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Sequestration Update Report for Fiscal Year 2001 1 (August 2000)

handle is hein.congrec/cbo0671 and id is 1 raw text is: Page 1 of 8 SEQUESTRATION UPDATE REPORT FOR FISCAL YEAR 2001 August 15, 2000 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 sequestration update report each year on August 15 that reflects laws enacted since the sequestration preview report published earlier in the year. This update report incorporates activity affecting the discretionary spending caps and the pay-as-you-go (PAYGO) scorecard through August 11, 2000. For fiscal year 2000, budget authority is within its cap, but outlays appear to exceed their limit by $7.6 billion, CBO estimates. However, preliminary information from the Office of Management and Budget (OMB) suggests that it will estimate spending in 2000 to be within its calculation of the caps. Since OMB's figures determine whether a sequestration is necessary, no discretionary sequestration is likely for this year. Only two appropriation laws for 2001 had been enacted when this report was completed, but it is clear that adhering to the current spending caps for 2001 will be extremely challenging. CBO estimates that if discretionary spending grows at the rate of inflation after 2000, it will exceed the 2001 cap on budget authority by $69 billion and the cap on outlays by $52 billion (see Table 1). Even if discretionary spending is frozen at the level enacted for 2000, it will surpass the 2001 cap on budget authority by $45 billion and the cap on outlays by $39 billion. (Those figures do not include the effl..t of supplemental appropriations enacted since February, which added $17 billion in budget authorit, for 2000.) Table 1. CBO's Estimates of Discretionary Spending for Fiscal Year 2001 Compared with the Statutory Caps (In billions of dollars) Budget Authority Outlays CBO's Estimate of the Total Discretionary Spending Limits as of August 11, 2000 541 586 Discretionary Spending Under CBO's Baseline' Inflated variationb 611 638 Freeze variation' 586 625

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