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Sequestration Update Report for Fiscal Year 2002 [i] (August 2001)

handle is hein.congrec/cbo0686 and id is 1 raw text is: Sequestration Update Report for Fiscal Year 2002 August 15, 2001 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 Section 254 of 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 was published earlier in the year. This report incorporates activity affecting the discretionary spending caps and the pay-as-you-go (PAYGO) scorecard through August 14, 2001. In the absence of further legislative action, spending for fiscal year 2001 will remain within the limits for the overall discretionary category, CBO estimates. For both the highway and mass transit categories, however, outlays will exceed their respective caps (those categories have no limits on budget authority). The Deficit Control Act requires that outlays in excess of the caps for the two transportation categories be assigned to the overall discretionary category. Because that excess ($535 million) can be accommodated under the overall cap, no discretionary sequestration (defined as a cancellation of budgetary resources) is required for 2001. Although no appropriation laws for 2002 had been enacted when this report was completed, adhering to the statutory spending caps for 2002 will be extremely challenging for lawmakers. For example, if discretionary budget authority increases by 4.4 percent from 2001 to 2002 (as it does in CBO's baseline), it will exceed its 2002 cap by $120 billion and outlays will be above their cap by $117 billion, CBO estimates (see Table I). The Congress has adopted a budget resolution (H. Con. Res. 83) that calls for discretionary spending in 2002 to be higher than the current caps by $111 billion in budget authority and $110 billion in outlays. Tab- I. Discretionary Spending Compared with the Statutory Caps for Fiscal Year 2002 (In billions of dollars) Budget Authority Outlays Total Discretionary Spending Limits CBO's Estimate as of August 14, 2001 549 572 Discretionary Spending Under Alternative Budget Plans' CBO's Baseline 669 689 Congressional Budget Resolution 660 683

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