Budget for Fiscal Year 2007 (CRS Report for Congress)
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| Release Date |
Revised Aug. 23, 2007 |
| Report Number |
RL33282 |
| Report Type |
Report |
| Authors |
Philip D. Winters, Government and Finance Division |
| Source Agency |
Congressional Research Service |
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Summary:
The Senate passed its version of the fiscal year (FY) 2007 budget resolution (S.Con.Res. 83) on March 16, 2006. After extended delays, the House passed its resolution on May 18. The extensive differences between the Senate and House versions of the FY2007 budget resolution may prevent a House-Senate agreement. Congress has also begun its work on the FY2007 appropriations. The President's FY2007 budget released in early February 2006 included proposals to make the 2001 and 2003 tax cuts permanent; slow the growth of Medicare spending; hold non-defense, non-homeland security funding to little if any increase; and introduce, in FY2010, private accounts for Social Security. The budget also assumed that relief from the expanding coverage of the alternative minimum tax (AMT) and funding for the war on terror would end after FY2007. The Administration's budget showed the deficit shrinking (in dollars) through FY2010 before rising slightly in FY2011. The Congressional Budget Office's (CBO's) January 2006 budget report provided baseline estimates and projections through FY2016. The baseline, following required guidelines, assumed that most current policies remain unchanged. The current law expiration of the tax cuts in 2010 leads to small surpluses beginning in FY2012. CBO's March 2006 estimates of the President's proposals (using CBO's underlying assumptions and budget estimating methods) produced deficits that, in most years, were somewhat smaller than those in the Administration's budget.
