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Monday, February 26, 2007
Next Step for FY 2008: Budget Resolution
Over the course of the five-week congressional "work period," a major fiscal focus will be the FY 2008 budget resolution. Below is the current congressional timetable for the budget resolution -- a roadmap Congress uses to plan out the budget for the year setting out changes on entitlement programs and taxes.
Congress was unable to approve an FY 2007 budget resolution at all, but with both parties in closer agreement on budget discipline, odds may be better now for successful completion of such a resolution this year. But House and Senate leaders' current schedule projections regarding an FY 2008 budget resolution are as follows:
- Per House Majority Leader Steny Hoyer (D-MD): House Budget Committee to pass a resolution the week of March 12
- House floor consideration of the resolution the week of March 19
- Senate Budget Committee chair Kent Conrad (D-ND) has set a of goal of producing a draft resolution by the end of March
- The Budget Control Act statutory deadline for adoption of a budget resolution by Congress: April 15 (though subsequent adoption is possible)
(NB: House can begin to consider appropriations bills May 15, even if a budget resolution is not adopted)
We'll keep you posted regarding legislative developments on the budget resolution as they occur.
Posted by Dana Chasin
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