H. Con. Res. 71 establishes the budget for fiscal year 2018 and the budget levels for fiscal years 2019-2027. Specifically, the resolution sets overall discretionary spending for Fiscal Year 2018 at $1.132 trillion, which includes $621.5 billion for defense discretionary spending and $511 billion in non-defense discretionary spending. The budget achieves $6.5 trillion in total deficit reduction over 10 years, and produces a $9 billion surplus in Fiscal Year 2027.
The resolution also includes reconciliation instructions to the House Committees to achieve at least $203 billion in deficit reduction over the 2018-2027 period. Each committee is required to report legislation to their respective Budget Committee no later than October 6, 2017.
Additional information was provided by the House Budget Committee and can be found here.
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 21, 2017.
Establishes the congressional budget for the federal government for FY2018 and sets forth budgetary levels for FY2019-FY2027.
Recommends levels and amounts for FY2018-FY2027 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 October 6, 2017.
Sets forth budget enforcement procedures addressing:
long-term direct spending; allocations for Overseas Contingency Operations/ Global War on Terrorism; changes in mandatory programs; estimates of debt service costs, credit programs, macroeconomic effects, and energy saving performance contracts; adjustments to spending levels; advance appropriations; transfers from the general fund of the Treasury to the Highway Trust Fund; Federal National Mortgage Association (Fannie Mae) and Federal Home Loan Mortgage Corporation (Freddie Mac) guarantee fees; and Federal Reserve System surpluses. Establishes reserve funds for legislation relating to:
the commercialization of air traffic control, investments in national infrastructure, comprehensive tax reform, or the State Children's Health Insurance Program (CHIP). Sets forth policy statements on several fiscal and domestic policy issues.