This report discusses the federal fiscal year which is the accounting period of the federal government.

In its most elemental form, the federal budget is a comprehensive accounting of the government’s spending, revenues, and borrowing. This fact sheet provides a brief overview of the basic terminology and concepts used in the federal budget process.

Consideration of a concurrent budget resolution is governed by special procedures in the House and Senate. Although the procedures of each chamber differ, they serve generally to expedite consideration of the budget resolution.

The gross federal debt consists of the debt held by the public plus the debt held by government accounts. Almost all of the gross federal debt is subject to a public debt limit, as set forth in statute (31 U.S.C. 3101).This report considers legislation needed to change the public debt limit.

The Congressional Budget Act (CBA) of 1974 (Titles I-IX of P.L. 93-344), as amended, established the concurrent budget resolution as the centerpiece of the congressional budget process. This report discusses the budget resolution, which provides the framework for subsequent legislative action on the annual appropriations bills, revenue measures, debt-limit legislation, reconciliation legislation (if required), and any other budgetary legislation.

Baselines and scorekeeping are an integral part of the federal budget process, providing Congress and the President with a framework for making and enforcing budgetary decisions. A baseline serves as a benchmark for federal budget decisions. While the Office of Management and Budget (0MB) and the Congressional Budget Office (CBO) create different baselines, their baselines project federal spending, revenue, and budget surplus or deficit amounts that would occur if existing budget policies were left unchanged. Scorekeeping is the process by which the budgetary impact of proposed and enacted budget policies is measured; it assists Congress and the President in making and enforcing budgetary decisions

Budget reconciliation is an optional two-step process Congress may use to assure compliance with the direct spending, revenue, and debt-limit levels set forth in budget resolutions.

The annual budget resolution sets forth Congress's budget plan for a period of at least five fiscal years. It includes total levels of spending, revenues, and the debt limit for each of the fiscal years covered.

This report discusses the Comprehensive Budget Process Reform Act of 1999, was introduced by Representative Jim Nussle on February 25, 1999, and referred to the Committee on the Budget.

Sequestration--the automatic across-the-board cancellation of budgetary resources for the purpose of enforcing budgetary goals--was first established by the 1985 Balanced Budget and Emergency Deficit Control Act (Title II of P.L. 99-177). Section 254 of this act, as amended, provides a timetable for sequestration actions.

Sequestration is the cancellation of budgetary resources for the purpose of enforcing statutory budget limits and pay-as-you-go (PAYGO) requirements. This process is triggered automatically when these statutory limits or PAYGO rules have been violated as a result of legislative actions.

Discretionary spending limits are statutory caps on the level of budget authority and outlays determined through the annual appropriations process. They were initially established by the Budget Enforcement Act (BEA) of 1990 (Title XIII of P.L. 101-508) as part of an agreement between Congress and President George Bush to reduce the deficit. Twice since, they were extended to enforce agreements between Congress and President Bill Clinton, most recently to achieve a surplus.

The Congressional Budget Act (CBA) of 1974 (P.L. 93-344), as amended, establishes the congressional budget process, which coordinates the legislative activities on the budget resolution, appropriations bills, reconciliation legislation, revenue measures, and other budgetary legislation. Section 300 of this act provides a timetable (see Table 1) so that Congress may complete its work on the budget by the start of the fiscal year on October 1.

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This report describes the procedures under which committee funding resolutions are considered in the two chambers. A table at the end of the report shows funds approved for the 105th Congress, and the funds requested, recommended, and approved for the 106th Congress for each House committee. The Senate agreed to temporary funding extensions for its committees pending a decision to shift to a fiscal year-based funding process.

The Robert T. Stafford Disaster Relief and Emergency Assistance Act authorizes the President to declare that an emergency or major disaster exists that overwhelms state and local resources. Legislation before the 106th Congress (H.R. 707 and S. 1691) would, among other matters, amend the Act to: (1) fund hazard mitigation projects designed to reduce future disaster losses; (2) add conditions to assistance; and (3) consolidate provisions governing the distribution of aid to disaster victims. This report compares provisions of the two bills, and will be updated as legislative action occurs.

A chapter report issued by the General Accounting Office with an abstract that begins "Pursuant to a legislative requirement, GAO: (1) provided information on the usefulness of publicly available environmental information to competitive intelligence professionals; and (2) assessed the Environmental Protection Agency's (EPA) efforts to address industries' concerns about providing the public with access to sensitive business information."

A letter report issued by the General Accounting Office with an abstract that begins "Pursuant to a congressional request, GAO examined the activities of the U.S. Export Assistance Centers (USEAC) network, focusing on: (1) the nature of coordination among the federal agencies participating in the USEAC network and between these agencies and nonfederal export-service providers; and (2) USEAC assistance to firms that export services and to firms that are not ready to export but show potential and interest in doing so. The three federal agencies participating in the USEAC network include the Department of Commerce, the Export-Import Bank, and the Small Business Administration (SBA)."

A chapter report issued by the General Accounting Office with an abstract that begins "Pursuant to a congressional request, GAO assessed the progress of the Air Force's depot maintenance reform initiatives to improve the efficiency and responsiveness of its industrial operations."

A letter report issued by the General Accounting Office with an abstract that begins "Pursuant to a legislative requirement, GAO provided information on the corrective actions taken by the Army following the deaths of four Ranger students in a 1995 training accident, focusing on the status of: (1) Army Ranger training manning levels required by the fiscal year 1996 National Defense Authorization Act; (2) establishing safety cell organizations required by the act; (3) corrective safety actions instituted after the accident; and (4) inspections of identified safety controls."

A letter report issued by the General Accounting Office with an abstract that begins "Pursuant to a congressional request, GAO provided information on the Federal Aviation Administration's (FAA) efforts to implement the Federal Aviation Reauthorization Act of 1996, focusing on: (1) the status of FAA's efforts to implement the requirement of section 301 of the act mandating that FAA conduct a study and report to Congress on whether aviation security responsibilities should be transferred from the airline carriers to airports or the federal government; (2) the status of FAA's efforts to implement section 302 mandating that FAA certify security screening companies and improve the training and testing of security screeners through the development of performance standards; and (3) issues that could impede FAA's implementation of section 302."

A letter report issued by the General Accounting Office with an abstract that begins "Pursuant to a congressional request, GAO provided information on the reasons for the losses being incurred by the Guaranteed Business and Industry Loan Program, focusing on the Rural Business-Cooperative Service's experience with business and industry guaranteed loans made during fiscal year (FY) 1994 through FY 1998 on which the Service paid losses."

A letter report issued by the General Accounting Office with an abstract that begins "Pursuant to a legislative requirement, GAO provided information on the Department of Defense's (DOD) Future Years Defense Program (FYDP), focusing on: (1) whether savings in DOD's fiscal year (FY) 1999-2003 FYDP were the result of DOD's Defense Reform Initiatives (DRI); (2) the extent to which savings and personnel reductions from competitive sourcing in the 1999-2003 FYDP were based on ongoing or planned studies of functions specifically identified under the Office of Management and Budget Circular A-76, and what percentage of the current costs of performing those functions were included from the projected savings from these studies; and (3) whether DOD components outsourced activities that included inherently governmental functions, without allowing civilian employees to compete under Circular A-76 procedures, or without following the study and notification requirements of 10 U.S.C. 2461."

A letter report issued by the General Accounting Office with an abstract that begins "Pursuant to a congressional request, GAO reviewed the semiannual reporting requirements contained in the Inspector General (IG) Act of 1978, focusing on the: (1) composition of the semiannual reports; and (2) views of a range of individuals--IGs, agency managers, and congressional staff--on the usefulness of the reports and what modifications, if any, should be made to the semiannual reporting requirements."