New CBO Analysis Shows Increased Spending and Deficits for FY 2016
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 amounts the Senate agreed to in the budget resolution for fiscal year 2016 and the Bipartisan Budget Act of 2015. The CBO analysis shows the breach of aggregate spending levels in FY 2016 is attributable to increased spending not accompanied by action on any of the deficit reduction assumed in the FY 2016 budget resolution passed last year by Congress.
The CBO Analysis shows:
Current law levels of spending for FY 2016 exceed the amounts in last year’s budget resolution by $138.9 billion in budget authority and $103.6 billion in outlays. Revenues are $155.2 billion below the revenue floor for FY 2016 set by the budget resolution.
The breach of aggregate spending levels in FY 2016 is attributable to increased spending unaccompanied by action on any of the deficit reduction assumed in the budget resolution. The violation of revenue levels stems from the tax provisions from last year’s final appropriations and tax extender bill. A point of order was raised against this violation but Congress waived the budget discipline by a vote of 73 to 25. Of the 73 votes that waived budget discipline on this bill, 37 were from the majority and 36 were from the minority.
The full CBO and Budget Committee Scorecard can be viewed here.
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