An original concurrent resolution setting forth the recommended congressional budget for the United States Government for fiscal years 1983, 1984, and 1985, and revising the congressional budget for the United States Government for fiscal year 1982.

Summary

Recommends levels of Federal revenues of $623,000,000,000 in FY 1982, $667,000,000,000 in FY 1983, $739,000,000,000 in FY 1984, and $822,000,000,000 in FY 1985. Sets the amount by which the aggregate levels of Federal revenues should be increased at $22,000,000,000 in FY 1983, $37,000,000,000 in FY 1984, and $42,000,000,000 in FY 1985. States that the appropriate levels of total new budget authority are $777,600,000,000 in FY 1982, $831,700,000,000 in FY 1983, $892,300,000,000 in FY 1984, and $966,000,000,000 in FY 1985. Sets the appropriate levels of total budget outlays at $740,700,000,000, in FY 1982, $779,100,000,000, in FY 1983, $825,000,000,000 in FY 1984, and $878,500,000,000 in FY 1985. Sets the appropriate reductions of outlays or increases of revenues, or a combination thereof, to assure the solvency of the Social Security Old-Age and Survivors Insurance Trust Fund at $6,000,000,000 in FY 1983, $17,000,000,000 in FY 1984, and $17,000,000,000 in FY 1985. States that the amounts of the deficits in the budget which are appropriate in light of economic conditions and other relevant factors are $117,700,000,000 in FY 1982, $106,100,000,000 in FY 1983, $69,000,000,000 in FY 1984, and $39,500,000,000 in FY 1985. Sets the appropriate levels of public debt at $1,144,200,000,000 in FY 1982, $1,290,000,000,000, in FY 1983, $1,414,600,000,000 in FY 1984, and $1,522,900,000,000 in FY 1985. Sets forth the increase in the temporary statutory limit on such debt at $64,400,000,000 in FY 1982, $145,800,000,000 in FY 1983, $124,600,000,000 in FY 1984, and $108,300,000,000 in FY 1985. Sets the appropriate levels of total Federal credit activity for: (1) new direct loan obligations at $67,300,000,000 for FY 1982 and at $63,600,000,000 for FY 1983; (2) new primary loan guarantee commitments at $93,000,000,000 for FY 1982 and at $102,500,000,000 for FY 1983; and (3) new secondary loan guarantee commitments at $69,000,000,000 for FY 1982 and at $68,300,000,000 for FY 1983. Sets forth the appropriate levels of new budget authority and outlays, for FY 1982 through 1985, and the appropriate levels of new direct loan obligations, new primary loan guarantee commitments, and new secondary loan guarantee commitments for FY 1982 and FY 1983 for each major functional category. Requires specified House and Senate committees to recommend program changes in laws within their respective jurisdictions to reduce budget authority and outlays for fiscal years 1983, 1984, and 1985 by specified amounts. Requires such committees, not later than June 18, 1982, to submit their recommendations to the Committees on the Budget of their respective Houses. Requires the Committees on the Budget to report to the House and the Senate a reconciliation bill or resolution or both carrying out all such recommendations without any substantive revision. Requires the Senate Committee on Finance and the House Committee on Ways and Means to report to their respective Houses, by June 11, 1982, changes in laws within the jurisdiction of such committees: (1) which provide spending authority sufficient to reduce budget authority and outlays by specified amounts through FY 1985; (2) sufficient to increase revenues by specified amounts through FY 1985; and (3) sufficient to increase receipts from user fees authorized by those committees by specified amounts through FY 1985. Requires such committees to also report, by December 1, 1982, changes in laws within the jurisdiction of such committees so as to reduce outlays or increase revenues, or a combination thereof, by specified amounts for FY 1983 through 1985, in order to insure the solvency of the Social Security Old-Age and Survivors Insurance Trust Fund. Requires such reports to take into account the recommendations of the National Commission on Social Security Reform. Declares that it is the sense of the Congress that the President should direct the National Commission on Social Security Reform to report its recommendations to Congress not later than November 11, 1982. Declares that it is the sense of the Senate that Senate committees instructed in this resolution should begin deliberations on the legislation those committees are required to report under this resolution as soon as this resolution is agreed to in the Senate. Declares that it is the sense of the Congress that the President should limit total Federal Financing Bank origination of direct loans guaranteed by other Federal agencies and purchases of loan assets from Federal agencies to specified amounts in FY 1983, and that direct borrowing transactions of Federal agencies should be, to the maximum extent possible, restricted to the Federal Financing Bank. Declares that it shall not be in order in either the House or the Senate during FY 1982 and FY 1983 to consider any bill, resolution, or amendment, except proposed legislation reported in response to reconciliation instructions, authorizing new direct loan obligations or new loan guarantee commitments unless that bill, resolution, or amendment also provides that the authority to make or guarantee such loans shall be effective only to such extent or in such amounts as are contained in appropriation Acts. Declares that it is the sense of Congress that it is urgent that effective budgetary control be established over all types of Federal direct loans and Federal loan guarantees. Prohibits any bill or resolution providing new budget authority for fiscal year 1983 or providing new spending authority in excess of the reconciliation proposals of a committee or subcommittee from being enrolled until Congress has completed action on the Second Budget Resolution for that fiscal year. Declares that it is the sense of the Senate that the new spending and revenue levels for fiscal year 1982, adopted by the Senate, shall be the ceilings against which the spending and revenue actions of the Senate will be measured pending final agreement with the House on the revision of the Second Concurrent Resolution on the Budget for FY 1982. Declares that it is also the sense of the Congress that if Congress acts to restore fiscal responsibility and reduces projected budget deficits in a substantial and permanent way, then the Federal Reserve Open Market Committee shall reevaluate its monetary targets in order to assure that they are fully complementary to a new and more restrained fiscal policy.

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Documents

5 official files

• House receded and concurred with amendment

  summary · EN · 22 June 1982

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• Conference report filed in House

  summary · EN · 21 June 1982

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• Passed House amended

  summary · EN · 10 June 1982

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• Passed Senate amended

  summary · EN · 21 May 1982

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• Introduced in Senate

  summary · EN · 10 May 1982

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