{
  "id": "R45202",
  "type": "CRS Report",
  "typeId": "REPORT",
  "number": "R45202",
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  "source": "Federation of American Scientists, EveryCRSReport.com",
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    {
      "source": "Federation of American Scientists",
      "sourceLink": "https://sgp.fas.org/crs/",
      "id": "R45202_FAS",
      "date": "2018-05-22",
      "retrieved": "2018-05-23T09:31:48",
      "title": "The Federal Budget: Overview and Issues for FY2019 and Beyond",
      "summary": null,
      "type": "CRS Report",
      "typeId": "REPORT",
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    {
      "source": "EveryCRSReport.com",
      "id": 581382,
      "date": "2018-05-21",
      "retrieved": "2018-05-23T22:06:33.659523",
      "title": "The Federal Budget: Overview and Issues for FY2019 and Beyond",
      "summary": "The federal budget is a central component of the congressional \u201cpower of the purse.\u201d Each fiscal year, Congress and the President engage in a number of activities that influence short- and long-run revenue and expenditure trends. This report offers context for the current budget debate and tracks legislative events related to the federal budget. \nAfter a decline in budget deficits over the past several years, the deficit is projected to increase significantly in FY2019. Enactment of the 2017 tax revision (P.L. 115-97) and the Bipartisan Budget Act of 2018 (BBA 2018; P.L. 115-123) are projected to decrease revenues and increase outlays relative to past years, thus increasing deficits. The Budget Control Act of 2011 (BCA; P.L. 112-25) implemented several measures intended to reduce deficits from FY2012 through FY2021, and deficits declined from FY2012 through FY2015. In its April 2018 forecast, the Congressional Budget Office (CBO) baseline projects that the FY2019 deficit will equal $981 billion (4.6% of GDP), its highest value since the economy was recovering from the Great Recession in FY2012.\nThe 2017 tax revision and BCA will continue to affect budget outcomes in FY2019 and beyond. Congress may debate amending the BCA as it has in the past through the American Taxpayer Relief Act of 2012 (ATRA; P.L. 112-240), Bipartisan Budget Act of 2013 (BBA 2013; P.L. 113-67), Bipartisan Budget Act of 2015 (BBA 2015; P.L. 114-74), and BBA 2018. The annual appropriations process, the statutory debt limit, and further tax modifications may also draw congressional attention in FY2019. Additionally, Congress may choose to debate structural changes to the federal budget, including reforms to mandatory and discretionary spending programs proposed by the House Committee on Ways and Means and the Trump Administration. \nThe Trump Administration released its FY2019 budget on February 12, 2018. Proposed policy changes in the budget include increases in discretionary defense spending and relatively large decreases in mandatory spending other than Social Security and Medicare and in nondefense discretionary programs. \nFollowing passage of full-year FY2018 appropriations, Congress has turned its attention to the FY2019 budget. The Budget Committees in the House and Senate each develop budget legislation as they receive information and testimony from a number of sources, including the Administration, the Congressional Budget Office, and congressional committees with jurisdiction over spending and revenues. \nTrends resulting from current federal fiscal policies are generally thought by economists to be unsustainable in the long term. Projections suggest that achieving a sustainable long-term trajectory for the federal budget would require deficit reduction. Reductions in deficits could be accomplished through revenue increases, spending reductions, or some combination of the two.",
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    "Foreign Affairs"
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