025 period, which is the entire period covered by this year’s budget resolution, Senate authorizing committees have spent $3.1 billion less than allowable levels.
- For FY 2015, total budget authority and outlays exceed levels allowed by the BBA by $8.0 billion and $1.0 billion, respectively. FY 2015 revenues are $79.8 billion below BBA levels.
- For FY 2016, the first year of the budget resolution, CBO estimates that current law levels are below the budget resolution’s allowable budget authority and outlay aggregates by $886.0 billion and $526.9 billion, respectively. That balance will be lowered as appropriations bills for FY 2016 are enacted. Revenues are $104 million above the level assumed in the budget resolution for FY 2016.
- The Senate Pay-As-You-Go scorecard, which was zeroed out in the budget resolution, now shows deficit reduction of $2.0 billion over the FY 2015-2020 period and $6.8 billion over the FY 2015-2025 period.
- The biggest contributor to the changes in budgetary levels from the Chairman’s previous report in July was the enactment of the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015. The bill provided contract authority for spending through the Highway Trust Fund. As the spending was already included in CBO’s baseline, the savings in the bill have the effect of showing a reduction in the deficit for this scorekeeping report.
At the request of Chairman Enzi, CBO will release similar analyses or scorecards after each recess work period to provide a status update on Congress’ progress against the balanced budget resolution.
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