Establishing the congressional budget for the United States Government for fiscal year 1998 and setting forth appropriate budgetary levels for fiscal years 1999, 2000, 2001, and 2002.

Summary

Establishes the congressional budget for the Government for FY 1998. Sets forth appropriate budgetary levels for FY 1999 through 2002. (Sec. 2) Lists recommended budgetary levels and amounts, for FY 1998 through 2002, with respect to: (1) Federal revenues; (2) new budget authority; (3) budget outlays; (4) deficits; (5) public debt; (6) new direct loan obligations; and (7) new primary loan guarantee commitments. (Sec. 3) Lists the appropriate levels of new budget authority, budget outlays, new direct loan obligations, and new primary loan guarantee commitments for each of specified major functional categories for FY 1998 through 2002. (Sec. 4) Sets forth appropriate levels of new budget authority and budget outlays for Federal investments for each of specified major functional categories for FY 1998 through 2002. (Sec. 5) Establishes reconciliation procedures. Specifies outlay reductions for the House Committee on Commerce and the House Committee on Ways and Means for each of FY 1998 through 2002. Directs the House Committee on Ways and Means to report changes in laws within its jurisdiction: (1) such that the total level of revenues for that committee is increased by specified amounts in each of such fiscal years; and (2) that provide for the establishment of an Investment Trust Fund as a separate account in the Treasury, into which shall be transferred revenues realized by the acution of spectrum allocations by the Federal Communications Commission. Requires that amounts in that fund be used exclusively for programs assumed under Federal investments provisions of this resolution. (Sec. 7) Expresses the sense of the Congress regarding budget trends. Declares that the increasing portion of the Federal budget absorbed by interest payments and consumption programs, particularly health spending, has led to a declining level of domestically financed investment and may adversely impact the ability of the economy to grow at the levels needed to provide for future generations. (Sec. 8) Expresses the sense of the Congress regarding the need to maintain Federal investments. Declares that a balanced program to improve the economy should be based on the concurrent goals of eliminating the deficit and maintaining Federal investment in programs that enhance long-term productivity such as research and development, education and training, and physical infrastructure improvements. (Sec. 9) Expresses the sense of the Congress regarding the treatment of Federal investments within the budget. Declares that: (1) the current budget structure focuses primarily on short-term spending and does not highlight for decision making purposes the differences between Federal spending for long-term investment and that for current consumption; and (2) in order to restructure the Federal budget to make such a distinction, it is necessary to identify an investment component in the Federal budget and establish specific budgetary targets for such investments.

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Timeline

1. 15 May 1997

   Introduced

   Referred to the House Committee on the Budget.

   Source: IntroReferral

2. 15 May 1997

   Introduced

   Introduced in House

   Source: IntroReferral

3. 15 May 1997

   Introduced

   Introduced in House

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in House · 15 May 1997 · Download file

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 15 May 1997

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• Introduced in House (PDF)

  Introduced in House · EN · 15 May 1997

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Sponsors

• Rep. Brown, George E., Jr. [D-CA-42] · D · Sponsor
• · hsbu00 · Standing

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