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Final Sequestration Report for Fiscal Year 2000 [i] (December 1999)

handle is hein.congrec/cbo06572 and id is 1 raw text is: FINAL SEQUESTRATION REPORT FOR FISCAL YEAR 2000 December 2, 1999 A Congressional Budget Office Report to the Congress and the Office of Management and Budget Pursuant to Section 254 of the Balanced Budget and Emergency Deficit Control Act The Balanced Budget and Emergency Deficit Control Act of 1985 (the Deficit Control Act) requires the Congressional Budget Office (CBO) to issue a final sequestration report 10 days after the end of a Congressional session. This report reflects activity affecting the discretionary spending caps and pay-as-you-go (PAYGO) balances through the end of the first session of the 106th Congress. According to CBO's estimates, discretionary spending for fiscal year 2000 in the overall discretionary, highway, and mass transit categories exceeds the limits estimated in this report.(!) In the overall discretionary category--which includes defense and nondefense discretionary spending--budget authority is $6,726 million higher and outlays are $15,235 million higher. In the highway and mass transit categories, outlays will exceed their limits by $770 million and $568 million, respectively. (There are no limits on budget authority for the highway and mass transit categories.) Budget authority for the violent crime reduction category is within its cap, and outlays in that category are $6 million below their limit. CBO estimates that spending for all categories combined will exceed the adjusted caps on budget authority by $6,726 million and on outlays by $16,567 million. Based on those estimates, an across-the-board reduction, or sequestration, of approximately 4 percent of budget authority would be required in the overall discretionary category.(2) No sequestration in the other categories of discretionary spending would be required. (The Deficit Control Act specifies that excess outlays in the highway and mass transit categories are counted as spending in the overall discretionary category.) CBO's estimates are merely advisory, however; the Office of Management and Budget (OMB) has the final say in how sequestration procedures are applied. Preliminary information from OMB indicates that its estimates show budget authority and outlays for all discretionary categories for fiscal year 2000 to be within their respective limits. Thus, the President is unlikely to order a discretionary sequestration. Legislation passed through the end of the first session of the 106th Congress that affected direct spending or receipts did not reduce the on-budget surplus in 1999 or 2000. Thus, in CBO's view, no PAYGO sequestration of mandatory spending is required in 2000. Discretionary Sequestration Report The Deficit Control Act sets limits on discretionary spending and provides for sequestration if annual appropriations exceed those limits. The caps are in effect through 2002. By law, they are adjusted each year to account for the

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