Our Analysis:

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Summary:

3/29/2012--Passed House without amendment. (This measure has not been amended since it was introduced. The expanded summary of the House reported version is repeated here.) Sets forth the congressional budget for the federal government for FY2013, including the appropriate budgetary levels for FY2014-FY2022. Title I: Recommended Levels and Amounts - (Sec. 101) Lists recommended budgetary levels and amounts for FY2013-FY2022 with respect to: (1) federal revenues, (2) new budget authority, (3) budget outlays, (4) deficits (on-budget), (5) debt subject to limit, and (6) debt held by the public. (Sec. 102) Lists the appropriate levels of new budget authority and outlays for specified major functional categories for FY2013-FY2022. Title II: Reconciliation and Directive to the Committee on the Budget - (Sec. 201) Sets forth reconciliation instructions for the House Committees on: (1) Agriculture, (2) Energy and Commerce, (3) Financial Services, (4) the Judiciary, (5) Oversight and Government Reform, and (6) Ways and Means. (Sec. 202) Requires the House Committee on the Budget to report a bill that: (1) amends the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act) to replace the sequester for enforcement of the $1.2 trillion budget goal established by the Budget Control Act of 2011, and (2) includes language making its application contingent upon the enactment of the required reconciliation bill. Title III: Recommended Levels and Amounts for FY2030, FY2040, and FY2050 - (Sec. 301) Lists recommended budgetary levels and amounts for FY2030, FY2040, and FY2050 as a percent of the federal gross domestic product (GDP) with respect to: (1) federal revenues, (2) budget outlays, (3) deficits, and (4) debt held by the public. Title IV: Reserve Funds - (Sec. 401) Authorizes the chair of the House Committee on the Budget to revise the allocations, aggregates, and other appropriate levels in this resolution (create a reserve fund) for the budgetary effects of any legislation repealing the Patient Protection and Affordable Care Act or the Health Care and Education Reconciliation Act of 2010. (Sec. 402) Authorizes a similar creation of certain deficit-neutral reserve funds for legislation concerning: (1) sustainable growth rate of the Medicare program, (2) revenue measures, (3) rural counties and schools, and (4) transportation. Title V: Budget Enforcement - (Sec. 501) Prohibits House legislation that would require advance appropriations, except certain FY2014 programs, projects, activities, or accounts. (Sec. 503) Authorizes the chair of the House Committee on the Budget to create reserve funds for the budgetary effects of measures: (1) extending the Economic Growth and Tax Relief Reconciliation Act of 2001; (2) extending the Jobs and Growth Tax Relief Reconciliation Act of 2003; (3) adjusting the Alternative Minimum Tax (AMT) exemption amounts to prevent a larger number of taxpayers than those in tax year 2008 from being subject to the ATM or of allowing the use of nonrefundable personal credits; (4) extending the estate, gift, and generation-skipping transfer tax requirements of title III of the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010; (5) granting a 20% deduction in income to small businesses; (6) implementing trade agreements; (7) repealing or reforming the Patient Protection and Affordable Care Act and the Health Care and Education Affordability Reconciliation Act of 2010; and (8) reforming the tax code and lowering tax rates. Disqualifies measures from such adjustments that increase: (1) the federal deficit between FY2013-FY2022; or (2) revenues over such period, other than by amending the Internal Revenue Code to repeal or modify the individual health care insurance mandate or modify the subsidies to purchase health insurance. Declares that, if a committee other than the Committee on Appropriations reports legislation that decreases direct spending (budget authority and outlays) for any fiscal year and also authorizes appropriations for the same purpose, upon the enactment of that measure, the chair of the Committee on the Budget may decrease the allocation to such committee and increase the allocation of discretionary spending to the Committee on Appropriations for FY2013 by the amount of the new budget authority and outlays provided for in legislation making appropriations for the same purpose. (Sec. 504) Makes it out of order in the House to consider legislation reported out of committee (other than the Committee on Appropriations) if it has the net effect of increasing direct spending in excess of $5 billion for any of the first four consecutive 10-fiscal-year periods beginning with FY2023. (Sec. 505) Requires the joint explanatory statement accompanying the conference report on any budget resolution to include in its allocation to the House Committee on Appropriations amounts for the discretionary administrative expenses of the Social Security Administration (SSA) and of the Postal Service. Authorizes the chair to adjust allocations and aggregates for legislation reported by the Committee on Oversight and Government Reform that reforms the federal retirement system, but does not cause a net increase in the deficit for FY2013-FY2022. (Sec. 507) Requires the Congressional Budget Office (CBO), upon the request of the chair or ranking member of the Committee on the Budget, to make a supplemental estimate of the current actual or estimated market values representing the"fair value"of assets and liabilities affected by a measure as part of any estimate prepared for the measure under credit reform requirements of the Federal Credit Reform Act. Authorizes the chair to use such estimate to determine compliance of the measure in question with the Congressional Budget Act of 1974 and other budgetary enforcement controls. Requires CBO to estimate the change in net income to the National Flood Insurance Program by this Act, if such income is included in a reconciliation bill, as if that income were deposited in the general fund of the Treasury. (Sec. 508) Requires legislation that transfers funds from the general fund of the Treasury to the Highway Trust Fund to be counted as new budget authority and outlays equal to the amount of the transfer in the fiscal year the transfer occurs. (Sec. 509) Requires a separate allocation in the House to the Committee on Appropriations for overseas contingency operations and the global war on terrorism (GWOT). Title VI: Policy - (Sec. 601) Declares the policy of this resolution on: (1) Medicare reform, (2) Social Security, (3) deficit reduction through the cancellation of unobligated balances, and (4) deficit reduction through the reduction of unnecessary and wasteful spending. Title VII: Sense of the House Provisions - (Sec. 701) Expresses the sense of the House of Representatives on the importance of child support enforcement.

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