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Sequestration Update Report for Fiscal Year 2012 1 (August 12, 2011)

handle is hein.congrec/cbo10574 and id is 1 raw text is: CONGRESSIONAL BUDGET OFFICE Sequestration Update Report for Fiscal Year 2012 August 12, 2011 Under the Balanced Budget and Emergency Deficit Control Act of 1985 (BBEDCA), as amended by the Budget Control Act of 2011 (Public Law 112-25), the Congressional Budget Office (CBO) is required to issue, on August 15 each year, a report providing information about the limits on discretionary spending (now set through 2021) and an explanation of any adjustments to them that are required to be made. This document reports on the limits that were specified in the recently enacted law because no actions have been taken that would necessitate a change in them. Discretionary Spending Caps The Budget Control Act imposes caps on appropriations of new discretionary budget authority that start at $1,043 billion in 2012 and reach $1,234 billion in 2021. For 2012 and 2013, separate caps for security and nonsecurity budget authority are in effect; from 2014 to 2021, only one cap applies to total discretionary funding (see Table 1).1 If those caps are exceeded, across-the-board cuts (that is, a sequestration) will be applied to discretionary accounts in an amount sufficient to eliminate the 2 excess. The law allows for adjustments to the discretionary spending limits when appropria- tions are provided for certain purposes. Funding for the wars in Afghanistan and Iraq or similar activities (sometimes referred to as overseas contingency operations) would lead to an increase in the caps, as would other funding designated as an emergency requirement. Furthermore, the law allows for an increase in the caps if additional budget authority is provided for program integrity initiatives aimed at reducing improper benefit payments in the Disability Insurance and Supplemental Security Income programs, Medicare, Medicaid, and the Children's Health Insurance Program. Finally, the caps would be increased if appropriations were provided for 1. For the purpose of enforcing those discretionary spending caps, the security category comprises discretionary appropriations for the Department of Defense, the Department of Homeland Secu- rity, the Department of Veterans Affairs, the National Nuclear Security Administration, the intelli- gence community management account (95-0401-0-1-054), and discretionary accounts in budget function 150 (international affairs). The nonsecurity category comprises all discretionary appropriations not included in the security category. 2. Budgetary resources include new budget authority, unobligated balances of budget authority, and limits on the obligation of budget authority.

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