This bill establishes the congressional budget for the federal government for FY2020 and sets forth budgetary levels for FY2021-FY2029.
The bill recommends levels and amounts for FY2020-FY2029 for
- federal revenues,
- new budget authority,
- budget outlays,
- deficits,
- public debt,
- debt held by the public, and
- the major functional categories of spending.
It also recommends levels and amounts for FY2020-FY2029 in the Senate for Social Security and Postal Service discretionary administrative expenses.
The bill includes reconciliation instructions that direct several Senate committees to report and submit to the Senate Budget Committee legislation to reduce the deficit by specified amounts over FY2020-FY2029. The committees include
- the Senate Agriculture, Nutrition, and Forestry Committee;
- the Senate Armed Services Committee;
- the Senate Banking, Housing, and Urban Affairs Committee;
- the Senate Energy and Natural Resources Committee;
- the Senate Health, Education, Labor, and Pensions Committee;
- the Senate Homeland Security and Governmental Affairs Committee; and
- the Senate Veterans Affairs Committee.
The Senate Finance Committee must report and submit legislation to reduce the deficit and revenues by specified amounts over FY2020-FY2029.
(Under the Congressional Budget Act of 1974, reconciliation bills are considered by Congress using expedited legislative procedures that prevent a filibuster and restrict amendments in the Senate.)
The bill establishes reserve funds that provide flexibility in applying budget enforcement rules to legislation relating to (1) efficiencies, consolidations, and other savings; or (2) health savings accounts.
It also sets forth budget enforcement procedures for legislation considered in the Senate.