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Tag Archive | "Budget"

OMB Director Provides Guidance on FY 2013 Budget Requests

The Director of the Office of Management and Budget circulated a memorandum to the heads of Departments and Agencies with the following directions regarding their Fiscal Year 2013 budget requests:

1. Overall agency requests should be at least 5% below the FY 2011 enacted appropriations;

2. The budget submission should outline options in line with the President’s efforts to cut waste and reorganize priorities to reduce the deficit and invest in areas that will generate jobs and economic growth; and

3. Departments and agencies should identify in their budget requests additional discretionary funding reductions that would amount a level at least 10 percent below the FY 2011 enacted appropriations.

The memorandum specifies that departments and agencies should not simply propose across the board spending cuts and that the reductions that are identified in the budget requests will be used as guidance for the President as he makes decisions about funding cuts.

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Congressional Update: Fiscal Year 2012 Budget

  • April 13, 2011 – President Obama presented his fiscal proposal.
  • April 20, 2011 – House passed Republican Budget Resolution – “The Path to Prosperity.”
  • Early May – Gang of Six – Budget Committee Chairman Kent Conrad (D-ND), Senator Richard Durbin (D-IL), Senator Mark Warner (D-VA), Senator Tom Coburn (R-OK), Senator Mike Crapo (R-ID), and Senator Saxby Chambliss (R-GA) – expected to release plan to reduce deficit.
  • May 5, 2011 – President’s Bipartisan Commission on Deficit Reduction convenes.  The negotiations will be lead by Vice President Joe Biden.  House and Senate Leadership have designated the following Members of Congress to participate:  Senator Daniel Inouye (D-HI), Senator Max Baucus (D-MT), Rep. Eric Cantor (R-VA), Senator Jon Kyl (R-AZ), Rep. Chris Van Hollen (D-MD), and Rep. James Clyburn (D-SC).
  • Week of May 9 – Possible Senate Budget Committee mark-up of Chairman Conrad’s proposal.
  • May – Senate vote on House Republican Budget Resolution.
  • No later than May 16, 2011 – U.S. will reach its debt limit.
  • Late Summer – Temporary extensions in the debt ceiling tied to specific cuts may be considered.
  • By August 2, 2011 – U.S. Department of Treasury Secretary Timothy Geithner reported that the Department will exhaust all options to avoid a default.

Posted in LegislationComments Off on Congressional Update: Fiscal Year 2012 Budget