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Final Sequestration Report for Fiscal Year 1991: A Congressional Budget Office Report to the Congress and the Office of Management and Budget - Revised 1 (November 1990)

handle is hein.congrec/cbo8670 and id is 1 raw text is: REVISED FINAL SEQUESTRATION REPORT FOR FISCAL YEAR 1991 A CONGRESSIONAL BUDGET OFFICE REPORT TO THE CONGRESS AND THE OFFICE OF MANAGEMENT AND BUDGET November 6, 1990 The Omnibus Budget Reconciliation Act of 1990 amended the Bal- anced Budget and Emergency Deficit Control Act of 1985 to add new enforcement mechanisms for entitlement spending, receipts, and dis- cretionary spending over the next five years. A pay-as-you-go pro- cedure for fiscal years 1992 through 1995 will ensure that new en- titlement and receipt legislation does not increase the deficit. Dollar limits are placed on defense, international, and domestic discretionary appropriations for 1991 through 1993, and on total discretionary appropriations for 1994 and 1995. Any overage will be eliminated through across-the-board cuts. The existing sequestration to enforce maximum deficit amounts has been extended through 1995, but the President is required to ad- just these amounts for revised economic and technical assumptions when submitting the budget for fiscal years 1992 and 1993. The President also has the option to make similar adjustments to the targets in the budgets for 1994 and 1995. Compliance with the dis- cretionary spending limits and the pay-as-you-go requirements in 1992 and 1993 will assure that there will be no need for overall seques- tration to achieve the maximum deficit amounts in those years. The same will be true in 1994 and 1995 if the President opts to adjust the maximum deficit amounts in the budgets for those years. The Omnibus Budget Reconciliation Act of 1990 rescinded the sequestration order for fiscal year 1991 issued by the President on October 15, 1990. The only sequestration that now applies to 1991 is to eliminate any breach in the limits for defense, international, or domestic discretionary appropriations. The new enforcement pro- cedures require the Congressioi~al Budget Office (CBO) to issue an estimate of the budget authority and outlays provided by a discre- tionary appropriation as soon as practicable after the Congress com-

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