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27 Tax Foundation's Washington News 1 (1975)

handle is hein.tera/wingnews0029 and id is 1 raw text is: January 10, 1975 va....2L- No. -1- 1725 K Street, N.W. Washington, D. C. 20006 REVIEW OF FISCAL ACTIONS IN 1974 CONGRESSIONAL SESSION The second session of the 93rd Congress, which adjourned December 20, might be fairly portrayed as a tug-of-war between Congress and the Executive Branch in the areas of soending and fiscal restraint. Initially, the 1975 Federal budget projected receipts at $295.0 billion and outlays at 3304. billion, with a re- sulting deficit of $9.14 billion. Subsequently, revised Administration estimates increased the definit to more than $11 billion -- projecting a $1 billion drop in revenues and $1 billion increase in outlays. Administration officials repeatedly called for efforts to restrict 1975 spending to $300 billion, to hold the deficit to $6 billion, and urged Congress to adopt a $300 billion target spending limit. The House did approve a Reso- lution setting such a target, but emnhasized it was not to be considered a firm ceiling. The Senate did not concur in the House-approved Resolution, although it earlier approved a provision supporting a $295 billion total. Pursuing the $300 billion target, and complying with the provisions of the Congressional Budget and Impoundment Control Act of 1974 (Public Law 93-344), President Ford proposed a series of deferrals and rescissions in spending authority. Additionally, on November 26 he submitted specific proposals designed to reduce fiscal 1975 outlays by $4.6 billion, of which $3.6 billion required Con- gressional consiieration. Assuming approval of these reductions, it was esti- mated that fiscal 1975 outlays would total $302.2 billion. Congress acted on none of the November proposals, and on only part mf the earlier rescission and deferral requests. Failure of the new Congress to act on the November propo- sals would raise the outlay total to at least $306 billion. The preliminary analysis which follows indicates that actions of Congress on 1975 appropriations measures, legislative bills mandating outlays, and cer- tain inactions on budgeted reductions result in only a relatively minor reduc- tion in the latest revised budget outlay estimates. Of course, the deepening recession obviously is drastically changing the fiscal 1975 (and 1976) budget outlook. The revenue outlook is cloudy, and budget outlays are likely to increase significantly. A recent staff study by a Joint Economic subcommittee forecasts a possible $23 billion deficit in the current fiscal year and a $36 billion deficit in 1976. FISCAL 1975 APPROPRIATION BILL ACTION During the 1974 session action was finalized on all but one (foreign aid) of the fiscal 1975 appropriations measures, plus a special enezegy money bill

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