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Sequestration Preview Report for Fiscal Year 2002 [i] (January 2001)

handle is hein.congrec/cbo06792 and id is 1 raw text is: SEQUESTRATION PREVIEW REPORT FOR FISCAL YEAR 2002 January 31, 2001 A Congressional Budget Office Rep o 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 preview report before the President submits his annual budget to the Congress. This report provides CBO's estimates of the discretionary spending caps and the pay-as-you-go (PAYGO) balances at the beginning of the 107th Congress. Compared with CBO's baseline estimate of discretionary spending for fiscal year 2002, budget authority would have to be reduced by $113 billion and outlays by $106 billion to comply with the 2002 caps. Although the Consolidated Appropriations Act, 2001 (Public Law 106-554) instructed the Office of Management and Budget (OMB) to change the $11 billion PAYGO balance for 2001 to zero, a $16 billion balance (resulting from previous legislation that will increase direct spending or reduce revenues) remains for 2002. Discretionary Sequestration Report The Deficit Control Act limits discretionary spending in 2002 and provides for sequestration (a cancellation of budgetary resources) if annual appropriations exceed those limits. For 2002, the last year for which section 251 of the Deficit Control Act is in effect, the caps apply to four categories of spending: overall discretionary (which comprises the spending categories previously separated as defense, nondefense, and violent crime reduction), overall conservation (which has six subcategories for programs related to conservation, preservation, and infrastructure), highway, and mass transit. The caps on highway and mass transit spending apply only to outlays; caps for the overall discretionary and the overall conservation categories cover both budget authority and outlays (see Table A-).(0) Table A-i. CBO's Estimates of Discretionary Spending Limits for Fiscal Years 2001 and 2002 (In millions of dollars) 2001 2002 Budget Budget Authority Outlays Authority Outlays Total Discretionary Spending Limits in CBO's December Final Report 640,800 644,785 552,324 576,009 Overall Discretionary Category' Spending limits in CBO's December final report 640,800 613,226 550,564 541,433

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