The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress, and was published on Oct 5, 2017.
(This measure has not been amended since it was introduced. The expanded summary of the House reported version is repeated here.)
Establishes the congressional budget for the federal government for FY2018 and sets forth budgetary levels for FY2019-FY2027.
TITLE I--RECOMMENDED LEVELS AND AMOUNTS
(Sec. 101) Recommends levels and amounts for FY2018-FY2027 for:
Federal Revenues, New Budget Authority, Budget Outlays, Deficits (On-Budget), Debt Subject to Limit, and Debt Held by the Public. (Sec. 102) Recommends levels of new budget authority and outlays for FY2018-FY2027 for each major functional category, including:
National Defense; International Affairs; General Science, Space, and Technology; Energy; Natural Resources and Environment; Agriculture; Commerce and Housing Credit; Transportation; Community and Regional Development; Education, Training, Employment, and Social Services; Health; Medicare; Income Security; Social Security; Veterans Benefits and Services; Administration of Justice; General Government; Net Interest; Allowances; Government-wide Savings and Adjustments; Undistributed Offsetting Receipts; Overseas Contingency Operations/ Global War on Terrorism; and an Across-the-Board Adjustment. TITLE II--RECONCILIATION AND RELATED MATTERS
(Sec. 201) Includes reconciliation instructions directing 11 House authorizing committees to submit to the House Budget Committee no later than October 6, 2017, legislation to reduce the deficit by specified amounts over FY2018-FY2027. (Under the Congressional Budget Act of 1974, reconciliation bills are considered by Congress using expedited legislative procedures that prevent a filibuster and restrict amendments in the Senate.)
TITLE III--BUDGET ENFORCEMENT IN THE HOUSE OF REPRESENTATIVES
Subtitle A--Budget Enforcement
(Sec. 301) Requires the Congressional Budget Office (CBO) to estimate whether legislation (other than appropriations measures) would cause a net increase in direct spending in excess of $2.5 billion over any of the 4 consecutive 10-year periods beginning in FY2027. Establishes a point of order against legislation (other than appropriations measures) with a net effect of increasing direct spending by more than $2.5 billion in any of the 4 consecutive 10-year periods. Specifies that this provision has no force or effect after September 30, 2018.
(Sec. 302) Provides the House Appropriations Committee with a separate allocation for Overseas Contingency Operations/Global War on Terrorism and specifies procedures for enforcing and adjusting the allocation.
(Sec. 303) Establishes a point of order restricting the inclusion of certain changes in mandatory programs (CHIMPs) in appropriations legislation for FY2018-FY2020. Limits CHIMPs that reduce budget authority in the budget year but do not decrease outlays over the period of the total of the current year, budget year, and all fiscal years covered under the most recently agreed to budget resolution. Limit the CHIMPS to: $19.1 billion for FY2018, $17 billion for FY2019, and $15 billion for FY2020.
(Sec. 304) Prohibits advance appropriations unless: (1) the appropriation is provided for an account listed as an exception in the report accompanying this resolution, and (2) total advance appropriations do not exceed specified limits. (Under this resolution, an advance appropriation is any new discretionary budget authority provided in appropriations legislation for the fiscal year following FY2018.)
(Sec. 305) Permits the chair of the House Budget Committee to direct the CBO to include changes in debt service costs in estimates of legislation except for authorizations of discretionary programs or appropriation measures.
Specifies that: (1) this section applies to changes in the authorization level of appropriated entitlements, and (2) the estimates are advisory and may not be used for budget enforcement.
(Sec. 306) Requires the CBO, upon request of the chairman of the House Budget Committee, to include supplemental fair-value estimates in estimates for legislation establishing or modifying a loan or loan guarantee program.
Requires the CBO to provide a supplemental fair-value estimate for legislation establishing or modifying a loan or loan guarantee program for student financial assistance or housing (including residential mortgage).
Requires the CBO to include estimates, on a fair-value and credit reform basis, of loan and loan guarantee programs for student financial assistance, housing (including residential mortgage), and other major loan and loan guarantee programs in its "Budget and Economic Outlook: 2018 to 2027."
Permits the chairman of the House Budget Committee to use the fair-value estimates provided pursuant to this section for budget enforcement purposes.
(A fair-value estimate is an alternative to federal credit program estimates required by the Federal Credit Reform Act of 1990 [FCRA]. Under FCRA, cash flows are discounted using Treasury interest rates for estimating subsidy costs. The fair-value method incorporates market risk by using market rates.)
(Sec. 307) Requires the CBO and the Joint Committee on Taxation to incorporate macroeconomic effects in estimates of specified legislation (commonly referred to as dynamic scoring).
(Sec. 308) Authorizes the chairman of the House Budget Committee to adjust committee allocations and levels in this resolution if legislation decreases direct spending in any fiscal year and authorizes appropriations for the same purpose.
(Sec. 309) Directs the CBO to estimate legislation that affects the use of energy savings performance contracts or utility energy service contracts on a net present value basis (in today's dollars) using calculations that meet specified requirements. Specifies that the contracts are to be scored as direct spending and that savings resulting from the contracts may be not be used as an offset for budget enforcement purposes.
(Under an energy savings performance contract, a private party agrees to fund energy-efficient upgrades for a federal facility, and the federal agency agrees to pay the private party from reductions in the agency's energy costs. Under a utility energy service contract, the services and equipment are provided by a utility.)
(Sec. 310) Requires transfers of funds from the general fund of the Treasury to the Highway Trust Fund to be counted as new budget authority and outlays in the year the transfer occurs.
(Sec. 311) Prohibits transfers of surpluses of the Federal Reserve System from being counted as offsets for budget enforcement purposes. (This section prevents the transfers from being used to offset provisions that increase the deficit in determining whether a budget point of order applies to legislation.)
(Sec. 312) Prohibits increases in Federal National Mortgage Association (Fannie Mae) and Federal Home Loan Mortgage Corporation (Freddie Mac) guarantee fees from being used for budget enforcement purposes. (Fannie Mae and Freddie Mac purchase mortgages and charge the fees to guarantee the payment of principal and interest. This section prevents the fee increases from being used to offset provisions that increase the deficit in determining whether a budget point of order applies to legislation.)
Subtitle B--Other Provisions
(Sec. 321) Specifies that the administrative expenses of the Social Security Administration and the U.S. Postal Service are reflected in the allocation to the House Appropriations Committee to ensure that the committee retains control over the expenses through the annual appropriations process.
Requires the administrative expenses to be included in the cost estimates used to determine if an appropriations bill exceeds the spending limits in this resolution.
(Sec. 322) Sets forth procedures for the adjustment of allocations, aggregates, and other budgetary levels included in this resolution.
Permits the chairman of the House Budget Committee to adjust other appropriate levels in this concurrent resolution depending on congressional action on pending reconciliation legislation.
(Sec. 323) Authorizes the chair of the House Budget Committee to adjust the aggregates, allocations, and other levels in this resolution for any change in budgetary concepts and definitions pursuant to the Balanced Budget and Emergency Deficit Control Act of 1985.
(Sec. 324) Authorizes the chair of the House Budget Committee to adjust the aggregates, allocations, reconciliation targets, and other levels in this resolution for any changes that the CBO makes to its baseline for FY2018-FY2027.
(Sec. 325) Waives the point of order that would otherwise apply to appropriations legislation that exceeds the statutory limits on discretionary spending if the legislation would not cause this resolution's 302(a) allocation for the appropriations committee to be exceeded.
(Sec. 326) Affirms that the adoption of this budget resolution is an exercise of the House's rulemaking power and that the House has the constitutional right to change these rules.
TITLE IV--RESERVE FUNDS IN THE HOUSE OF REPRESENTATIVES
Establishes reserve funds that permit the chairman of the House Budget Committee to adjust the levels and allocations included in the budget resolution to accommodate health, tax, and transportation legislation that meets specified conditions.
(Reserve funds provide the House Budget Committee Chairman with flexibility in applying budget enforcement rules to legislation that meets specified criteria.)
(Sec. 401) Establishes a reserve fund for legislation that commercializes the operations of the air traffic control system and reduces discretionary spending limits by the amount that would otherwise be appropriated to the Federal Aviation Administration for air traffic control.
(Sec. 402) Establishes a reserve fund for legislation that invests in national infrastructure and is deficit neutral over the period of FY2018-FY2027.
(Sec. 403) Establishes a reserve fund for legislation that provides for comprehensive tax reform and would not increase the deficit over the period of FY2018-FY2027.
(Sec. 404) Establishes a reserve fund for legislation that extends the State Children's Health Insurance Program (CHIP) allotments and would not increase the deficit over the period of FY2018-FY2027.
(Sec. 405) Establishes a reserve fund for legislation that repeals or replaces the Patient Protection and Affordable Care Act and the health care-related provisions of the Health Care and Education Reconciliation Act of 2010.
TITLE V--POLICY STATEMENTS IN THE HOUSE OF REPRESENTATIVES
(Sec. 501) States the policy of this resolution that Congress should propose a balanced budget constitutional amendment for ratification by the states.
(Sec. 502) States the policy of this resolution that Congress should enact legislation that reforms the congressional budget process.
(Sec. 503) States that the policies of resolution regarding federal regulatory budgeting and reform.
(Sec. 504) States the policies of this resolution regarding unauthorized appropriations.
(Sec. 505) States the policy of this resolution that the House should reform government-wide budget and accounting practices so Members of Congress and the public can better understand the fiscal condition of the United States and the best options to improve it.
(Sec. 506) States the policy of this resolution that legislation should be enacted that establishes a Commission on Budget Concepts to review and revise budget concepts and make recommendations to create a more transparent federal budget process.
(Sec. 507) States the policy of this resolution that the House should enforce this resolution by:
adopting the budget resolution before considering tax or spending legislation, assessing measures for compliance with budget rules, passing legislation to strengthen enforcement of the budget resolution, complying with discretionary spending limits, preventing the use of accounting gimmicks to offset higher spending, modifying scoring rules to encourage the commercialization of government activities that can best be provided by the private sector, and discouraging the use of savings identified in the budget resolution as offsets for spending or tax legislation. (Sec. 508) States the policy of this resolution that an independent commission should be established to: (1) find tangible solutions to reduce total improper payments by 50% within the next 5 years, and (2) develop a more-stringent system of agency oversight to achieve this goal.
(Sec. 509) States the policy of this resolution that: (1) the House should reassert its constitutional prerogative to control federal spending and exercise rigorous oversight over federal agencies, (2) Congress should subject all fees paid by the public to federal agencies to annual appropriations or authorizing legislation. and (3) a share of these proceeds should be reserved for taxpayers in the form of deficit reduction.
(Sec. 510) States the policies of this resolution regarding health care reform and regulations.
(Sec. 511) States the policy of this resolution to save Medicare for those in or near retirement and strengthen the program's solvency for future beneficiaries. Sets forth the assumptions of this resolution regarding Medicare reform.
(Sec. 512) States the policy of this resolution on combating opioid abuse.
(Sec. 513) States the policy of this resolution regarding the reauthorization of the State Children's Health Insurance Program.
(Sec. 514) States the policy of this resolution on funding and regulations regarding medical innovation.
(Sec. 515) States the policy of this resolution regarding public health preparedness, including the funding of activities to develop and stockpile medical countermeasures to infectious diseases and chemical, biological, radiological, and nuclear agents.
(Sec. 516) States the policies of this resolution regarding Social Security, including the Disability Insurance program and Social Security solvency.
(Sec. 517) States the policy of this resolution regarding Medicaid work requirements.
(Sec. 518) States the policies of this resolution regarding Welfare reform and Supplemental Nutrition Assistance Program (SNAP, formerly known as food stamps) work requirements.
(Sec. 519) States the policies of this resolution regarding state flexibility with respect to SNAP.
(Sec. 520) States the policies of this resolution regarding: (1) promoting college affordability, access, and success; and (2) workforce development.
(Sec. 521) States the policy of this resolution that Congress, in coordination with the Administration, should develop both a long-term funding mechanism that would allow supplemental wildfire suppression funding and reforms on reducing hazardous fuel loads on federal forests and lands that could decrease wildfires.
(Sec. 522) States the policy of this resolution that the House should require the Veterans Administration to conduct an audit of its programs named on Government Accountability Office' 's "high-risk" list and report its findings to specified congressional committees.
(Sec. 523) States the policy of this resolution that all receipts and disbursements of the U.S. Postal Service should be included in the congressional budget and the budget of the federal government.
(Sec. 524) States the policy of this resolution regarding payments from the Judgment Fund.
(Sec. 525) States the policy of this resolution to identify savings that can be achieved through greater productivity and efficiency gains in the operation and maintenance of the House of Representatives.
(Sec. 526) States the policy of this resolution that the House should consider comprehensive tax reform legislation that simplifies the tax code, reduces individual rates and the number of brackets, repeals the Alternative Minimum Tax, reduces the corporate tax rate, and transitions the tax code to a more competitive system of international taxation.