The Federal Budget: Issues for FY2014 and Beyond (CRS Report for Congress)
A full-text PDF of the latest version is currently unavailable.
| Release Date |
Revised Nov. 6, 2013 |
| Report Number |
R43068 |
| Report Type |
Report |
| Authors |
Mindy R. Levit, Analyst in Public Finance |
| Source Agency |
Congressional Research Service |
| Older Revisions |
-
Premium May 9, 2013 (25 pages, $24.95)
add
|
Summary:
The federal budget is central to Congress's ability to exercise its 'power of the purse.' Federal budget decisions also express Congress's priorities and reinforce Congress's influence on federal policies. Making budgetary decisions for the federal government is a complex process and requires balancing competing goals. Recent economic turmoil put strain on the federal budget due to declining revenues and increasing spending levels. Subsequently, policies enacted to restrain spending, along with an improving economy, have put the federal budget on a more sustainable path in the near term. In August 2011, budget negotiations resulted in the enactment of the Budget Control Act of 2011 (BCA; P.L. [Public Law] 112-25), which contained provisions to reduce the budget deficit by about $2 trillion over the next decade. However, the rising costs of federal health care programs and the effects of the baby boom generation's retirement, which present serious challenges to future fiscal stability, have yet to be addressed. Operating these programs in their current form may pass on substantial economic burdens to future generations. Congress and the President may consider proposals for additional deficit reduction over the next few months as fiscal issues remain a key component of the legislative agenda as the future outlook remains uncertain. This report will provide an overview of federal budget issues, focusing on recent fiscal policy changes. It will also discuss the major policy proposals contained in the President's FY2014 budget and the House and Senate budget resolutions. This report will be updated as events warrant.
