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1 1 (January 10, 2024)

handle is hein.crs/govenyg0001 and id is 1 raw text is: Congressional ____ ~ Research Service The Fiscal Responsibility Act (FRA) in FY2024: Current Status January 10, 2024 Spending Limits The Fiscal Responsibility Act (FRA, P.L. 118-5), enacted in June 2023, temporarily suspended the debt limit and established statutory discretionary spending limits for FY2024 and FY2025 for both defense and nondefense discretionary spending, as shown in Table 1. Additionally, the FRA included a provision described as incentivizing Congress to enact regular, full-year appropriations legislation instead of relying on short-term continuing resolutions (CRs). This provision requires that if a CR is in effect on January 1, 2024, for any budget account, the discretionary spending limits for FY2024 be revised to the levels also shown in Table 1. The revisions reduce the overall amount of spending permitted by $4 billion but entail a $33 billion increase to the original nondefense discretionary spending limit and a $37 billion decrease to the original defense discretionary spending limit. These revised levels, however, would not be enforced until April 30, 2024, should a CR still be in effect, and will revert back to the original limits upon the enactment of full-year appropriations. Table I. FY2024 Original and Revised Discretionary Limits on Budget Authority Under the FRA In Billions of Dollars Defense Nondefense Total Discretionary Discretionary Original levels $886.35 $703.65 $1,590.00 Revised levels under a CR $849.78 $736.45 $1,586.23 Sources: P.L. 118-5 and the Congressional Budget Office cost estimate referenced in P.L. 118-5 as table I-S of H.R. 2617, published on December 21, 2022, minus 1%. Notes: These levels reflect only base spending, which excludes funding that would be exempt from budgetary enforcement. Congressional Research Service https://crsreports.congress.gov IN12296 CRS INSIGHT Prepared for Members and Committees of Congress

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