Cbos Final Sequestration Report For Fiscal Year 1998

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Download or read book Final Sequestration Report for Fiscal Year 1998 (A Congressional Budget Office Report to the Congress and the Office of Management and Budget). written by and published by . This book was released on 1997 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Sequestration-the cancellation of budgetary resources-is an automatic procedure to control discretionary appropriations and legislative changes in direct (mandatory) spending and receipts. The Congress and the President can avoid a discretionary sequestration by keeping discretionary spending within established statutory limits, and a pay-as-you-go sequestration by making sure that the cumulative effect of direct spending and receipt legislation is deficit neutral in each fiscal year. Federal law requires CBO each year to issue a sequestration preview report five days before the President submits a budget, a sequestration update report on August 15, and a final sequestration report 10 days after a session of Congress ends. Each sequestration report must contain estimates of the following items: 1) The current limits on discretionary spending and any adjustments to them; and o The amount by which legislation enacted since the Budget Enforcement Act of 1997 that affects direct spending or receipts has increased or decreased the deficit, as well as the amount of any required pay-as- you-go sequestration. The final sequestration report must also include the amount of discretionary new budget authority for that fiscal year, estimated total outlays, and the amount of any required discretionary sequestration. This final sequestration report to the Congress and the Office of Management and Budget (0MB) provides the required information.