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The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress, and was published on Jul 13, 2018.
Establishes the congressional budget for the federal government for FY2019 and sets forth budgetary levels for FY2020-FY2028.
Recommends levels and amounts for FY2019-FY2028 for:
federal revenues, new budget authority, budget outlays, deficits (on-budget), debt subject to limit, debt held by the public, and the major functional categories of spending. Includes reconciliation instructions directing 11 specified House authorizing committees to submit deficit reduction legislation to the House Budget Committee by September 14, 2018.
Sets forth budget enforcement procedures addressing:
long-term direct spending, allocations for Overseas Contingency Operations/ Global War on Terrorism, changes in mandatory programs, advance appropriations, estimates of debt service costs and credit programs, adjustments to spending levels, transfers from the general fund of the Treasury to the Highway Trust Fund, and Federal National Mortgage Association (Fannie Mae) and Federal Home Loan Mortgage Corporation (Freddie Mac) guarantee fees. Establishes reserve funds for legislation relating to:
investments in national infrastructure, amendments to the Internal Revenue Code, extending pro-growth tax policies, repeal or replacement of the Patient Protection and Affordable Care Act, or the presumptions of service connection for veterans who served offshore of the Republic of Vietnam or Korea. Sets forth policy statements on several fiscal and domestic policy issues.