This concurrent resolution establishes the congressional budget for the federal government for FY2021, sets forth budgetary levels for FY2022-FY2030, and provides reconciliation instructions for legislation that increases the deficit.

The resolution recommends levels and amounts for FY2021-FY2030 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 Social Security and Postal Service discretionary administrative expenses for the purpose of budget enforcement in the Senate.

The resolution includes reconciliation instructions that direct several House and Senate committees to submit changes in laws within their jurisdictions that will increase the deficit over FY2021-FY2030 by no more than an amount specified for each committee. The committees must submit the legislation to their respective budget committees by February 16, 2021.

(Under current law, reconciliation bills are considered by Congress using expedited legislative procedures that prevent a filibuster and restrict amendments in the Senate.)

The resolution establishes reserve funds that allow (1) the chairs of the House and Senate Budget Committees to revise committee allocations, aggregates, and other budgetary levels to accommodate reconciliation legislation that complies with the instructions in this resolution; and (2) the chair of the House Budget Committee to make similar adjustments for deficit-neutral legislation.

The resolution also exempts reconciliation legislation that complies with this resolution from various budget points of order, including the congressional pay-as-you-go (PAYGO) rules.