[Congressional Record Volume 170, Number 83 (Tuesday, May 14, 2024)]
[Senate]
[Pages S3678-S3680]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]



                       Budget Enforcement Levels

  Mr. WHITEHOUSE. Mr. President, I submit to the Senate the budget for 
fiscal year 2025. Last summer, Congress agreed to a 2-year budget deal 
as part of negotiations surrounding the debt limit. That was the 
bipartisan Fiscal Responsibility Act of 2023, or the FRA. It included a 
provision to serve in place of a formal budget resolution for both 
fiscal years 2024 and 2025. I am submitting the necessary budgetary 
levels to implement that agreement today.
  In the Budget Committee, my Republican colleagues have suggested that 
we should be debating a budget resolution. So I will take this moment 
to remind them that we already have one in place from that agreement. I 
don't see our committee wasting precious time on something that has 
already been decided, when we could and, indeed, should be preparing 
for the future.
  When at least $10 trillion of our national debt stems from two 
exogenous shocks to the economy--namely, the 2008 financial crisis and 
the COVID pandemic--it would be folly for the Budget Committee not to 
focus on future shocks to our economy, which is why the Budget 
Committee has been focused on threats to our Nation's long-term fiscal 
outlook and on proposing solutions--like how climate change poses 
systemic risks to our economy, like how tax cuts for the wealthy are 
driving up deficits, like

[[Page S3679]]

how making the wealthy pay their fair share would protect Social 
Security and Medicare essentially forever, like how we can cut 
healthcare costs with zero cuts to benefits if we pursue commonsense 
reforms to healthcare delivery systems.
  When it comes to the economy-wide risks from climate change, we have 
heard from economists, central bankers, financial experts, insurance 
and mortgage industry leaders, and many others who are ringing the 
alarm bells.
  In the Budget Committee, we have heard testimony about rising seas 
making large swaths of coastline less and less habitable and less and 
less insurable. I am sure the Presiding Officer is seeing that in his 
home State of Georgia. As the decades unspool ahead of us, more and 
more coastal communities will be at risk, eventually rendering an 
estimated trillions of dollars in real estate virtually worthless.
  We have heard similar testimony about property becoming uninsurable 
in wildfire-risk areas. We are already seeing insurers flee communities 
on the frontlines of climate change. We have seen premiums skyrocketing 
in response to increased climate-related damages. Things will likely 
get uglier.
  So the committee launched investigations into the climate change-
fueled insurance crisis. We are working with Democrats on the House 
Oversight Committee on an investigation into the fossil fuel 
disinformation campaign in order to better understand how it stalled 
political progress on climate action and imperiled our economy.
  What our joint investigation revealed is that Big Oil knew the 
environmental and economic harms of its products but deceived the 
American public so as to keep producing and selling ever more oil and 
gas. We learned that Big Oil and its trade associations continue to 
oppose climate policies, including ones that they publicly claim to 
support.
  Unfortunately, our series of hearings on climate costs and the fossil 
fuel industry's role in perpetuating the climate crisis has been 
largely met with derision or mockery or just trying to change the 
subject by many of my Republican colleagues. As I said at the last 
hearing on this subject, you can have your opinion now, but history 
will judge.
  While acknowledging that revenue is a subject within the purview of 
the Budget Committee, Republican response to our hearings on raising 
revenue has not evinced much substantive interest. There is not much 
outrage, for instance, that big corporations pay lower tax rates than 
plumbers.
  The Budget Committee has held seven hearings, with more planned, 
examining how tax cuts for the wealthy and for big corporations and the 
resulting tax gap have been actually primary drivers of our deficit. We 
have learned that the Bush and Trump tax cuts have added $10 trillion 
to the debt and, in fact, are the main reason the debt as a share of 
the economy is increasing.
  According to CBO, extending the Trump tax cuts, which Republicans 
appear to want to do, would cost another $4.6 trillion--that is 
trillion with a ``t''--mostly for billionaires and big corporations. 
You can see where the priorities lie.
  We have heard testimony that by closing loopholes, making the wealthy 
and large corporations pay a fairer share, and cracking down on wealthy 
tax cheats, we can protect Social Security and Medicare forever, invest 
in an economy that works for everyone, and reduce our deficit--like my 
Medicare and Social Security Fair Share Act, which would shore up these 
twin pillars of retirement security essentially forever without raising 
taxes on anyone making less than $400,000.
  What have Republicans proposed? Well, not much. They spent decades 
trying to cut Social Security and Medicare benefits, and then they rose 
to their feet in acclamation, in last year's State of the Union 
Address, to assure the American public that they would not cut 
benefits. Well, if that is the case, then the only solution left is 
more revenue. So it would be nice if they were willing to discuss how 
to make the wealthy pay their fair share and protect these programs 
into the future.
  Another big driver of Federal spending is healthcare. The United 
States continues to spend more on healthcare as a percentage of GDP 
than any other peer OECD country, and the Centers for Medicare and 
Medicaid Actuary estimates healthcare will grow to 20 percent GDP by 
2031. For all that spending, the average life expectancy in America is 
lower than that of many peer countries with far more efficient 
healthcare systems.
  So the Budget Committee is tackling this too. We held a series of 
hearings on reducing inefficiencies in healthcare that increase costs 
for patients, families, and the Federal Government. In just our most 
recent hearing, we heard how administrative burdens--the billing, 
reporting, and all the nonclinical work incidental to the actual 
delivery of healthcare--are responsible for over half a trillion 
dollars in healthcare spending every year.
  And here, I am happy to report that there have been bipartisan 
glimmers of hope. There has been bipartisan agreement on the source of 
these problems, and I have begun conversations with Ranking Member 
Grassley about what legislation we might be able to work on together in 
this space.
  I can only wish that my Republican colleagues were similarly willing 
to have serious conversations on climate risk and on revenue 
opportunities. As our hearings have made clear, if you care about 
American debt deficits, you have to care about climate change, about 
unrigging our Tax Code, and about addressing wasteful spending in 
healthcare.
  And with that, section 122 of the FRA requires that I submit the 
levels that will be used to enforce the second year of the spending 
agreement. This submission sets the spending level for appropriations 
for 2025 at the spending caps in law and allows the Appropriations 
Committee to begin its work.
  It also sets mandatory spending and revenue levels for 10 years at 
current law levels. I am also updating the reserve fund in the FRA to 
be available for legislation that doesn't increase the deficit between 
2025 and 2034.
  Mr. President, I ask unanimous consent that these accompanying tables 
be printed in the Record.
  There being no objection, the material was ordered to be printed in 
the Record, as follows:

 ALLOCATION OF SPENDING AUTHORITY TO SENATE COMMITTEE ON APPROPRIATIONS
                          FOR FISCAL YEAR 2025
  (Pursuant to Section 122 of the Fiscal Responsibility Act of 2023 and
          Section 302 of the Congressional Budget Act of 1974)
                             [$ in billions]
------------------------------------------------------------------------
                                                   Budget
                                                 Authority     Outlays
------------------------------------------------------------------------
Appropriations:
    Revised Security Category/Defense.........      895.212          N/A
    Revised Nonsecurity Category/Nondefense...      710.688          N/A
    General Purpose Discretionary.............          N/A    1,869.797
Memo:
    On-budget.................................    1,599.212    1,863.193
    Off-budget................................        6.688        6.604
    Mandatory.................................    1,562.610    1,544.166
------------------------------------------------------------------------
N/A = not applicable. Budgetary changes related to program integrity
  initiatives and other adjustments pursuant to section 251(b) of the
  Balanced Budget and Emergency Deficit Control Act, as amended by the
  Fiscal Responsibility Act of 2023, will be held in reserve until
  consideration of legislation providing such funding. ``Revised
  security category'' means discretionary appropriations in budget
  function 050, while ``revised nonsecurity category'' means
  discretionary appropriations other than in budget function 050.


                                     ALLOCATION OF SPENDING AUTHORITY TO SENATE COMMITTEES OTHER THAN APPROPRIATIONS
               (Pursuant to Section 122 of the Fiscal Responsibility Act of 2023 and Section 302 of the Congressional Budget Act of 1974)
                                                                     [$ in billions]
--------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                            2025                       2025- 2029                    2025- 2034
--------------------------------------------------------------------------------------------------------------------------------------------------------
Agriculture, Nutrition, and Forestry;
    Budget Authority..........................................                       186.630                       967.147                     2,004.484
    Outlays...................................................                       175.749                       916.958                     1,877.482
Armed Services:
    Budget Authority..........................................                       287.793                     1,094.587                     2,053.411
    Outlays...................................................                       285.585                     1,091.957                     2,056.297
Banking, Housing, and Urban Affairs:
    Budget Authority..........................................                        29.964                       170.669                       356.235
    Outlays...................................................                       -14.947                       -80.642                      -130.907

[[Page S3680]]

 
Commerce, Science, and Transportation:
    Budget Authority..........................................                        24.029                       102.967                       194.261
    Outlays...................................................                        18.793                        98.312                       177.180
Energy and Natural Resources:
    Budget Authority..........................................                        10.108                        41.737                        82.818
    Outlays...................................................                        14.840                        76.740                       122.300
Environment and Public Works:
    Budget Authority..........................................                        67.352                       333.108                       664.759
    Outlays...................................................                        16.385                        62.091                        88.801
Finance:
    Budget Authority..........................................                     3,934.908                    21,879.366                    51,266.540
    Outlays...................................................                     3,932.931                    21,884.552                    51,247.329
Foreign Relations:
    Budget Authority..........................................                        52.009                       228.212                       449.061
    Outlays...................................................                        49.447                       225.675                       446.499
Health, Education, Labor, and Pensions:
    Budget Authority..........................................                        71.215                       295.039                       584.696
    Outlays...................................................                        79.517                       297.034                       564.497
Homeland Security and Governmental Affairs:
    Budget Authority..........................................                       184.521                       965.290                     2,033.245
    Outlays...................................................                       186.079                       955.982                     2,005.571
Indian Affairs:
    Budget Authority..........................................                         0.499                         2.382                         4.248
    Outlays...................................................                         0.876                         3.120                         4.994
Judiciary:
    Budget Authority..........................................                        20.696                       102.797                       209.268
    Outlays...................................................                        23.650                       106.526                       210.899
Rules and Administration:
    Budget Authority..........................................                         0.052                         0.260                         0.536
    Outlays...................................................                         0.030                         0.162                         0.356
Intelligence:
    Budget Authority..........................................                         0.514                         2.570                         3.598
    Outlays...................................................                         0.514                         2.570                         3.598
Veterans' Affairs:
    Budget Authority..........................................                       222.290                     1,296.471                     3,006.815
    Outlays...................................................                       218.748                     1,302.338                     3,032.704
Small Business:
    Budget Authority..........................................                         0.000                         0.000                         0.000
    Outlays...................................................                         0.010                         0.010                         0.010
Unassigned to Committee:
    Budget Authority..........................................                    -1,389.309                    -7,354.901                   -16,808.687
    Outlays...................................................                    -1,377.785                    -7,285.811                   -16,666.582
--------------------------------------------------------------------------------------------------------------------------------------------------------


                            BUDGET AGGREGATES
  (Pursuant to Section 122 of the Fiscal Responsibility Act of 2023 and
          Section 302 of the Congressional Budget Act of 1974)
                             [$ in billions]
------------------------------------------------------------------------
                                       2025      2025- 2029   2025- 2034
------------------------------------------------------------------------
Spending:
    Budget Authority.............    5,302.483          N/A          N/A
    Outlays......................    5,473.615          N/A          N/A
Revenue                              3,713.563   21,082.529   47,281.026
Social Security:
    Outlays......................    1,409.171    7,953.297   18,448.817
    Revenue......................    1,284.893    6,946.313   15,335.885
------------------------------------------------------------------------
N/A = not applicable. Figures represent current law, including CBO's
  February 2024 baseline and legislation that has subsequently cleared
  Congress.


                 PAY-AS-YOU-GO SCORECARD FOR THE SENATE
                             [$ in billions]
------------------------------------------------------------------------
                                                               Balances
------------------------------------------------------------------------
Fiscal Year 2024...........................................            0
Fiscal Year 2025...........................................            0
Fiscal Years 2025-2029.....................................            0
Fiscal Years 2025-2034.....................................            0
------------------------------------------------------------------------


             ACCOUNTS IDENTIFIED FOR ADVANCE APPROPRIATIONS
   (Pursuant to Section 122 of the Fiscal Responsibility Act of 2023)
------------------------------------------------------------------------
 
-------------------------------------------------------------------------
Financial Services and General Government:
    Payment to the Postal Service Fund
Labor, Health and Human Services, and Education:
    Employment and Training Administration
    Education for the Disadvantaged
    School Improvement Programs
    Career, Technical, and Adult Education
    Special Education
Transportation, Housing, and Urban Development:
    Tenant-based Rental Assistance
    Project-based Rental Assistance
------------------------------------------------------------------------

  Mr. WHITEHOUSE. I will momentarily yield the floor.

                          ____________________