The Senate passed its version of the fiscal year 2007 budget resolution on March 16, 2006. After extended delays, the House passed its resolution on May 16, 2006. The extensive differences between the Senate and House versions of the FY2007 budget may prevent a House-Senate agreement. This report contains information on the background and analysis for the federal budget in the fiscal year 2007, the financial situation at that time, budgeting tools, budgetary actions, outlays, receipts, deficits, and related materials.