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PUBLIC LAW 93-344-JULY 12, 1974

[88 STAT.

TITLE III—CONGRESSIONAL BUDGET PROCESS TIMETABLE

31 USC 1321.

gj,(3^ 300. The timetable with respect to the congressional budget process for any fiscal year is as follows: On or before: November 10 15th day after Congress meets— Marehi 15 April 1 April 15 May 15 May 15 7th day after Labor Day September 15 September 25 October 1

Action to be completed: President submits current services budget. President submits his budget. Committees and joint committees submit reports to Budget Committees. Congressional Budget OflBce submits report to Budget Committees. Budget Committees report first concurrent resolution on the budget to their Houses. Committees report bills and resolutions authorizing new budget authority. Congress completes action on first concurrent resolution on the budget. Congress completes action on bills and resolutions providing new budget authority and new spending authority. Congress completes action on second required concurrent resolution on the budget. Congress completes action on reconciliation bill or resolution, or both, implementing second required concurrent resolution. Fiscal year begins.

ADOPTION OF F I R S T CONCURRENT RESOLUTION

31 USC 1322. contents.

gpc. 301. (a) ACTION TO B E COMPLETED BY MAY 15.—On or before May 15 of each year, the Congress shall complete action on the first concurrent resolution on the budget for the fiscal year beginning on October 1 of such year. The concurrent resolution shall set forth— (1) the appropriate level of total budget outlays and of total new budget authority; (2) an estimate of budget outlays and an appropriate level of new budget authority for each major functional category, for contingencies, and for undistributed intragovernmental transactions, based on allocations of the appropriate level of total budget outlays and of total new budget authority; (3) the amount, if any, of the surplus or the deficit in the budget which is appropriate in light of economic conditions and all other relevant factors; (4) the recommended level of Federal revenues and the amount, if any, by which the aggregate level of Federal revenues should be increased or decreased by bills and resolutions to be reported by the appropriate committees; (5) the appropriate level of the public debt, and the amount, if any, by which the statutory limit on the public debt should be increased or decreased by bills and resolutions to be reported by the appropriate committees; and (6) such other matters relating to the budget as may be appropriate to carry out the purposes of this Act. (b) ADDITIONAL MATTERS I N CONCURRENT RESOLUTION.—The first concurrent resolution on the budget may also require—

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