legislation: 99-hconres-337
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| 99-hconres-337 | 99 | hconres | 337 | A concurrent resolution setting forth the congressional budget for the United States Government for the fiscal years 1987, 1988, and 1989. | Economics and Public Finance | 1986-05-13 | 1986-05-15 | Other Measure S.Con.Res.120 (Amended) Passed House in Lieu. | House | Rep. Gray, William H., III [D-PA-2] | PA | D | G000402 | 0 | Sets forth the concurrent resolution on the budget for FY 1987 and the appropriate budgetary levels for FY 1988 and 1989. Specifies levels and amounts of Federal revenues, new budget authority, budget outlays, and deficits for FY 1987 through 1989 for purposes of determining whether the maximum deficit amounts set forth in the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act) have been exceeded. Recommends levels of Federal revenues of $643,850,000,000 for FY 1987, $700,550,000,000 for FY 1988, and $750,750,000,000 for FY 1989. Sets the amounts by which the aggregate levels of Federal revenues should be increased at $10,700,000,000 for FY 1987, $17,400,000,000 for FY 1988, and $17,700,000,000 for FY 1988 and the portions of such amounts to be used to reduce the deficits below the maximum deficit amounts at $4,700,000,000 for FY 1987, $11,200,000,000 for FY 1988, and $10,500,000,000 for FY 1989. Designates the following amounts of Federal revenues for Federal Insurance Contributions Act revenues: (1) $55,700,000,000 for FY 1987; (2) $60,150,000,000 for FY 1988; and (3) $64,250,000,000 for FY 1989. Sets the appropriate levels of total new budget authority at $873,000,000,000 for FY 1987, $918,950,000,000 for FY 1988, and $944,050,000,000 for FY 1989. States that the appropriate levels of total budget outlays are $798,200,000,000 for FY 1987, $840,150,000,000 for FY 1988, and $857,650,000,000 for FY 1989. Sets the amounts of the deficits in the budget which are appropriate in light of economic conditions and all other relevant factors at $154,350,000,000 for FY 1987, $139,600,000,000 for FY 1988, and $106,900,000,000 for FY 1989. States that appropriate levels of the public debt are $2,319,600,000,000 for FY 1987. $2,516,900,000,000 for FY 1988, and $2,685,100,000,000 for FY 1989. Sets forth the appropriate levels of total Federal credit activity as follows: (1) $34,250,000,000 for new direct loan obligations and $85,400,000,000 for new primary loan guarantee commitments for FY 1987; (2) $32,250,000,000 for new direct loan obligations and $87,300,000,000 for new primary loan guarantee commitments for FY 1988; and (3) $30,600,000,000 for new direct loan obligations and $87,650,000,000 for new primary loan guarantee commitments for FY 1989. Sets forth the levels of budget authority, budget outlays, new direct loan obligations, and new primary loan guarantee commitments for each major functional category for FY 1987 through 1989. Requires certain congressional committees to report changes in laws within their jurisdictions sufficient to reduce or achieve savings in budget authority and outlays, reduce direct loan obligations, reduce primary loan guarantees, or increase primary loan guarantees by certain amounts, as specified, in FY 1987 through 1989. Requires the House Committee on Ways and Means and the Senate Committee on Finance to report changes sufficient to reduce the budget deficit by $4,200,000,000 in FY 1987, $3,695,000,000 in FY 1988, and $3,740,000,000 in FY 1989. Directs all such committees, by June 5, 1986, to submit their recommendations to the Committees on the Budget of their respective Houses. Directs the Budget Committees to report a reconciliation bill or resolution carrying out all such recommendations without any substantive revision. Requires revenues increased through legislative action above specified amounts in FY 1987 through 1989 to be: (1) used solely to reduce the Federal deficit; (2) set forth separately in the congressional budget; and (3) deposited into a separate account to be established in the Treasury by the President. Directs the President to report to the Congress annually on the financial condition and use of the fund. Reserves from allocation to the Committee on Appropriations a specified amount of the FY 1987 budget authority set forth for National Defense. Directs the Secretary of Defense to report to the Speaker of the House and the President pro tempore of the Senate a complete accounting of all moneys appropriated to the Department of Defense for FY 1986 in excess of sums needed to cover inflation. Requires such report to be submitted to the General Accounting Office (GAO) which shall report its findings thereon to the Congress within 14 days. Directs each Budget Committee, within five legislative days after receiving the GAO report, to report to its respective House a revised allocation of new budget authority to the Committee on Appropriations reflecting the full amount of budget authority for National Defense. Requires the Secretary of Defense, within 90 days after the close of FY 1988 and 1989, to issue to the Speaker of the House and the President pro tempore of the Senate a report accounting for any moneys appropriated but not obligated during the prior fiscal year to cover inflation. Requires the Committees on Armed Services of the House and Senate to report legislation prohibiting the Department of Defense from using an arbitrary deflator (one not based on historical or factual data) which would provide funding for major weapons systems inflation in excess of the GNP deflator. Provides that: (1) funding for a shuttle orbiter to replace the lost shuttle Challenger would be appropriate if an authorization is enacted, notwithstanding spending levels set forth earlier in this Act; and (2) such spending levels do not preclude funding for an extension of the general revenue sharing program through FY 1989 if an authorization is enacted. Reaffirms congressional policy to fill the Strategic Petroleum Reserve to 750 million barrels. Recommends that the Government purchase oil for the Reserve in a way designed to help domestic stripper oil well producers so as to minimize the shutting-in of stripper production. Expresses the sense of the Congress that Federal funds for the Cooperative Extension Service should be maintained at a level sufficient to carry out fully the vital services, including specified programs, it is providing to rural America. Expresses the sense of the Congress that the use of foreign aid funds to finance the foreign production for export of agricultural commodities already in surplus on world markets is a counter-productive use of American tax dollars as well as devastating to the American farmer. | 2024-02-07T14:47:33Z |