The Congressional Budget Office estimates that the Budget Control Act of 2011 would reduce budget deficits by at least $2.1 trillion over 10 years. Key provisions include caps on discretionary spending, additional funding for programs to reduce improper payments, and changes to student loan programs. The legislation also establishes a committee to find $1.5 trillion in further deficit reduction.
Impacts of Federal Spending Changes on DC Commercial Real Estatekottmeier
Federal spending impacts the DC region's economy and commercial real estate market. While cuts are proposed for FY2011 and FY2012, key agencies for the region like HHS saw increases in 2011. Long term trends still point to overall growth in federal budgets. The region has historically fared well even when federal spending slows as the private sector picks up. Defense remains important for Northern Virginia but the region has diversified. Federal employment declines may slow absorption temporarily but the office market typically performs well as private sector demand recovers.
The document summarizes Illinois' fiscal crisis and budget challenges. It notes that Illinois faces a $13.7 billion operating deficit for FY2011, equal to 52.2% of its general revenue fund appropriations. To address this, Illinois relies heavily on one-time revenues like debt issuance, fund sweeps, and federal stimulus funds. Over the long term, Illinois has seen the loss of high-paying manufacturing jobs replaced with lower paying service jobs without benefits. This has contributed to economic problems and budget deficits that Illinois has struggled to adequately address through recurring revenues and spending priorities.
All the sectors including real estate had a number of expectations from the budget. The budget provides incentives for housing sector including ECB for low cost affordable housing projects, increase in provision for rural housing and extension of the interest subvention scheme of 1 percent on housing loan etc.
IPL - Vol 80 - Philip Bennett Susan P Serota B Bethune A WhistonBethune Whiston
The document summarizes a workshop discussion on the legal risks of defined contribution (DC) plans compared to defined benefit (DB) plans. It provides an overview of the fiduciary responsibilities and typical structures of DC plans in Canada, the US, and the UK. Some key legal risks discussed include contributions, investment of assets, fees, conversions from DB plans, and communications. The document outlines the roles of administrators, trustees, committees and other parties involved in DC plans in each jurisdiction and how responsibilities are assigned. Terminology for these parties differs across countries.
This document summarizes a presentation given by Diane Oakley of the National Institute on Retirement Security (NIRS) about public pension plans. The presentation discusses opportunities and challenges facing public pensions, stakeholders in public pensions, the importance of focusing on retirement policy, and lessons learned from well-funded plans. It provides statistics on the economic impacts of public pension benefits and expenditures. The presentation aims to distinguish facts from assertions and prevent short-sighted policies in public pension discussions.
This document discusses various tax credits, deductions, and programs available for greening affordable multifamily housing. It provides an overview of the federal tax incentives available, including the 30% investment tax credit, 10% investment tax credit, production tax credit, energy efficiency tax deduction, and bonus depreciation. It also discusses state and utility-based programs in Massachusetts. Finally, it provides an example of a potential solar retrofit project using these incentives and financing structures.
The presentation makes a compelling argument for the Joint Select Committee on Deficit Reduction ("Super Committee") to "Go Big" rather than going small.
For more info, visit http://crfb.org/go-big.
The document provides background on the Affordable Housing Tax Credit program and discusses legislative changes that have impacted the program. It describes how the Housing and Economic Recovery Act of 2008 and American Recovery and Reinvestment Act of 2009 increased tax credits and other funding to boost affordable housing development during the economic downturn. It also outlines how Midwest Housing Equity Group invests in low-income housing tax credit projects to raise equity for development.
Impacts of Federal Spending Changes on DC Commercial Real Estatekottmeier
Federal spending impacts the DC region's economy and commercial real estate market. While cuts are proposed for FY2011 and FY2012, key agencies for the region like HHS saw increases in 2011. Long term trends still point to overall growth in federal budgets. The region has historically fared well even when federal spending slows as the private sector picks up. Defense remains important for Northern Virginia but the region has diversified. Federal employment declines may slow absorption temporarily but the office market typically performs well as private sector demand recovers.
The document summarizes Illinois' fiscal crisis and budget challenges. It notes that Illinois faces a $13.7 billion operating deficit for FY2011, equal to 52.2% of its general revenue fund appropriations. To address this, Illinois relies heavily on one-time revenues like debt issuance, fund sweeps, and federal stimulus funds. Over the long term, Illinois has seen the loss of high-paying manufacturing jobs replaced with lower paying service jobs without benefits. This has contributed to economic problems and budget deficits that Illinois has struggled to adequately address through recurring revenues and spending priorities.
All the sectors including real estate had a number of expectations from the budget. The budget provides incentives for housing sector including ECB for low cost affordable housing projects, increase in provision for rural housing and extension of the interest subvention scheme of 1 percent on housing loan etc.
IPL - Vol 80 - Philip Bennett Susan P Serota B Bethune A WhistonBethune Whiston
The document summarizes a workshop discussion on the legal risks of defined contribution (DC) plans compared to defined benefit (DB) plans. It provides an overview of the fiduciary responsibilities and typical structures of DC plans in Canada, the US, and the UK. Some key legal risks discussed include contributions, investment of assets, fees, conversions from DB plans, and communications. The document outlines the roles of administrators, trustees, committees and other parties involved in DC plans in each jurisdiction and how responsibilities are assigned. Terminology for these parties differs across countries.
This document summarizes a presentation given by Diane Oakley of the National Institute on Retirement Security (NIRS) about public pension plans. The presentation discusses opportunities and challenges facing public pensions, stakeholders in public pensions, the importance of focusing on retirement policy, and lessons learned from well-funded plans. It provides statistics on the economic impacts of public pension benefits and expenditures. The presentation aims to distinguish facts from assertions and prevent short-sighted policies in public pension discussions.
This document discusses various tax credits, deductions, and programs available for greening affordable multifamily housing. It provides an overview of the federal tax incentives available, including the 30% investment tax credit, 10% investment tax credit, production tax credit, energy efficiency tax deduction, and bonus depreciation. It also discusses state and utility-based programs in Massachusetts. Finally, it provides an example of a potential solar retrofit project using these incentives and financing structures.
The presentation makes a compelling argument for the Joint Select Committee on Deficit Reduction ("Super Committee") to "Go Big" rather than going small.
For more info, visit http://crfb.org/go-big.
The document provides background on the Affordable Housing Tax Credit program and discusses legislative changes that have impacted the program. It describes how the Housing and Economic Recovery Act of 2008 and American Recovery and Reinvestment Act of 2009 increased tax credits and other funding to boost affordable housing development during the economic downturn. It also outlines how Midwest Housing Equity Group invests in low-income housing tax credit projects to raise equity for development.
The document provides two draft alternatives for determining cash flows from reinvested assets in life insurance reserve calculations. It requests comments on the draft by a certain date. The draft includes sections on minimum reserves, net premium reserves, deterministic reserves, stochastic reserves, cash flow models, reinsurance, and assumptions. It establishes principles for principle-based reserves for life insurance products in accordance with the Standard Valuation Law.
The document discusses the 2011 U.S. debt ceiling crisis. It provides background on the debt ceiling and explains that Congress must approve raising the limit. During the crisis, Democrats proposed tax increases and spending cuts, while Republicans demanded larger cuts alone. Eventually, an agreement was reached to cut spending more than the debt increase and form a committee to find further reductions to avoid automatic cuts. Failure to raise the debt ceiling could have catastrophic economic effects through defaulting on obligations.
This document provides a summary of key points from chapters 8 and 9 of an ACC 410 accounting textbook. It includes 20 multiple choice and true/false questions covering topics like governmental debt, accounting for capital vs operating leases, reporting requirements for various types of debt like revenue bonds, tax anticipation notes, and conduit debt.
The document provides an overview of the current status and near-term outlook for US defense spending in fiscal year 2013 and beyond. It discusses how sequestration cuts went into effect on March 1st, reducing the defense budget to around $478 billion. Attention has now turned to the fiscal year 2014 budget, which the Obama Administration will propose in early April. This budget is expected to call for lifting sequestration but continuing overall budget battles between the White House and Congress are anticipated over spending levels and the federal deficit. The debt ceiling will also need to be addressed by Congress again by this summer.
20161215 A New Dawn for Municipal Financing Instruments (long) - LexologyMarkus Krebsz
The document discusses sources of financing available to local authorities in the UK for infrastructure projects. It notes that the recent Autumn Statement provided additional funding through a National Productivity Investment Fund that local authorities can access. While local authorities traditionally borrow through the Public Works Loan Board, some have also accessed private markets through bonds and loans. The article outlines various statutory protections that provide comfort to private lenders, such as requirements for balanced budgets and provisions preventing default.
The document discusses using funds from the American Recovery and Reinvestment Act (ARRA) to support energy efficiency and clean energy financing programs. It outlines how ARRA funding is being used to expand existing revolving loan funds, create loan loss reserves, and issue Qualified Energy Conservation Bonds and New Clean Renewable Energy Bonds to finance energy projects. The development of secondary markets for loans is also discussed as critical to attracting private capital and driving down interest rates for consumers.
Funding Public Infrastructure Stephen Labson slEconomicsStephen Labson
The purpose of this document is to provide an overview to broad options at hand in funding public infrastructure. In developing this overview we have had regard to a number of funding approaches found in practice, and have provided a small set of case studies so as to illustrate key aspects of various approaches and options.
County Executive Presentation of the FY 2013 Advertised Budget PlanFairfax County
The document summarizes the FY 2013 budget recommendations for Fairfax County. It recommends a balanced budget with limited spending increases to cover critical needs like a 2.18% pay increase for employees. No real estate tax rate increase is proposed. Fees for stormwater and some services will increase. Strategic reductions were made while retaining core services, resulting in a $10.64 million decrease in agency expenditures and a net reduction of 2 positions.
The American Recovery and Reinvestment Act of 2009 provided $787 billion to stimulate the US economy through tax cuts, entitlements, contracts, grants, and loans. This included billions of dollars in funding for states like Connecticut through programs in education, healthcare, infrastructure, energy, and more. Connecticut established efforts to identify projects to fund and has begun implementing the stimulus, but some funding sources have conditions that must be complied with.
The document discusses the growing federal budget deficit and debt in the United States. It notes that the fiscal year 2008 deficit of $455 billion was the largest ever for a single year, and that the total federal debt exceeded $10 trillion for the first time. It argues that while current deficits and debt levels alone may not be problematic, the underlying structural imbalance indicated by long-term deficits signals a need for entitlement reform given the unsustainable obligations of programs like Social Security.
This document provides a mid-year business update from DTE Energy, including:
1) An overview of energy legislation progressing through the Michigan legislature aimed at electric choice reform, cost-of-service rates, and renewable portfolio standards.
2) Details on Detroit Edison's general rate case filing, including a requested $60 million revenue increase to recover required environmental investments and merger premium costs.
3) An outline of topics to be covered, including the legislative update, non-utility business performance, and updated earnings guidance.
Center for retirement research funding report 110525KernTax
The document summarizes the funding status of state and local pension plans in 2010. Key points:
- The funded ratio for 126 plans declined slightly from 79% in 2009 to 77% in 2010 when using the expected long-term yield to discount liabilities, but dropped from 53% to 51% when using a risk-free rate of 5% instead.
- The decline occurred because growth in liabilities outpaced growth in actuarial assets, which smooth market gains and losses over 5 years, so plans did not fully benefit from the stock market recovery in 2010.
- Funded levels varied significantly among individual plans, with some large plans like those in Illinois and Connecticut having ratios below 60%.
This document discusses digital footprints and how a university is creating a video to promote their international student recruitment. It provides details on the aims, target audiences, structure, promotion and results of their international student recruitment video campaign. The video features current international students answering common questions about studying at the university and living in Swansea, showcasing the student experience through their perspectives. The campaign saw over 46,000 views and positive feedback, helping to increase international student engagement.
The Centre for Advanced Spatial Analysis at University College London conducts research on urban modelling and simulation. This includes developing integrated land use and transport models to forecast urban growth, an agent-based model of mobility in London, and analyzing big data sources like smart card taps and bike sharing data. The group is also involved in projects on the science of cities, using techniques like percolation theory and network analysis to study city structure and growth patterns.
MobileDiagnosis® is an appropriate technology for tele-microscopy that was tested in rural health units in Uganda, Bangladesh, and Afghanistan. Health workers and laboratory technicians were able to take quality microscope images using mobile phones with only basic written instructions. The ability to immediately enlarge images on phone screens facilitated difficult diagnoses and enhanced learning when images were jointly observed and discussed. Images shared on a web-based platform also allowed distant diagnosis and clinical/educational support from overseas experts. Initial experience shows this approach can be easily used for distance learning and tutoring, with local health workers enthusiastically responding to feeling part of a wider network.
The Congressional Budget Office estimates the budgetary effects of the Budget Control Act of 2011. It finds that imposing discretionary spending caps and establishing a Congressional committee to find further savings would reduce deficits by at least $2.1 trillion from 2012-2021 compared to current law. The caps would cut discretionary spending by $840 billion to $1.1 trillion over this period depending on the baseline. The joint committee would save at least an additional $1.2 trillion through 2022.
This document provides information about Erich Harlan's work experience with RealDolmen and his expertise with SharePoint. It also includes links to resources about SharePoint development using the client object model and retrieving social feeds. Key technologies discussed include AppFabric, the client object model libraries, social feed APIs, and links to MSDN documentation on these topics.
The document discusses various justifications for conservation of nature, including scientific, economic, aesthetic, cultural and ethical reasons. Scientifically, conserving biodiversity is important to preserve ecosystems, biological processes and allow future study. Economically, wild species provide innovation and options for sustainable development. Culturally and aesthetically, nature provides recreation and inspires interest in the environment. Ethically, humanity has a duty to preserve the right of all species to survive given their destroying millions of species through deforestation and extinction. The justifications apply equally to protecting habitats, ecosystems and landscapes in addition to individual species.
The document provides two draft alternatives for determining cash flows from reinvested assets in life insurance reserve calculations. It requests comments on the draft by a certain date. The draft includes sections on minimum reserves, net premium reserves, deterministic reserves, stochastic reserves, cash flow models, reinsurance, and assumptions. It establishes principles for principle-based reserves for life insurance products in accordance with the Standard Valuation Law.
The document discusses the 2011 U.S. debt ceiling crisis. It provides background on the debt ceiling and explains that Congress must approve raising the limit. During the crisis, Democrats proposed tax increases and spending cuts, while Republicans demanded larger cuts alone. Eventually, an agreement was reached to cut spending more than the debt increase and form a committee to find further reductions to avoid automatic cuts. Failure to raise the debt ceiling could have catastrophic economic effects through defaulting on obligations.
This document provides a summary of key points from chapters 8 and 9 of an ACC 410 accounting textbook. It includes 20 multiple choice and true/false questions covering topics like governmental debt, accounting for capital vs operating leases, reporting requirements for various types of debt like revenue bonds, tax anticipation notes, and conduit debt.
The document provides an overview of the current status and near-term outlook for US defense spending in fiscal year 2013 and beyond. It discusses how sequestration cuts went into effect on March 1st, reducing the defense budget to around $478 billion. Attention has now turned to the fiscal year 2014 budget, which the Obama Administration will propose in early April. This budget is expected to call for lifting sequestration but continuing overall budget battles between the White House and Congress are anticipated over spending levels and the federal deficit. The debt ceiling will also need to be addressed by Congress again by this summer.
20161215 A New Dawn for Municipal Financing Instruments (long) - LexologyMarkus Krebsz
The document discusses sources of financing available to local authorities in the UK for infrastructure projects. It notes that the recent Autumn Statement provided additional funding through a National Productivity Investment Fund that local authorities can access. While local authorities traditionally borrow through the Public Works Loan Board, some have also accessed private markets through bonds and loans. The article outlines various statutory protections that provide comfort to private lenders, such as requirements for balanced budgets and provisions preventing default.
The document discusses using funds from the American Recovery and Reinvestment Act (ARRA) to support energy efficiency and clean energy financing programs. It outlines how ARRA funding is being used to expand existing revolving loan funds, create loan loss reserves, and issue Qualified Energy Conservation Bonds and New Clean Renewable Energy Bonds to finance energy projects. The development of secondary markets for loans is also discussed as critical to attracting private capital and driving down interest rates for consumers.
Funding Public Infrastructure Stephen Labson slEconomicsStephen Labson
The purpose of this document is to provide an overview to broad options at hand in funding public infrastructure. In developing this overview we have had regard to a number of funding approaches found in practice, and have provided a small set of case studies so as to illustrate key aspects of various approaches and options.
County Executive Presentation of the FY 2013 Advertised Budget PlanFairfax County
The document summarizes the FY 2013 budget recommendations for Fairfax County. It recommends a balanced budget with limited spending increases to cover critical needs like a 2.18% pay increase for employees. No real estate tax rate increase is proposed. Fees for stormwater and some services will increase. Strategic reductions were made while retaining core services, resulting in a $10.64 million decrease in agency expenditures and a net reduction of 2 positions.
The American Recovery and Reinvestment Act of 2009 provided $787 billion to stimulate the US economy through tax cuts, entitlements, contracts, grants, and loans. This included billions of dollars in funding for states like Connecticut through programs in education, healthcare, infrastructure, energy, and more. Connecticut established efforts to identify projects to fund and has begun implementing the stimulus, but some funding sources have conditions that must be complied with.
The document discusses the growing federal budget deficit and debt in the United States. It notes that the fiscal year 2008 deficit of $455 billion was the largest ever for a single year, and that the total federal debt exceeded $10 trillion for the first time. It argues that while current deficits and debt levels alone may not be problematic, the underlying structural imbalance indicated by long-term deficits signals a need for entitlement reform given the unsustainable obligations of programs like Social Security.
This document provides a mid-year business update from DTE Energy, including:
1) An overview of energy legislation progressing through the Michigan legislature aimed at electric choice reform, cost-of-service rates, and renewable portfolio standards.
2) Details on Detroit Edison's general rate case filing, including a requested $60 million revenue increase to recover required environmental investments and merger premium costs.
3) An outline of topics to be covered, including the legislative update, non-utility business performance, and updated earnings guidance.
Center for retirement research funding report 110525KernTax
The document summarizes the funding status of state and local pension plans in 2010. Key points:
- The funded ratio for 126 plans declined slightly from 79% in 2009 to 77% in 2010 when using the expected long-term yield to discount liabilities, but dropped from 53% to 51% when using a risk-free rate of 5% instead.
- The decline occurred because growth in liabilities outpaced growth in actuarial assets, which smooth market gains and losses over 5 years, so plans did not fully benefit from the stock market recovery in 2010.
- Funded levels varied significantly among individual plans, with some large plans like those in Illinois and Connecticut having ratios below 60%.
This document discusses digital footprints and how a university is creating a video to promote their international student recruitment. It provides details on the aims, target audiences, structure, promotion and results of their international student recruitment video campaign. The video features current international students answering common questions about studying at the university and living in Swansea, showcasing the student experience through their perspectives. The campaign saw over 46,000 views and positive feedback, helping to increase international student engagement.
The Centre for Advanced Spatial Analysis at University College London conducts research on urban modelling and simulation. This includes developing integrated land use and transport models to forecast urban growth, an agent-based model of mobility in London, and analyzing big data sources like smart card taps and bike sharing data. The group is also involved in projects on the science of cities, using techniques like percolation theory and network analysis to study city structure and growth patterns.
MobileDiagnosis® is an appropriate technology for tele-microscopy that was tested in rural health units in Uganda, Bangladesh, and Afghanistan. Health workers and laboratory technicians were able to take quality microscope images using mobile phones with only basic written instructions. The ability to immediately enlarge images on phone screens facilitated difficult diagnoses and enhanced learning when images were jointly observed and discussed. Images shared on a web-based platform also allowed distant diagnosis and clinical/educational support from overseas experts. Initial experience shows this approach can be easily used for distance learning and tutoring, with local health workers enthusiastically responding to feeling part of a wider network.
The Congressional Budget Office estimates the budgetary effects of the Budget Control Act of 2011. It finds that imposing discretionary spending caps and establishing a Congressional committee to find further savings would reduce deficits by at least $2.1 trillion from 2012-2021 compared to current law. The caps would cut discretionary spending by $840 billion to $1.1 trillion over this period depending on the baseline. The joint committee would save at least an additional $1.2 trillion through 2022.
This document provides information about Erich Harlan's work experience with RealDolmen and his expertise with SharePoint. It also includes links to resources about SharePoint development using the client object model and retrieving social feeds. Key technologies discussed include AppFabric, the client object model libraries, social feed APIs, and links to MSDN documentation on these topics.
The document discusses various justifications for conservation of nature, including scientific, economic, aesthetic, cultural and ethical reasons. Scientifically, conserving biodiversity is important to preserve ecosystems, biological processes and allow future study. Economically, wild species provide innovation and options for sustainable development. Culturally and aesthetically, nature provides recreation and inspires interest in the environment. Ethically, humanity has a duty to preserve the right of all species to survive given their destroying millions of species through deforestation and extinction. The justifications apply equally to protecting habitats, ecosystems and landscapes in addition to individual species.
9M12 consolidated results highlights:
- Revenues increased 6.9% to €1.299 billion driven by a 9.2% rise in grid fees
- EBITDA grew 9.5% to €1.029 billion with an EBITDA margin of 79.2%
- Net income adjusted for one-offs was up 15.6% to €355 million
- Capex was €736 million, down €37 million year-over-year
- Net debt increased €453 million from year-end 2011 to €5.576 billion
Este portfólio apresenta informações sobre os três povos indígenas que vivem em Porto Alegre - Kaingang, Guaranis e Charruas - abordando seu histórico, cultura, artesanato, vídeos, leis municipais sobre proteção cultural indígena e a luta pela demarcação de terras.
The Colours of Pollution 2 - the second attemptAlessio Cuccu
The author took pictures at a Scottish beach for one hour and found a large amount of plastic, glass, metal, paper, and wood debris left by humans and moved by water, similar to what they previously discovered at an Italian beach. They encourage others to photograph their local beaches to see the diversity and quantity of pollution and to bring bags to collect garbage. They hope to raise awareness about the colors of pollution in beaches.
Fourth Regulatory Period - Tariffs for 2012-2015Terna SpA
The document summarizes highlights from Terna's fourth regulatory period from 2012-2015. Key points include:
- The regulator defined new rules for transmission, dispatching, and quality of service through several resolutions.
- The allowed grid fee was structured based on remuneration of the RAB, allowed opex, and depreciation. The base WACC was set at 7.4% with incentives for new investments.
- Dispatching activities and costs were moved from transmission to dispatching. A unitary tariff was set for dispatching.
- Quality of service incentives include potential premiums or penalties linked to technical KPIs like energy not supplied.
BO Berrikuntza Sozial Enpresarialaren Bidaia Orria definitzeko MetodologiaSinnple
BO, Berrikuntza Sozial Enpresarialaren Bidaia Orria definitzeko metodologia, azkarra eta praktikoa izan nahi duen metodologia da, enpresei beren antolakuntzan aldaketak sustatzen dizkiena, alde soziala aukera iturri bezala ikusiz enpresa berarentzat.
Helbide honetan deskargatu daiteke: https://www.dropbox.com/sh/bflopmo1hx1neqn/AADiUqgBEw_xp_JPc-qbxjOBa
This document discusses social data mining from Yammer networks. It provides instructions for network administrators to export Yammer data which includes admins, files, groups, messages, networks, pages, topics and users. It also discusses building applications using the Yammer APIs, which allow accessing this data through REST API endpoints. Finally, it presents examples of processing and analyzing the exported social data for insights, as well as visualizing the results.
Right time right place restructure presentationmevan1sc
The document outlines a proposed reorganization of an organization to better achieve its goals over the next six months. It discusses restructuring the organization to have fewer layers, be more streamlined, transparent, and accountable. The reorganization would create eight commissioner roles focused on key areas such as the economy, transport, tourism, and rural environment. The process for implementing this change would include creating new job descriptions without confirmed appointments, and allowing open applications across grades to result in fewer management layers.
The biggest threat to network security is underestimating the threat to network security. And as IP networks become the defector standard, ignoring this reality can extract a heavy price down the road.
The document discusses the relationship between post-traumatic stress and poverty. It notes that minorities living in poverty have limited access to psychiatric evaluations, and undiagnosed PTSD can lead to problems like depression. The author argues that children growing up in high-crime, poverty-stricken areas are more likely to develop PTSD and behavioral issues without treatment. The author proposes researching the lack of psychiatric resources for impoverished communities and schools to address generational cycles of mental health issues influenced by poverty and environment.
The document summarizes a presentation given on offsets and key offset provisions in proposed US climate legislation. It discusses:
1) How offsets were included in major US climate bills to lower costs and increase flexibility.
2) Key offset provisions and limits in the American Clean Energy and Security Act (ACES) and alternative approaches in other proposed bills.
3) Issues with offset supply, early offset credits, international forestry offsets, and accounting for reversals in the ACES bill.
4) The presentation concludes that ACES is a good starting point but has unfinished business and could be improved by integrating provisions from other bills to remove constraints on offset supply.
The document provides an overview of the key policy announcements and proposals in the Union Budget of India for 2012-13. Some of the major highlights include setting the fiscal deficit target at 5.1% of GDP, rationalization of subsidies, measures to boost infrastructure, agriculture and manufacturing. Direct tax proposals include no change in corporate tax rates but scope of alternate minimum tax extended. Indirect tax proposals lay the groundwork for nationwide implementation of GST.
Lao PDR:Explanatory notes on budget norm policy frameworkJean-Marc Lepain
The document provides explanatory notes on Laos' policy framework for implementing a budget norm system and system of intergovernmental transfers. Key points include:
1) The budget norm system is required by law and aims to reduce disparities in provincial budget allocations.
2) Successful implementation is a condition for World Bank PRSO-5 funding, with a deadline of March 2009.
3) A transition period of six years is estimated to gradually equalize allocations across provinces within fiscal sustainability.
This document provides an overview and summary of North Dakota's 2011-2013 executive budget proposal. It discusses:
1) Revenues exceeding expenditures, total revenues of $3.197 billion and expenditures of $3.185 billion.
2) Proposed increases in property tax relief from $300M to $350M and income tax relief from $100M to $150M over the biennium.
3) Infrastructure investments including $1.7 billion for transportation, $229M for oil country roads, $120M for Devils Lake flood protection, and $235M for water projects.
Local boards of education in North Carolina do not have significant operational needs requiring large unencumbered fund balances based on the following factors:
1) The majority of their funding comes from monthly state allotments distributed as expenses are incurred, limiting cash flow needs.
2) They are not responsible for tax collection so are not subject to challenges from the tax cycle.
3) While subject to emergencies, counties are charged with providing reserves for K-12 education and could serve as the source of support.
4) Local boards have limited investment authority and do not issue debt so do not need reserves for those purposes.
To show how transportation funding is handled in CBO's cost estimates, this slide deck provides a guide to the agency's 2012 estimate of the Moving Ahead for Progress in the 21st Century Act.
This document provides calculations for the mandatory spending cuts resulting from Congress's failure to enact legislation to reduce the deficit by $1.2 trillion as required by the Budget Control Act of 2011. It finds that a total of $85 billion in cuts are required for fiscal year 2013, with $42.667 billion coming from defense programs and $42.667 billion from nondefense programs. Specifically, it calculates a 7.8% cut to nonexempt defense discretionary funding, a 5.0% cut to nonexempt nondefense discretionary funding, a 2.0% cut to Medicare, a 5.1% cut to other nonexempt nondefense mandatory programs, and a 7.9% cut to nonexe
This document summarizes a Congressional Budget Office (CBO) analysis of approaches the Department of Defense (DoD) could take to scale back its budget plans to comply with spending limits established by the Budget Control Act of 2011 (BCA). The CBO found that fully implementing DoD's plans would exceed allowed funding by large margins. It examined options for reducing costs through smaller military forces, less funding for operations and equipment, or both. The CBO outlined four options combining these approaches that would meet BCA limits, with larger cuts needed in later years due to rising costs.
Wayne crews ten thousand commandments - 10 kc - 2010michael lebb
Written by Clyde Wayne Crews, this document is the absolute best document found to show the state of Government Regulation in the Unites States and why it is so difficult to operate a business within the US today.
Speaker Boehner's Debt Ceiling Agreement Presentation Brian Ahier
The proposed framework outlines a two-step approach to address the debt ceiling that includes: 1) cutting spending more than increasing the debt limit, 2) implementing spending caps, and 3) advancing a balanced budget amendment. It would cut spending without raising taxes, and establish a bipartisan committee and process to identify $1.5 trillion in savings over 10 years primarily through entitlement reform. Failure to meet savings targets would trigger automatic across-the-board spending cuts.
American Recovery and Reinvestment Conference Report DivisionA finance3
The document is a joint explanatory statement from a committee of conference on a bill making supplemental appropriations. It summarizes agreements reached on funding levels for various agriculture, rural development, food and nutrition programs. Key points include: $24 billion for Agriculture building maintenance; $22.5 billion for Agriculture oversight; $176 billion for agricultural research facility repairs; $50 billion to maintain Farm Service IT systems; $290 billion for watershed programs including $145 billion for floodplain easements; and $500 million to support the WIC program and address potential increased food costs.
This presentation summarizes the Congressional Budget Office's long-term budget projections. It finds that U.S. debt held by the public is close to historical highs and is expected to increase rapidly in coming decades under current law. Net spending on interest and major health and retirement programs are projected to rise significantly as a share of the economy, contributing to growing deficits and debt levels that could exceed 200% of GDP by 2051.
The document discusses the budget process in the Philippines. It is comprised of 4 phases: (1) budget preparation which involves agencies submitting budget proposals to the Department of Budget and Management; (2) budget legislation where Congress reviews and passes the budget; (3) budget execution involving the implementation of the approved budget; and (4) accountability which ensures funds were used effectively and allows performance assessments. The document also outlines the various sources of public revenues that fund the budget, including taxes, capital revenues, grants, borrowings, and income from government services.
The document summarizes a report from the Peterson-Pew Commission on Budget Reform that compares different fiscal policy tools for controlling government debt, such as targets, triggers, caps, and fail-safes. It notes that these tools have various advantages and disadvantages and that the right approach may incorporate aspects of several plans. The Commission's new Fiscal Toolbox resource compares tools based on their goals, enforcement mechanisms, exemptions, escape valves, and other factors to help policymakers design effective tools for addressing growing debt levels.
Presentation by Christina Hawley Anthony, Robert Arnold, and Joshua Shakin, CBO Unit Chiefs, at a joint seminar by CBO and the Congressional Research Service.
Presentation by Kathleen Burke, John McClelland, and Jennifer Shand, analysts in CBO’s Tax Analysis Division, to the National Association of Legislative Fiscal Offices.
The Congressional Budget Office estimates that the Budget Control Act of 2011 would reduce budget deficits by at least $2.1 trillion over the period of 2012 to 2021. It would do this by establishing caps on discretionary spending, allowing additional spending for initiatives to reduce improper payments, and establishing an automatic process to trigger spending reductions if other provisions do not achieve targeted savings. Compared to CBO's baseline estimates, the legislation would lower budget authority and outlays on discretionary spending by hundreds of billions of dollars over the next decade.
The Congressional Budget Office estimates that the Budget Control Act of 2011 would reduce budget deficits by at least $2.1 trillion over 10 years. Key provisions include caps on discretionary spending, adjustments for some programs, changes to education programs, and establishing a committee to find further savings. Additional automatic spending cuts would be triggered if the committee does not find $1.2 trillion in reductions.
The Congressional Budget Office estimates the budgetary effects of the Budget Control Act of 2011. It finds that imposing discretionary spending caps and establishing a Congressional committee to find further savings would reduce deficits by at least $2.1 trillion from 2012-2021 compared to current law. The caps would cut spending relative to CBO's baseline projections. The act aims to reduce improper payments through new "program integrity" initiatives.
The Congressional Budget Office estimates that the Budget Control Act of 2011 would reduce budget deficits by at least $2.1 trillion over 10 years. Key provisions include caps on discretionary spending, adjustments for some programs, changes to education programs, and establishing a committee to find further savings. Additional automatic spending cuts could occur if the committee does not find $1.2 trillion in reductions.
The Congressional Budget Office estimates that the Budget Control Act of 2011 would reduce budget deficits by at least $2.1 trillion over 10 years. Key provisions include caps on discretionary spending, additional funding for programs to reduce improper payments, and changes to student loan programs. The legislation also establishes a committee to find $1.5 trillion in further deficit reduction.
The Congressional Budget Office estimates the budgetary effects of the Budget Control Act of 2011. It finds that imposing discretionary spending caps and establishing a Congressional committee to find further savings would reduce deficits by at least $2.1 trillion from 2012-2021 compared to current law. The caps would cut spending relative to CBO's baseline projections. The act aims to reduce improper payments through new "program integrity" initiatives.
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Testing 4
1. CO
ONGRESSIONA BUDGET OFFICE
AL O Douglas W. E
Elmendorf, Dire
ector
U.S Congress
S.
Waashington, DC 20515
Aug 1, 2011
gust 1
Honorab John A. Boehner
ble
Speaker
U.S. House of Repr
resentatives
s
Washinggton, DC 20
0515
Honorab Harry Reid
ble R
Majority Leader
y
United States Senat
S te
Washinggton, DC 200510
Dear Mr Speaker and Mr. Lea
r. a ader:
The Conngressional Budget Off has esti
ffice imated the impact on t deficit o the Budg
the of get
Control Act of 2011, as posted on the We site of th House Co
d eb he ommittee on Rules on
n
August 1, 2011. Th legislatio would:
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Make chang to the Pe Grant an student l
M ges ell nd loan programms;
Require that the House of Represe
R t e entatives an the Senat vote on a joint
nd te
resolution proposing a balanced bu
r udget amen ndment to th Constitu
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Establish a procedure to increase the debt lim by $400 billion init
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procedures that would allow the li
p t imit to be ra
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Create a Congressional Joint Selec Committ on Defic Reductio to propo
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further defic reduction with a sta goal of achieving at least $1.5 trillion in
f cit n, ated f g n
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Establish au
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if legislation originatin with the new joint se
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If approppriations in the next 10 years are equal to the caps on di
n 0 e iscretionary spending and
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estimate that the le
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committ tee—would reduce bud deficits by $917 b
d dget s billion betw
ween 2012 a 2021. In
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addition legislation originatin with the joint select committee, or the auto
n, n ng j , omatic
2. Honorable John A. Boehner
Honorable Harry Reid
Page 2
reductions in spending that would occur in the absence of such legislation, would reduce
deficits by at least $1.2 trillion over the 10-year period. Therefore, the deficit reduction
stemming from this legislation would total at least $2.1 trillion over the 2012-2021
period.
Those amounts are relative to CBO’s March 2011 baseline adjusted for subsequent
appropriation action. CBO has also calculated the net budgetary impact if discretionary
savings are measured relative to its January baseline projections. Relative to that baseline,
CBO estimates that the legislation would reduce budget deficits by at least $2.3 trillion
between 2012 and 2021.
Discretionary Caps
The August 1, 2011, version of the Budget Control Act of 2011 would impose caps on
appropriations of new discretionary budget authority that start at $1,043 billion in 2012
and reach $1,234 billion in 2021. For 2012 and 2013, separate caps for “security” and
“nonsecurity” budget authority would be in effect; from 2014 on, only one cap would
apply to total discretionary funding.1
The caps would not apply to spending for the wars in Afghanistan and Iraq and for
similar activities (sometimes referred to as overseas contingency operations) or to certain
amounts of additional spending for “program integrity” initiatives, for which the act
would allow upward adjustments to the caps by specified amounts. In addition, the
legislation provides for adjustments to the caps in each fiscal year to account for funding
designated for emergency requirements and disaster relief. The cap adjustments for
disaster relief would be limited to amounts based on historical averages for such funding.
In Table 1, CBO compares estimated spending under the caps to two projections of
discretionary spending:
CBO’s March 2011 baseline, with two adjustments: (1) excluding spending
associated with overseas contingency operations—that is, excluding spending that
was projected by assuming that the amount of funding provided in 2011 for the
wars in Afghanistan and Iraq would continue to be provided for similar activities
in future years, with adjustments for inflation; and (2) incorporating the effect of
full-year appropriations for 2011, which were enacted after that baseline was
completed.
1. For purposes of the discretionary caps, the security category comprises discretionary appropriations for the
Department of Defense, the Department of Homeland Security, the Department of Veterans Affairs, the National
Nuclear Security Administration, the intelligence community management account (95-0401-0-1-054), and all
budget accounts in budget function 150 (international affairs). The nonsecurity category comprises all
discretionary appropriations not included in the security category.
3. Honorable John A. Boehner
Honorable Harry Reid
Page 3
CBO’s January 2011 baseline excluding spending that was projected by assuming
that the amount of funding provided in 2011 for the wars in Afghanistan and Iraq
would continue to be provided for similar activities in future years, with
adjustments for inflation.
In CBO’s baseline projections, appropriations for discretionary programs are assumed to
grow each year with inflation from the amounts provided for the most recent year. The
March baseline, as adjusted, incorporates reductions in projected spending resulting from
appropriation actions that occurred after the January baseline had been prepared. In
particular, the Department of Defense and Full-Year Continuing Appropriations Act,
2011 (P.L. 112-10) established discretionary funding levels for the current year, while the
earlier January baseline reflected funding levels that were largely a temporary extension
of the 2010 appropriations.
Relative to the adjusted March baseline, proposed budget authority would be $840 billion
lower and outlays would be $756 billion lower over the 2012-2021 period. Relative to the
January baseline, excluding funding for the wars in Iraq and Afghanistan and for similar
activities, the proposed caps would lower budget authority by nearly $1.1 trillion and
outlays by $935 billion over the 2012-2021 period (see Table 1). The projected
reductions in outlays are smaller than the projected reductions in budget authority
because outlays generally lag behind budget authority (and thus some of the savings from
the caps would occur beyond the 10-year budget window) and because some budget
authority never results in outlays.
Program Integrity Initiatives
The Budget Control Act of 2011, as proposed on August 1, 2011, includes two program
integrity initiatives aimed at reducing net federal spending for income security and health
care programs. If funding is ultimately provided for those initiatives, their net budgetary
effects would consist of an increase in discretionary spending to identify and reduce
overpayments for such benefits, and some savings in the direct spending programs that
provide those benefits (see Table 2).
The bill would allow adjustments to the discretionary caps that would permit additional
appropriations to:
The Social Security Administration (SSA) to conduct continuing disability
reviews of beneficiaries of the Disability Insurance (DI) and Supplemental
Security Income (SSI) programs and redeterminations (of the eligibility criteria
other than disability) of SSI beneficiaries, and
4. Honorable John A. Boehner
Honorable Harry Reid
Page 4
The Health Care Fraud and Abuse Control Account (HCFAC), which supports
activities to reduce waste, fraud, and abuse in Medicare, Medicaid, and the
Children’s Health Insurance Program (CHIP).
The bill provides that the annual discretionary funding caps would be adjusted by the
amounts appropriated for program integrity activities in excess of specific base amounts,
up to specified maximum adjustments each year. Those base amounts, however, do not
equal the amounts of spending for program integrity activities currently assumed in
CBO’s baseline. Accordingly, CBO’s estimates of mandatory savings from program
integrity activities are based on the differences between total funding under the bill
(assuming the maximum possible cap adjustment) and the spending in CBO’s baseline—
rather than the total amount of the cap adjustments.
For Congressional scorekeeping purposes, the benefit savings would not be counted as an
offset to direct spending, pursuant to Congressional scorekeeping guidelines published in
the conference report for the Balanced Budget Act of 1997 (P.L. 105-33). Specifically,
Scorekeeping Rule 3 states that “entitlements and other mandatory programs… will be
scored at current law levels … unless Congressional action modifies the authorization
legislation.” In other words, even though additional discretionary funding for the
administration of such programs might lead to budgetary savings (from reduced benefit
payments), such savings are not counted as reductions in direct spending for
scorekeeping purposes.
Social Security Administration. The annual discretionary funding caps would be
adjusted by the amount by which funds appropriated for the SSA program integrity
activities for a year exceed $273 million; the maximum such adjustment would rise from
$623 million for fiscal year 2012 to $1.309 billion a year for fiscal years 2017 through
2021. If the Congress were to appropriate the maximum amounts eligible for the cap
adjustment related to SSA funding, spending for such activities would be about $4 billion
above CBO’s baseline. Based on the $4 billion increase, CBO estimates that benefit
outlays for DI, SSI, Medicare, and Medicaid would fall by nearly $12 billion over the
2012-2021 period (see Table 2). Additional savings would accrue after 2021.
Health Care Fraud and Abuse Control. The discretionary caps would also be adjusted
by the amount by which funds appropriated for HCFAC for a year exceed $311 million,
subject to a maximum adjustment that would rise from $270 million for fiscal year 2012
to $496 million for fiscal year 2021. If the Congress were to appropriate the maximum
amounts eligible for the cap adjustment related to HCFAC, spending for such activities
would be about $3 billion above CBO’s baseline. Based on that increase, CBO estimates
that benefit outlays for Medicare, Medicaid, and CHIP would fall by about $3.7 billion
over the 2012-2021 period. Additional savings would accrue after 2021.
5. Honorable John A. Boehner
Honorable Harry Reid
Page 5
Changes in Direct Spending for Education Programs
Title V of the Budget Control Act of 2011 would amend the Higher Education Act of
1965 to appropriate additional funds for the federal Pell Grant program and make two
changes to the Federal Student Loan Program. CBO estimates that, on net, those changes
would increase direct spending by $7.4 billion over the 2012-2016 period but reduce
direct spending by $4.6 billion over the 2012-2021 period (see Table 3).
Pell Grants. The bill would directly appropriate $10.0 billion for fiscal year 2012 and
$7.0 billion for fiscal year 2013 for Pell grants. Those funds would be used to supplement
funding for the portion of the Pell Grant program that is funded through annual
discretionary appropriations. CBO estimates that this provision would increase direct
spending by $17.0 billion over the 2012-2015 period (with no impact on outlays after
2015).
Student Loans. As required under the Federal Credit Reform Act of 1990, most of the
costs of the federal student loan programs are estimated on a net-present-value basis.2
The bill would make two changes to the student loan programs. CBO estimates those
changes would reduce direct spending by $9.6 billion over the 2012-2016 period and
$21.6 billion over the 2012-2021 period. The legislation would:
Eliminate the subsidized loan program for graduate students. Beginning July 1,
2012, the bill would eliminate the interest subsidy on subsidized student loans for
almost all graduate students while a borrower is in school, in the post-school grace
period, and during any authorized deferment period. (Certain post-baccalaureate
students would still be eligible.) The current annual and cumulative loan limits for
unsubsidized loans would be adjusted to permit students to borrow additional
funds in the unsubsidized loan program. CBO projects that, over the 2012-2021
period, the provision would shift approximately $125 billion in loan volume from
the subsidized to the unsubsidized loan program. Because borrowers would be
responsible for the interest accrued on those loans while in school, CBO estimates
that this provision would reduce direct spending by $8.2 billion over the 2012-
2016 period and $18.1 billion over the 2012-2021 period.
Eliminate loan repayment incentives. Beginning July 1, 2012, the bill would
terminate, with one exception, the Secretary of Education’s authority to make
incentive payments to borrowers to encourage the on-time repayment of their
federal loans. Specifically, the bill would eliminate the Secretary’s authority to
2. Under credit reform, the present value of all loan-related cash flows is calculated by discounting those expected
cash flows to the year of disbursement, using the rates for comparable maturities on U.S. Treasury borrowing.
(For example, the cash flow for a two-year loan is discounted using the Treasury rate for a two-year zero-coupon
note.)
6. Honorable John A. Boehner
Honorable Harry Reid
Page 6
offer a partial rebate of the origination fee but would still allow the current interest
rate reduction for borrowers who agree to repay their loans through electronic
debiting.3 Because borrowers would effectively pay a higher upfront origination
fee, CBO estimates this provision would reduce direct spending by $1.4 billion
over the 2012-2016 period and $3.6 billion over the 2012-2021 period.
Other Provisions
The legislation would allow for staggered increases in the debt limit through a series of
actions by the President, which could be overturned by enactment of joint resolutions of
disapproval. If the President took all such actions, the debt limit would eventually be
raised by at least $2.1 trillion; the increase could be as much as $2.4 trillion if certain
Congressional actions occurred as well. In addition, the bill would establish procedures
for enforcing the caps on discretionary spending and would provide for a vote on a
balanced budget amendment by the end of December 2011.
The legislation also would establish a Congressional Joint Select Committee on
Deficit Reduction charged with a goal of reducing the deficit by at least $1.5 trillion
between 2012 and 2021. If, by January 15, 2012, enactment of legislation originating
with the joint select committee does not achieve an estimated $1.2 trillion in deficit
reduction (including an allowance for interest savings), the bill would require reductions
in both discretionary and direct spending to make up for any shortfall in that targeted
savings. Those automatic reductions in spending would be spread evenly over the fiscal
years 2013 through 2021; half would come from defense spending and half from
nondefense spending, including both discretionary and direct spending.
Those reductions would be implemented as follows:
The reductions in discretionary spending in 2013 would be accomplished by
cutting the budgetary resources available for defense and nondefense accounts by
the respective percentages necessary to achieve the required reductions for that
year. The reductions in discretionary spending in 2014 through 2021 would be
accomplished by lowering the caps on discretionary budget authority for those
years. For the purpose of lowering those caps, the bill would set separate caps on
funding for defense and nondefense purposes.
3. Under current law for the partial rebate, borrowers initially pay only 0.5 percent of the 1-percent borrower
origination fee on subsidized and unsubsidized loans. If a borrower makes 12 on-time payments in the first year
of repayment, the Secretary will forgive the additional 0.5 percent of the origination fee. In addition, parent and
GradPLUS borrowers initially pay only 2.5 percent of their 4-percent borrower origination fee. Borrowers who
make 12 on-time payments in the first year are forgiven the additional 1.5 percent of the origination fee.
7. Honorable John A. Boehner
Honorable Harry Reid
Page 7
The reductions in direct spending would be implemented using the procedures
specified in the Statutory Pay-As-You-Go (PAYGO) Act of 2010 (title I of
P.L. 111-139). Under that act, budgetary resources available for programs subject
to the automatic reductions, with the exception of Medicare, would be cut by a
uniform percentage sufficient to achieve the total required outlay savings for a
year. Many direct spending programs and activities would be exempt, however,
including Social Security and other retirement programs, Medicaid, and certain
other programs benefiting low-income people. The legislation would limit
Medicare cuts to no more than 2 percent.
Overall Budgetary Impact of the Legislation
In total, if appropriations in the next 10 years are equal to the caps on discretionary
spending and the maximum amount of funding is provided for the program integrity
initiatives, CBO estimates that the legislation—apart from the provisions related to the
joint select committee—would reduce budget deficits by $917 billion between 2012 and
2021. In addition, legislation originating with the joint select committee, or the automatic
reductions in spending that would occur in the absence of such legislation, would reduce
deficits by at least $1.2 trillion over the 10-year period. Therefore, the deficit reduction
stemming from this legislation would total at least $2.1 trillion over the 2012-2021 period
(see Table 3). Those amounts are relative to CBO’s March 2011 baseline adjusted for
subsequent appropriation action.
Apart from the provisions related to the joint select committee, savings in discretionary
spending would amount to $741 billion, mandatory spending would be reduced by
$20 billion, and the savings in interest on the public debt because of the lower deficits
would come to $156 billion. (CBO’s cost estimates for legislation do not ordinarily
include effects on debt service costs, but CBO provides such estimates, when requested,
for broad budget plans.) The composition of the other $1.2 trillion in savings over time
and across budget categories would depend on the specific provisions of any legislation
stemming from proposals of the joint select committee and the extent of any automatic
reductions that would be triggered.
CBO has also calculated the net budgetary impact if discretionary savings are measured
relative to its January baseline projections. Relative to that baseline, CBO estimates that
the legislation would reduce budget deficits by at least $2.3 trillion between 2012 and
2021. Apart from the provisions related to the joint select committee, savings in
discretionary spending would amount to $920 billion, mandatory spending would be
reduced by $20 billion, and the savings in interest on the public debt because of the lower
deficits would come to $196 billion.
8. Honorable John A. Boehner
Honorable Harry Reid
Page 8
I hope this information is useful to you. If you wish further details on this analysis, we
will be pleased to provide them.
Sincerely,
Douglas W. Elmendorf
Director
Attachments
cc: Honorable Nancy Pelosi
House Democratic Leader
Honorable Mitch McConnell
Senate Republican Leader
9. Table 1.
Projected Savings from Discretionary Caps as Specified in the Budget Control Act of 2011, as Posted on the Web Site of the
House Committee on Rules on August 1, 2011
(By fiscal year, in billions of dollars)
Projections of Discretionary Spending
Total,
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2012-2021
CBO's March 2011 Baseline BA 1,266 1,290 1,318 1,346 1,377 1,413 1,450 1,488 1,526 1,565 14,038
OT 1,344 1,356 1,371 1,391 1,420 1,446 1,475 1,517 1,556 1,594 14,472
Adjustments
Exclude funding for operations in Afghanistan BA -161 -164 -167 -170 -173 -177 -180 -184 -188 -192 -1,756
and Iraq and for similar activities OT -76 -131 -153 -163 -169 -172 -175 -180 -184 -187 -1,589
Incorporate final 2011 appropriations BA -17 -17 -18 -18 -18 -18 -19 -19 -19 -20 -183
OT -2 -8 -11 -12 -13 -14 -15 -15 -16 -16 -122
Adjusted March 2011 Baseline BA 1,087 1,109 1,134 1,159 1,186 1,218 1,251 1,285 1,319 1,353 12,099
OT 1,267 1,217 1,207 1,216 1,238 1,260 1,285 1,323 1,357 1,391 12,760
CBO's January 2011 Baseline Excluding Funding for BA 1,111 1,133 1,157 1,182 1,210 1,242 1,275 1,309 1,343 1,377 12,341
Operations in Afghanistan and Iraq and for Similar Activities OT 1,275 1,230 1,224 1,233 1,257 1,280 1,306 1,344 1,378 1,412 12,939
Proposal
Proposed Discretionary Caps on BA 1,043 1,047 1,066 1,086 1,107 1,131 1,156 1,182 1,208 1,234 11,260
Budget Authoritya OT 1,241 1,170 1,148 1,149 1,164 1,179 1,196 1,226 1,252 1,278 12,004
Effect of Proposed Discretionary Caps
Relative to the Adjusted March 2011 Baseline BA -44 -62 -68 -73 -79 -87 -95 -103 -111 -119 -840
OT -25 -47 -59 -67 -74 -81 -89 -97 -104 -112 -756
Relative to the January 2011 Baseline Excluding Funding for BA -68 -86 -92 -97 -103 -111 -119 -127 -135 -144 -1,081
Operations in Afghanistan and Iraq and for Similar Activities OT -33 -60 -76 -84 -93 -101 -110 -118 -126 -134 -935
SOURCE: Congressional Budget Office.
NOTES: The calculations above do not include any adjustments for program integrity initiatives.
BA = budget authority; OT = outlays.
a. CBO calculated outlays for 2012 to 2021 by assuming an average aggregate spendout rate for all discretionary spending.
10. Table 2.
Estimated Effects of Program Integrity Initiatives in the Budget Control Act of 2011,
as Posted on the Web Site of the House Committee on Rules on August 1, 2011
(By fiscal year, in millions of dollars)
Total,
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2012-2021
a
Cap Adjustments in the Legislation (Subject to Appropriation)
SSA
Budget Authority 623 751 924 1,123 1,166 1,309 1,309 1,309 1,309 1,309 11,130
Outlays 536 689 891 1,083 1,146 1,286 1,299 1,309 1,309 1,309 10,857
HCFAC
Budget Authority 270 299 329 361 395 414 434 454 475 496 3,927
Outlays 238 296 325 357 391 412 432 452 472 493 3,867
Total
Budget Authority 893 1,050 1,253 1,484 1,561 1,723 1,743 1,763 1,784 1,805 15,057
Outlays 774 985 1,216 1,440 1,537 1,698 1,731 1,761 1,781 1,802 14,724
Non-Scorable Effects on Direct Spending Outlays
b
SSA -47 -248 -464 -709 -1,033 -1,340 -1,627 -1,928 -2,147 -2,327 -11,872
HCFAC -84 -185 -290 -402 -435 -453 -467 -475 -476 -475 -3,741
Total -132 -433 -754 -1,111 -1,468 -1,794 -2,094 -2,402 -2,623 -2,802 -15,614
Memorandum:
Changes in Outlays for Program Integrity Activities above Baselinec
SSA 95 179 306 456 474 566 529 487 433 375 3,900
HCFAC 225 267 281 297 314 317 318 317 316 314 2,967
Total 320 446 587 753 788 883 847 804 749 689 6,867
SOURCE: Congressional Budget Office.
NOTE: SSA = Social Security Administration; HCFAC = Health Care Fraud and Abuse Control Account.
a. These amounts reflect the cap adjustments (budget authority) specified in the legislation. Because the base level of budget authority for
program integrity activities specified in the bill (that is, the level of funding that is necessary to trigger a cap adjustment) is lower than the amount
assumed in CBO's baseline, only part of the cap adjustment reflects potential new spending for program integrity activities over and above
the amounts projected in CBO's baseline.
b. The legislation does not allocate the proposed spending increases among the different activities. CBO assumed spending would be allocated
in the same proportions as under the President's budget request. In that case, the spending proposed in this legislation would not exceed
baseline spending for SSI redeterminations in any year or for SSI continuing disability reviews in fiscal years 2020 or 2021.
c. Increased spending above CBO's baseline assuming the appropriation of the maximum cap adjustment. CBO used those amounts
to estimate the mandatory program savings.
11. Table 3.
Effect on the Deficit of the Budget Control Act of 2011, as Posted on the Web Site of the House Committee on Rules
on August 1, 2011, Relative to CBO’s March 2011 Baseline, Adjusted to Reflect Enactment of 2011 Appropriations
(By fiscal year, in billions of dollars)
Total,
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2012-2021
Discretionary Spending
Establishment of caps -25 -47 -59 -67 -74 -81 -89 -97 -104 -112 -756
a
Program integrity 1 1 1 1 2 2 2 2 2 2 15
Subtotal -25 -46 -58 -66 -73 -79 -87 -95 -103 -111 -741
b
Mandatory Spending
Program integrity 0 0 -1 -1 -1 -2 -2 -2 -3 -3 -16
Pell grants 4 8 5 0 0 0 0 0 0 0 17
Other education -1 -2 -2 -2 -2 -2 -2 -2 -2 -3 -22
Subtotal 3 5 2 -3 -4 -4 -4 -5 -5 -5 -20
Debt Service 0 -1 -3 -6 -10 -15 -20 -26 -33 -40 -156
Total Effect on the Deficit Excluding
Provisions Related to the Joint Select
Committee on Deficit Reduction c -21 -42 -59 -75 -87 -99 -112 -126 -141 -156 -917
Provisions Related to the Joint Select
Committee on Deficit Reduction c d d d d d d d d d d -1,200
c
Total Effect on the Deficit d d d d d d d d d d -2,117
SOURCE: Congressional Budget Office.
NOTES: The only budgetary effects in this table that are counted as changes in direct spending for Congressional scorekeeping purposes are the estimated
changes in spending for Pell Grants and other education programs.
With the effects of the discretionary caps measured relative to CBO's January baseline, the legislation, apart from the provisions related to the joint
select committee, would reduce budget deficits by about $1.1 trillion between 2012 and 2021. Savings in discretionary spending would amount to $920
billion, mandatory spending would be reduced by $20 billion, and the savings in interest on the public debt because of the lower deficits would come to
$196 billion. Including the provisions related to the joint select committee, the legislation would reduce budget deficits by at least $2.3 trillion relative to
CBO's January baseline.
a. These amounts reflect the cap adjustments (budget authority) specified in the legislation. Because the base level of budget authority for program integrity
activities specified in the bill (that is, the level of funding that is necessary to trigger a cap adjustment) is lower than the amount assumed in CBO's baseline,
only part of the cap adjustment reflects potential new spending for program integrity activities over and above the amounts projected in CBO's baseline. The
amounts of potential new spending above baseline are shown in Table 2.
b. In addition, the Joint Select Committee on Deficit Reduction could spend existing funds upon startup near the end of fiscal year 2011; CBO estimates that
would constitute an increase in direct spending of less than $500,000 in 2011.
c. Negative numbers indicate a reduction in the deficit.
d. The composition of the other $1.2 trillion in savings over time and across budget categories would depend on the specific provisions of any legislation
stemming from proposals of the joint select committee and the extent of any automatic reductions that would be triggered.