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Final Sequestration Report for Fiscal Year 2012 1 (January 2012)

handle is hein.congrec/cbo10607 and id is 1 raw text is: JANUARY 12, 2012 Final Sequestration Report for Fiscal Year 2012 Under the Balanced Budget and Emergency Deficit Control Act of 1985 (Deficit Control Act), as amended by the Budget Control Act of 2011 (Public Law 112-25), the Congressional Budget Office (CBO) is required to issue a sequestration report for the current fiscal year within 10 days of the end of a session of Congress.1 That report must provide estimates of the caps on discretionary budget authority for the current year (in this case, 2012) and for each year through 2021.2 In CBO's estimation, a sequestration (cancellation of budgetary resources), which would be triggered by a breaching of the caps, will not be required in 2012. However, CBO's estimates do not govern the outcome because the Administration's Office of Management and Budget (OMB) has sole authority to determine whether a sequestration is required and, if so, the proportional allocations of any necessary cuts. Those determinations are based on OMB's own estimates of federal spending. Limits on Discretionary Budget Authority for 2012 The Budget Control Act set caps on what it designated as security and nonsecurity budget authority for the current fiscal year. The security category comprises discretionary appropriations for the Departments of Defense, Homeland Security, and Veterans Affairs; the National Nuclear Security Administration; the intelligence community management account (Treasury account 95-0401-0-1-054); and discretionary accounts related to international affairs (budget function 150). The nonsecurity category comprises all discretionary appropriations not included in the security category. The Budget Control Act set the cap on budget authority for security programs for 2012 at $684 billion; it set the cap for nonsecurity programs at $359 billion. 1.All years referred to in this report are federal fiscal years (which run from October 1 to September 30). 2. Budget authority is the authority provided by law to incur financial obligations that will result in immediate or future outlays of federal government funds. Discretionary budget authority is provided and controlled by appropriation acts. Mandatory spending refers to outlays from budget authority that is controlled by laws other than appropriation acts.

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