Chapter 17A, Subchapter I, Section 632, Subsection (e) · 2 U.S.C. Chapter 17A — CONGRESSIONAL BUDGET AND FISCAL OPERATIONS

Contents

(e)

(1)In developing the concurrent resolution on the budget referred to in subsection (a) for each fiscal year, the Committee on the Budget of each House shall hold hearings and shall receive testimony from Members of Congress and such appropriate representatives of Federal departments and agencies, the general public, and national organizations as the committee deems desirable. Each of the recommendations as to short-term and medium-term goals set forth in the report submitted by the members of the Joint Economic Committee under subsection (d) may be considered by the Committee on the Budget of each House as part of its consideration of such concurrent resolution, and its report may reflect its views thereon, including its views on how the estimates of revenues and levels of budget authority and outlays set forth in such concurrent resolution are designed to achieve any goals it is recommending.

(2)The report accompanying the resolution shall include—

(A)a comparison of the levels of total new budget authority, total outlays, total revenues, and the surplus or deficit for each fiscal year set forth in the resolution with those requested in the budget submitted by the President;

(B)with respect to each major functional category, an estimate of total new budget authority and total outlays, with the estimates divided between discretionary and mandatory amounts;

(C)the economic assumptions that underlie each of the matters set forth in the resolution and any alternative economic assumptions and objectives the committee considered;

(D)information, data, and comparisons indicating the manner in which, and the basis on which, the committee determined each of the matters set forth in the resolution;

(E)the estimated levels of tax expenditures (the tax expenditures budget) by major items and functional categories for the President’s budget and in the resolution; and

(F)allocations described in section 633(a) of this title.

(3)The report accompanying the resolution may include—

(A)a statement of any significant changes in the proposed levels of Federal assistance to State and local governments;

(B)an allocation of the level of Federal revenues recommended in the resolution among the major sources of such revenues;

(C)information, data, and comparisons on the share of total Federal budget outlays and of gross domestic product devoted to investment in the budget submitted by the President and in the resolution;

(D)the assumed levels of budget authority and outlays for public buildings, with a division between amounts for construction and repair and for rental payments; and

(E)other matters, relating to the budget and to fiscal policy, that the committee deems appropriate.

United States Government work; public domain under 17 U.S.C. § 105.

Defined terms · 32

Show every defined term

additional new budget authority
means the amount provided for a fiscal year, in excess of $117,000,000, in an appropriation measure or conference report (as the case may be) and specified to pay for grants to States under section 506 of title 42.
agency
has the same meaning as defined in section 551(1) of title 5, but does not include independent regulatory agencies.
appropriation Act
means an Act referred to in section 105 of title 1.
budget authority
means the authority provided by Federal law to incur financial obligations, as follows:
concurrent resolution on the budget
means—
cost
means the estimated long-term cost to the Government of a direct loan or loan guarantee or modification thereof, calculated on a net present value basis, excluding administrative costs and any incidental effects on governmental receipts or outlays.
credit authority
means authority to incur direct loan obligations or to incur primary loan guarantee commitments.
credit program account
means the budget account into which an appropriation to cover the cost of a direct loan or loan guarantee program is made and from which such cost is disbursed to the financing account.
current
has the same meaning as in section 900(c)(9) of this title.
deficit
means, with respect to a fiscal year, the amount by which outlays exceeds 2 receipts during that year.
direct loan
means a disbursement of funds by the Government to a non-Federal borrower under a contract that requires the repayment of such funds with or without interest.
direct loan obligation
means a binding agreement by a Federal agency to make a direct loan when specified conditions are fulfilled by the borrower.
Director
means the Director of the Office of Management and Budget.
entitlement authority
means—
Federal intergovernmental mandate
means—
Federal mandate
means a Federal intergovernmental mandate or a Federal private sector mandate, as defined in paragraphs (5) and (7).
Federal private sector mandate
means any provision in legislation, statute, or regulation that—
financing account
means the non-budget account or accounts associated with each credit program account which holds balances, receives the cost payment from the credit program account, and also includes all other cash flows to and from the Government resulting from direct loan obligations or loan guarantee commitments made on or after October 1, 1991.
government-sponsored enterprise
means a corporate entity created by a law of the United States that—
liquidating account
means the budget account that includes all cash flows to and from the Government resulting from direct loan obligations or loan guarantee commitments made prior to October 1, 1991.
loan guarantee
means any guarantee, insurance, or other pledge with respect to the payment of all or a part of the principal or interest on any debt obligation of a non-Federal borrower to a non-Federal lender, but does not include the insurance of deposits, shares, or other withdrawable accounts in financial institutions.
loan guarantee commitment
means a binding agreement by a Federal agency to make a loan guarantee when specified conditions are fulfilled by the borrower, the lender, or any other party to the guarantee agreement.
local government
has the same meaning as defined in section 6501(6) of title 31.
modification
means any Government action that alters the estimated cost of an outstanding direct loan (or direct loan obligation) or an outstanding loan guarantee (or loan guarantee commitment) from the current estimate of cash flows.
new budget authority
means, with respect to a fiscal year— and includes a change in the estimated level of new budget authority provided in indefinite amounts by existing law.
private sector
means all persons or entities in the United States, including individuals, partnerships, associations, corporations, and educational and nonprofit institutions, but shall not include State, local, or tribal governments.
small government
means any small governmental jurisdictions defined in section 601(5) of title 5 and any tribal government.
State
has the same meaning as defined in section 6501(9) of title 31.
surplus
means, with respect to a fiscal year, the amount by which receipts exceeds 2 outlays during that year.
tax expenditures
means those revenue losses attributable to provisions of the Federal tax laws which allow a special exclusion, exemption, or deduction from gross income or which provide a special credit, a preferential rate of tax, or a deferral of tax liability;
tax expenditures budget
means an enumeration of such tax expenditures.
tribal government
means any Indian tribe, band, nation, or other organized group or community, including any Alaska Native village or regional or village corporation as defined in or established pursuant to the Alaska Native Claims Settlement Act (85 Stat. 688;