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1 Congress and the Federal Budget: An Analysis of Fiscal Actions Affecting 1966 and Future Budgets 1 (1965)

handle is hein.tera/cfedbuana0001 and id is 1 raw text is: 1965 - 7 CONGRESS AND THE FEDERAL BUDGET An Analysis 'f Fiscal Actions Affecting 1966 and Future Budgets HIGHLIGHTS # # Federal administrative budget expenditures in the current fiscal year, estimated at $99.7 billion in January, now seem certain to break through the $100 billion barrier for the first time. If expenditures fcr the remainder of this fiscal year merely hold to the level of the first (July - September) quarter, administrative budget spending would rise to $102.7 billion this year. # # The huge build-up of appropriations and other spending authori- zations, together with the pressures generated by the approval of so many new and expanded programs, presage further increases in Federal spending in fiscal 1967 and beyond. # # New and/or expanded spending programs approved by the Congress this year involve authorizations of expenditures over the next five years which may be estimated, very conservatively, at more than $30 billion. # # An estimated $107.7 billion of new spending authority for fiscal 1966 (including $12.8 billion of permanent authorizations, largely for interest, not requiring specific action) was enacted by the Congress during its recent session. This compares with an estimated $105.8 billion pro- vided for fiscal 1965, and the $101.1 billion granted for fiscal 1964. # # The $107.7 billion total of new spending authority enacted by Congress this year represents a reduction of about $1.8 billion, or less than 2 percent, in the revised budget requests -- the smallest reduction in recent years. Moreover, it is already possible to identify more than $1 billion of these reductions which the Congress is likely to restore through consideration of supplementals for fiscal 1966 early next year. #. # Administration recommendations in two major revenue areas were acted upon by Congress in its recent session. Excise tax liabilities were reduced by about $1.75 billion effective this year and by an estimated $3.4 billion effective in 1966. On the other hand, payroll taxes were increased by roughly similar amounts when the Congress approved the new social security-medicare legislation, involving both increases in the taxable wage base and the tax rates (including the tax to finance the new basic health insurance program). In addition, consideration will be given early next year to proposals to increase the Federal unemployment tax.

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