Congressional Budget Actions in 2007 (CRS Report for Congress)
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| Release Date |
Revised June 4, 2007 |
| Report Number |
RL34015 |
| Report Type |
Report |
| Authors |
Bill Heniff, Jr., Government and Finance Division |
| Source Agency |
Congressional Research Service |
| Older Revisions |
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Summary:
During the first session of the 110th Congress, the House and Senate will consider many different budgetary measures. Most of them will pertain to FY2008 (referred to as the 'budget year') and beyond. In addition, some will make adjustments to the budget for FY2007 (referred to as the 'current year'). As the congressional session progresses, this report will describe House and Senate action on major budgetary legislation within the framework of the congressional budget process and other procedural requirements. Within this procedural framework, Congress will consider various budget-related legislation in the context of the existing budget outlook and the stated goal of achieving a balanced budget by FY2012. Current budget projections under existing law, without any legislative changes, by the Congressional Budget Office (CBO) and the Office of Management and Budget (OMB) show the unified budget (i.e., including federal funds and trust funds) achieving a surplus in FY2012 and FY2011, respectively. Specifically, CBO projects that the FY2007 unified budget deficit will be $177 billion, with the budget achieving a surplus of $155 billion in FY2012. Similarly, OMB projects that the FY2007 unified budget deficit will be $186 billion, with the budget achieving a surplus of $95 billion in FY2011.
