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Final Sequestration Report for Fiscal Year 2001 1 (December 2000)

handle is hein.congrec/cbo0678 and id is 1 raw text is: Page 1 of 15 FINAL SEQUESTRATION REPORT FOR FISCAL YEAR 2001 December 29, 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 ERRATA In the print version of this report and the PDF, PostScript, and WordPerfect electronic versions that were released on December 29, 2000, afootnote in Table 3 incorrectly stated that the amounts shown for military construction appropriations did not include supplemental funding for 2000, when they in fact did Include it This electronic version contains the corrected footnote in Table 3. 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 at the end of a Congressional session. This report reflects activity affecting discretionary spending and the pay-as- you-go (PAYGO) balances enacted through the end of the 106th Congress. For fiscal year 2000, discretionary spending as estimated by the Office of Management and Budget (OMB) for purposes of the Deficit Control Act exceeded the caps on such spending by $2,359 million in budget authority and $6,763 million in outlays. Normally under the Deficit Control Act, spending enacted after June 30 in excess of that year's caps would reduce the spending limits for the following fiscal year. However, a provision in the Military Construction Appropriations Act for 2001 specifically precludes that action in this case. CBO estimates that in the absence of further legislative action, spending for 2001 will fall within the adjusted limits for the overall discretionary category. For both the highway and mass transit categories, however, outlays will exceed their caps for 2001 (those categories have no limits on budget authority). The Deficit Control Act requires that outlays in excess of the limits for the two transportation categories--a total of $727 million for 2001--be assigned to the overall discretionary category. Because that excess can be accommodated under the adjusted cap on the overall discretionary category, no discretionary sequestration is required for 2001. Legislation enacted through the end of the 106th Congress affecting mandatory (direct) spending or revenues has decreased the projected surplus in 2001 by $6,833 million,1 It will not trigger a PAYGO sequestration, however, because the Consolidated Appropriations Act for 2001 instructs OMB to change the PAYGO balance for 2001 to zero.

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