About HR1314

Bipartisan Budget Act of 2015

Policy Area: Economics and Public Finance

Sponsor: Rep. Meehan, Patrick [R-PA-7] (R-PA)

Latest Action (2015-11-02): Became Public Law No: 114-74.

Summary

(This measure has not been amended since the Senate agreed to the House amendment to the Senate amendment on October 30, 2015. The summary of that version is repeated here.) Bipartisan Budget Act of 2015 TITLE I–BUDGET ENFORCEMENT (Sec. 101) This bill amends the Balanced Budget and Emergency Deficit Control Act of 1985 to increase the discretionary spending limits for FY2016 and FY2017. The bill revises procedures for implementing the sequester of direct spending, which is required under current law and involves cuts that interact with discretionary spending levels. The bill requires the sequester to take place in FY2016 and FY2017 as if the amendments that this bill makes to the discretionary spending limits have not been made. It also adds an additional year to the sequester in FY2025 and adjusts the cuts required for Medicare. (Direct spending, also known as mandatory spending, is spending provided by laws other than appropriations bills. Sequestration is a process of automatic, usually across-the-board spending reductions under which budgetary resources are permanently cancelled to enforce specific budget policy goals.) The bill requires the discretionary spending limits in FY2016 and FY2017 to be increased by specified amounts for overseas contingency operations. (Sec. 102) The chairman of the Senate Budget Committee must file for publication in the Congressional Record committee allocations, aggregate spending and revenue levels, and levels of revenues and outlay

Subjects: Accounting and auditing, Administrative law and regulatory procedures, Administrative remedies, Advisory bodies, Agricultural insurance, Agricultural prices, subsidies, credit, Agricultural trade, Air quality

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