Appendix H.-NET EFFECT OF MAJOR ENACTED LEGISLATION ON RECEIPTS 1 These estimates are based on the direct effect only of legislative changes at a given level of economic activity. Induced effects on the economy are taken into account in forecasting incomes, however, and in this way affect the receipts estimates by major source and in total. Appendix I.-DATES OF INTEREST TO THE HOUSE APPROPRIATIONS COMMITTEE ................ Mar. 26 thru Apr. 6. Apr. 1............... Apr. 15........... May 15.............. May 23 thru 27 June 15.............. June 30. June 28 thru July 6. July. 99TH CONGRESS, 2D SESSION Fiscal Year 1986 "deficit snapshot" taken by OMB and CBO. OMB and CBO provide report to GAO detailing reductions necessary to achieve $11.7 billion in savings for fiscal year 1986. GAO issues report to President. Congress convenes. President issues sequestration order. Message submitted to Congress indicating effect of sequestration on each program, project and activity. (An alternative proposal may also be submitted.) OMB target to submit budget. Date for overview hearing. District work period. Submit views and estimates to Budget Committee. District work period. GAO issues report indicating whether Presidential order complies with Gramm-Rudman requirements. Congress shall complete action on budget resolution. Appropriations bills may be considered in the House even if the budget resolution is not yet adopted. District work period. All annual appropriations bills for fiscal year 1987 must be reported from House Appropriations Congress shall complete action on a reconciliation bill reported pursuant to instructions in the House must approve all fiscal year 1987 appropriations bills in order to consider July 4th recess resolution. ........ District work period. Supreme Court determination on constitutionality of Gramm-Rudman expected. Sept. 1 Sept. 5. Sept. 30. Oct. 1.... Oct. 10............ Oct. 15...... Nov. 15... Fiscal Year 1987 deficit snapshot taken by OMB and CBO. OMB and CBO submit initial report to GAO detailing reductions necessary to reduce deficit to $144 billion for fiscal year 1987. GAO issues initial report to President. President issues initial sequestration order. Message submitted to Congress indicating effect on each program, project and activity. (Alternative proposal may also be submitted.) President transmits to GAO and Appropriations and Armed Services Committees a report concerning defense contracts proposed to be terminated or modified. GAO certifies which contract savings are reasonable and achievable. FISCAL YEAR 1987 STARTS Resources identified in September order are withheld from obligation until final order is effective. OMB and CBO submit a revised report to GAO reflecting Congressional actions since first report. President issues final order sequestering resources and transmits message to Congress (including GAO issues report to Congress and the President explaining extent to which President's order complies with Gramm-Rudman requirements. INDEX Appendix: A. Selected Budget Features........... B. Receipts and Outlays of Trust Funds, Fiscal Year 1987 ................ D. Disposition of Appropriated Funds, Fiscal Years 1981-1986 E. Controllability of President's Budget Request, Fiscal Year 1987....... G. Economic Assumptions................. H. Net Effect of Major Enacted Legislation on Receipts......... I. Dates of Interest to the House Appropriations Committee Closing statement of Chairman Whitten.. Commodity Credit Corporation ....... Current services vs. 1987 budget. Defense........ Deferrals......... Deficit reduction Economic forecast.......... Economic growth-manufacturing/industry Economic growth.................. FY 1987 President's budget............. Gramm-Rudman... Longer-term projections........ Oil import fee.............. Opening statement of Chairman Whitten.......... Policy assumptions Prepared statement of: Hon. James A. Baker III. Hon. James C. Miller III. Hon. Beryl W. Sprinkel......... Social security trust funds Social security..... Tax loopholes ..... Taxes ........ The forecast for 1986............ (i) |