This concurrent resolution establishes the congressional budget for the federal government for FY2025, sets forth budgetary levels for FY2026-FY2034, and provides reconciliation instructions for legislation that increases or decreases the deficit and increases the statutory debt limit by specified amounts.
The resolution recommends levels and amounts for FY2025-FY2034 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.
The resolution includes reconciliation instructions that direct several House committees to submit legislation that will increase or decrease the deficit and increase the statutory debt limit by specified amounts. The committees must submit the legislation to the House Budget Committee by February 27, 2025.
(Under current law, reconciliation bills are considered by Congress using expedited legislative procedures that prevent a filibuster and restrict amendments in the Senate.)
Finally, the resolution specifies that it is the policy of this resolution that (1) federal spending levels should be restored to the levels that existed prior to the COVID-19 pandemic, adjusted to protect current Social Security and Medicare spending and reflect existing debt service obligations; and (2) it shall be the objective of the House to reach total budget outlays of $6.057 trillion or less this fiscal year.
