by the President; (3) with respect to each major functional category, an estimate of budget outlays168 and an appropriate level of new budget authority169 for all proposed programs and for all existing programs (including renewals thereof), with the estimate and level for existing programs being divided between permanent authority and funds provided in appropriation Acts, 170 and with each such division being subdivided between controllable amounts and all other amounts; (4) an allocation of the level of Federal revenues recommended in the concurrent resolution among the major sources of such revenues; (5) the economic assumptions and objectives which underlie each of the matters set forth in such concurrent resolution and any alternative economic assumptions and objectives which the committee considered; (6) projections (not limited to the following), for the period of five fiscal years beginning with such fiscal year, of the estimated levels of total budget outlays11 and total new budget authority,172 the estimated revenues to be received, and the estimated surplus or deficit,173 if any, for each fiscal year in such period, and the estimated levels of 168 Section 3(1) defines "budget outlays." See supra p. 11. 169 Section 3(2) defines "budget authority." See supra pp. 11-13. 170 Section 3(5) defines "appropriation Act" by reference to 1 U.S.C. § 105. See supra p. 16. For the text of 1 U.S.C. § 105 (1988), see supra note 30. 171 Section 3(1) defines "budget outlays." See supra p. 11. 172 Section 3(2) defines "budget authority." See supra pp. 11-13. tax expenditures174 (the tax expenditures budget) by major functional categories; (7) a statement of any significant changes in the proposed levels of Federal assistance to State and local governments; (8) information, data, and comparisons indicating the manner in which, and the basis on which, the committee determined each of the matters set forth in the concurrent resolution; (9) allocations described in section 302(a);175 and (10)16 an analysis, prepared after consultation with the Director of the Congressional Budget Office, of the concurrent resolution's impact on the international competitiveness of United States business and the United States balance of payments position and shall include the following projections, based upon the best information available at the time, for the fiscal year covered by the concurrent resolution - (A) the amount of borrowing by the Government in private credit markets; (B) net domestic savings (defined as personal savings, corporate savings, and the fiscal surplus of State and local governments); 174 Section 3(3) defines "tax expenditures." See supra p. 15. 175 176 See infra pp. 70-71. Section 5302 of the Omnibus Trade and Competitiveness Act of 1988 added paragraph (10). Pub. L. 100-418, § 5302, 102 Stat. 1462-63 (Aug. 23, 1988). Section 5303 of that Act provides that "the amendment made by section 5302 shall be effective for fiscal years 1989, 1990, 1991, and 1992." Pub. L. 100-418, § 5303, 102 Stat. 1463 (Aug. 23, 1988). Compare the parallel requirements for the President's budget submission set forth at 31 (C) net private domestic investment; (D) the merchandise trade and current accounts; (E) the net increase or decrease in foreign indebtedness (defined as net foreign investment); and (F) the estimated direction and extent of the influence of the Government's borrowing in private credit markets on United States dollar interest rates and on the real effective exchange rate of the United States dollar. (f) ACHIEVEMENT OF GOALS FOR REDUCING UNEMPLOYMENT.- (1) If, pursuant to section 4(c) of the Employment 177 Section 4(c) of the Employment Act of 1946 states: (c) Achievement of full employment, balanced budget, zero inflation rate, and (1) Upon achievement of the 3 and 4 per centum goals specified in subsection (b)(1) of this section, each succeeding Economic Report shall have the goal of achieving as soon as practicable and maintaining thereafter full employment and a balanced budget. (2) Upon achievement of the 3 per centum goal specified in subsection (b)(2) of this section, each succeeding Economic Report shall have the goal of achieving by 1988 a rate of inflation of zero per centum: Provided, That policies and programs for reducing the rate of inflation shall be designed so as not to impede achievement of the goals and timetables specified in clause (1) of this subsection for the reduction of unemployment. (3) Upon achievement of the 20 per centum goal specified in subsection (b)(3), each succeeding Economic Report shall have the goal of establishing the share of an expanding gross national product accounted for by Federal outlays at a level of 20 per centum or less, or the lowest level consistent with national needs and priorities: Provided, That policies and programs for achieving the goal specified in this clause shall be designed so as not to impede achievement of the goals and timetables specified in subsection (b)(1) of this section for the reduction of unemployment. 15 U.S.C. § 1022a(c) (1988). The references to subsection (b) refer to section 4(b), set Act of 1946, the President recommends in the Economic Report that the goals for reducing unemployment set forth in section 4(b)178 of such Act be achieved in a year after the close of the five-year period prescribed by such subsection, the concurrent resolution on the budget for the fiscal year beginning after the date on which such Economic Report is received by the Congress may set forth the year in which, in the opinion of the Congress, such goals can be achieved. (2) After the Congress has expressed its opinion pursuant to paragraph (1)179 as to the year in which the goals for reducing unemployment set forth in section 4(b) 180 of the Employment Act of 1946 can be achieved, if, pursuant to section 4(e) 181 of such Act, the President recommends (e) Interim numerical goals for succeeding Economic Reports. If, after achievement of the 3 and 4 per centum goals specified in subsection (b) of this section, the unemployment rate for a year as set forth pursuant to section 1022(d) of this title is more than 3 per centum among individuals aged twenty and over or more than 4 per centum among individuals aged sixteen and over, the next Economic Report after such rate is set forth and each succeeding Economic Report shall include (as part of the five-year goals in each Economic Report) the interim numerical goal of reducing unemployment to not more than the levels specified in subsection (b)(1) of this section as soon as practicable but not later than the fifth calendar year after the first such Economic Report, counting as the first calendar year the year in which such Economic Report is issued: Provided, That, if the President finds it necessary, the President may, under the authority provided in subsection (d), recommend modification of the timetable provided for in this subsection for the reduction of unemployment, and for the purposes of section 304 of the Full Employment and Balanced Growth Act of 1978, such recommendation by the President shall be treated as a recommendation made under subsection (d) of this section. 15 U.S.C. § 1022a(e) (1988). Of the sections to which section 4(e) refers, subsections (b) and (d) and section 1022(d) appear supra note 140, while section 304 of the Full Employment and Balanced Growth Act of 1978 added relevant sections of the Congressional Budget Act. 182 183 in the Economic Report that such goals be achieved in a year which is different from the year in which the Congress has expressed its opinion that such goals should be achieved, either in its action pursuant to paragraph (1) 182 or in its most recent action pursuant to this paragraph, the concurrent resolution on the budget for the fiscal year beginning after the date on which such Economic Report is received by the Congress may set forth the year in which, in the opinion of the Congress, such goals can be achieved. (3) It shall be in order to amend 183 the provision of such resolution setting forth such year only if the amendment thereto also proposes to alter the estimates, amounts, and levels (as described in subsection (a)184) set forth in such resolution in germane185 fashion in order to be consistent with the economic goals (as described in section 3(a) (2) 186 and 4(b) 187 of the Employment Act of 1946) which See supra pp. 64-65. An amendment is subject to points of order under the Congressional Budget Act even if the Senate has specified by unanimous consent that the amendment is one of the amendments in order and the yeas and nays have been ordered. Cf. infra note 275 (regarding section 303(a)). 184 See supra pp. 46-51. 185 186 For a discussion of germaneness, see infra note 329. Section 3(a)(2) of the Employment Act of 1946 states: Sec. 1022. Economic Report of President; coverage; supplementary reports; (a) Time of submission; contents. The President shall transmit to the Congress during the first twenty days of each regular session, with copies transmitted to the Governor of each State and to other appropriate State and local officials, an economic report (hereinafter in this Act referred to as the "Economic Report" together with the annual report of the Council of Economic Advisers submitted in accord with section 1023(c) of this title, setting forth |