CBA, as Enacted (Contents)
Congressional Budget Act of 1974
Section 308, as Enacted
Reports, summaries, and projections of congressional budget actions
Sec. 308. (a) Reports on Legislation Providing New Budget Authority or Tax Expenditures.—Whenever a committee of either House reports a bill or resolution to its House providing new budget authority (other than continuing appropriations) or new or increased tax expenditures for a fiscal year, the report accompanying that bill or resolution shall contain a statement, prepared after consultation with the Director of the Congressional Budget Office, detailing—
(1) in the case of a bill or resolution providing new budget authority—
(A) how the new budget authority provided in that bill or resolution compares with the new budget authority set forth in the most recently agreed to concurrent resolution on the budget for such fiscal year and the reports submitted under section 302;
(B) a projection for the period of 5 fiscal years beginning with such fiscal year of budget outlays, associated with the budget authority provided in that bill or resolution, in each fiscal year in such period: and
(C) the new budget authority, and budget outlays resulting therefrom, provided by that bill or resolution for financial assistance to State and local governments; and
(2) in the case of a bill or resolution providing new or increased tax expenditures—
(A) how the new or increased tax expenditures provided in that bill or resolution will affect the levels of tax expenditures under existing law as set forth in the report accompanying the first concurrent resolution on the budget for such fiscal year, or, if a report accompanying a subsequently agreed to concurrent resolution for such year sets forth such levels, then as set forth in that report; and
(B) a projection for the period of 5 fiscal years beginning with such fiscal year of the tax expenditures which will result from that bill or resolution in each fiscal year in such period. No projection shall be required for a fiscal year under paragraph (1)(B) or (2)(B) if the committee determines that a projection for that fiscal year is impracticable and states in its report the reason for such impracticability.
(b) Up-To-Date Tabulation of Congressional Budget Actions.—The Director of the Congressional Budget Office shall issue periodic reports detailing and tabulating the progress of congressional action on bills and resolutions providing new budget authority and changing revenues and the public debt limit for a fiscal year. Such reports shall include, but are not limited to—
(1) an up-to-date tabulation comparing the new budget authority for such fiscal year in bills and resolutions on which Congress has completed action and estimated outlays, associated with such new budget authority, during such fiscal year to the new budget authority and estimated outlays set forth in the most recently agreed to concurrent resolution on the budget for such fiscal year and the reports submitted under section 302;
(2) an up-to-date status report on all bills and resolutions providing new budget authority and changing revenues and the public debt limit for such fiscal year in both Houses;
(3) an up-to-date comparison of the appropriate level of revenues contained in the most recently agreed to concurrent resolution on the budget for such fiscal year with the latest estimate of revenues for such year (including new revenues anticipated during such year under bills and resolutions on which the Congress has completed action); and
(4) an up-to-date comparison of the appropriate level of the public debt contained in the most recently agreed to concurrent resolution on the budget for such fiscal year with the latest estimate of the public debt during such fiscal year.
(c) Five-Year Projection of Congressional Budget Action.—As soon as practicable after the beginning of each fiscal year, the Director of the Congressional Budget Office shall issue a report projecting for the period of 5 fiscal years beginning with such fiscal year—
(1) total new budget authority and total budget outlays for each fiscal year in such period;
(2) revenues to be received and the major sources thereof, and the surplus or deficit, if any, for each fiscal year in such period; and
(3) tax expenditures for each fiscal year in such period.
Section 307 (CBA, as Enacted)
Section 309 (CBA, as Enacted)
JOINT EXPLANATORY STATEMENT OF CONFERENCE COMMITTEE
The managers on the part of the House and the Senate of the conference of the two Houses on the amendments of the Senate to the bill (H.R. 7130) issued an explanatory statement of the legislation. This was included in a House Budget Committee print in 1975 after the bill’s enactment. It included the following description of this section:
Section 308. Reports, Summaries, and Projections
Both the House and the Senate versions had various provisions pertaining to the issuance of reports and projections concerning the congressional budget process. A number of these are consolidated in section 308 of the conference substitute.
Subsection (f) deals with reports on budget authority and tax expenditure legislation. In the case of budget authority bills (other than continuing appropriations), the committee report is to compare the amounts with the latest concurrent resolution, indicate the assistance that will go to State and local governments, and project outlays under the bill. Reports on tax expenditure legislation shall explain the effect on existing levels of tax expenditures (as set forth in the latest budget resolution report), and the five-year tax expenditures that will result from the bill. The projections of budget outlays or tax expenditures may be waived by a committee determination of impracticability.
Subsection (b) provides for periodic reporting by the Congressional Budget Office on the status of budget authority, revenue, and debt legislation. These “scorekeeping reports” are to compare the amount and changes provided in budget authority, revenue, and debt bills with the levels and estimates in the most recent concurrent resolution.
Subsection (c) calls for the issuance by the Congressional Budget Office of a five-year projection at the start of each fiscal year. This report shall estimate total budget authority and outlays, revenues and their major sources, the budget surplus or deficit, and tax expenditures for each of the next five years.
[Joint Explanatory Statement on the Committee of Conference on H.R. 7130; (Committee Print), Committee on the Budget, House of Representatives, 93d Congress, 2d Session, Washington D.C. 1975.]
Section 308. Reports, Summaries, and Projections of Congressional Budget Actions
Classification to the U.S. Code
This section was formerly classified to 31 U.S.C. 1329.
Legislative History Notes
Pub. L. 93–344, §308, July 12, 1974, 88 Stat. 313. The Congressional Budget and Impoundment Control Act of 1974 enacted this section into law.
Revision of title 31 of the u.s. code
Most of the Congressional Budget Act of 1974 was classified to Title 31 of the U.S. Code but has since been transferred either to title 2 (The Congress) or to a revised Title 31. See the following for more information:
- Pub. L. 97–258, §1, Sept. 13, 1982, 96 Stat. 877
- Title 31 Revision and Codification Law of 1982
- Revision of Title 31
- Table on the House Law Revision Counsel Website.
Section 307 (CBA, as Enacted)
Section 309 (CBA, as Enacted)
[BCR § 118e]