ABSTRACT

Budget for Fiscal Year 2006 [Updated July 25, 2006]   [open pdf - 134KB]

From the Summary: "The Administration's 'Mid-Session Review' (July 2006) had a revised deficit estimate for FY2006 of $296 billion (2.3% of gross domestic product). This was over $100 billion below the FY2006 deficit estimate in the President's FY2007 budget (February 2006). The new estimate was also $75 billion below the Administration's original proposed FY2006 deficit in February 2005. The Congressional Budget Office's (CBO) March 2006 analysis of the President's proposals produced a $371 billion deficit estimate for FY2006. Its May 2006 monthly budget report indicated that the FY2006 deficit might fall to $300 billion. […] After extended deliberations, Congress cleared a $70 billion revenue reduction reconciliation bill on May 11, 2006. The President signed it on May 17 (P.L. [Public Law] 109- 222). The net effect of the two adopted reconciliation bills would raise the deficit in FY2006 and over the next five years above baseline estimates. In mid-March 2006, the House passed a $92 billion supplemental appropriation (H.R. 4939) for FY2006 for overseas military activity and additional hurricane recovery efforts. The Senate passed an amended bill, raising funding to almost $110 billion, on May 4. A conference agreement set the funding at $94.5 billion (June 8). Congress cleared it and the President signed it into law (P.L.109-234) on June 15. This report will be updated as events warrant."

Report Number:
CRS Report for Congress, RL32812
Author:
Publisher:
Date:
2006-07-25
Series:
Copyright:
Public Domain
Retrieved From:
Via E-mail
Format:
pdf
Media Type:
application/pdf
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