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Title: Concurrent Budget Resolution
Vote Smart's Synopsis:
Vote to pass a concurrent resolution that recommends that for fiscal years 2008, 2009, 2010, 2011, 2012, and 2013 the total federal revenues be $13.59 trillion, the total new budget authority be $15.95 trillion, and the total budget outlays be $15.95 trillion.
- Recommends the following new budget authorities for specific categories in fiscal years 2008 - 2013 (Sec. 102):
- $3.56 trillion for National Defense;
- $2.79 trillion for Medicare;
- $2.49 trillion for Income Security;
- $2.03 trillion for Health;
- $577.28 billion for Veterans Benefits and Services;
- $479.81 billion for Transportation;
- $155.31 billion for Social Security; and
- Provides a total of $4.52 trillion for Social Security Revenues in fiscal years 2008 - 2013.
- Prohibits the consideration in the Senate of bills, joint resolutions, amendments, motions, or conference reports that would produce an increase in deficits in any of the four 10-year periods after the adoption of the most recent budget resolution, unless approved by a three-fifths majority (Sec. 201).
- Sets discretionary spending limits at $1.01 trillion in new budget authority and $1.11 trillion in outlays for fiscal year 2009 (Sec. 211).
- Mandates that budget resolutions in the Senate must contain debt disclosure sections that specify the effect that the budget resolution would have on the gross federal debt, as well as the amounts from the Social Security surplus that the budget resolution projects will be spent on things other than Social Security (Sec. 223).
- Discloses that this budget resolution will increase the gross federal debt by $2 trillion - representing an increase of $6,440 per citizen - during the period from fiscal years 2008 to 2013 (Sec. 224).
- Discloses that this budget resolution projects $800 billion of the Social Security surplus (which represents 70 percent of the surplus) will be spent on things other than Social Security during the period from fiscal years 2009 to 2013 (Sec. 224).
- Allows the chairman of the Senate Committee on the Budget to do the fllowing (Secs. 301, 309-310):
- To revise budget levels to extend tax credits;
- To provide economic assistance to needy families, needy children, or the unemployed;
- To provide housing assistance;
- To reinstate pre-1993 rates for the Alternative Minimum Tax for individuals; and
- To repeal the 1993 increase of the income tax on Social Security benefits, provided that such revisions would not increase the budget deficits.
- Allows the chairman of the Senate Committee on the Budget to revise budget levels to provide increased funding for education, education-related programs, or education reform efforts, provided that such revisions would not increase the budget deficit (Secs. 302 & 329).
- Allows the chairman of the Senate Committee on the Budget to revise budget levels to provide for investment in "clean energy," environmental preservation efforts, or efforts to increase energy efficiency, provided that such revisions would not increase the budget deficit (Secs. 304 & 311).
- Allows the chairman of the Senate Committee on the Budget to revise budget levels for the following (Secs. 305-306, 319, 331):
- To provide for medical care and other benefits and programs for veterans;
- To provide for the reauthorization of the State Children's Health Insurance Program (SCHIP);
- To expand Medicare; to fund traumatic brain injury programs; and
- To fund efforts to increase Americans' access to "quality and affordable health insurance," provided that such revisions would not increase the budget deficit.
- Allows the chairman of the Senate Committee on the Budget to revise budget levels to fund immigration reform, enforcement of immigration laws, and border security efforts, provided that such revisions would not increase the budget deficit (Secs. 312-313).
- Expresses the Senate's strong support for legislation that would legalize the importation of prescription drugs from "highly industrialized countries with safe pharmaceutical infrastructures" and expresses the Senate's desire to have an up or down vote to pass such legislation during 2008 (Sec. 336).