Page:United States Statutes at Large Volume 91.djvu/1706

 91 STAT. 1672

31 USC 1325. Ante, p. 1666.

31 USC 1325. Ante, p. 1666.

CONCURRENT RESOLUTIONS—MAY 17, 1977

(16) Allowances: (A) New budget authority, $800,000,000; (B) Outlays, $900,000,000. (17) Undistributed Offsetting Eeceipts (950): (A) New budget authority, -$16,300,000,000; (B) Outlays, -$16,300,000,000. SEC. 3. In the Third Budget Resolution for fiscal year 1977, the Congress provided for revenue and spending proposals designed to stimulate the Nation's economy in order to reduce unemployment. These proposals, together with recent indications of more vigorous economic growth in the private sector, provide evidence that the Nation's economy may be returning to the levels needed to provide jobs to millions of our unemployed. The Congress recognizes, however, that unusual uncertainties surround the current economic outlook for 1977 and 1978—primarily, the economic impact of the stimulus proposals and the likelihood of continued economic growth in the private sector—and that additional time and information are needed to make final determinations with respect to fiscal policy for fiscal year 1978; and declares that, if economic recovery does not proceed satisfactorily during the months inunediately following adoption of the First Budget Resolution for Fiscal Year 1978, it will be necessary to provide additional stimulus to the economy in appropriate amounts to be determined in the Second Budget Resolution for Fiscal Year 1978. On the other hand, if the recovery continues to shows signs of long-tenn renewed growth, it may be desirable to reduce some of the economic stimulus provided for fiscal year 1978 in order to make more rapid progress toward a balanced budget. SEC. 4. (a) Pursuant to section 304 of the Congressional Budget Act of 1974, the appropriate aggregate amounts for the fiscal year 1977 set forth in the first section of S. Con. Res. 10 are revised as follows: (1) the recommended level of Federal revenues is $356,600,000,000, and the amount by which the aggregate level of Federal revenues should be decreased is $2,600,000,000; (2) the appropriate level of total new budget authority is $470,200,000,000; (3) the appropriate level of total budget outlays is $409,200,000,000; (4) the amount of the deficit in the budget which is appropriate in light of economic conditions and all other relevant factors is $52,600,000,000; and (5) the appropriate level of the public debt is $701,300,000,000, and the amount by which the statutory limit on such debt should accordingly be increased is $1,300,000,000. (b) Pursuant to section 304 of the Congressional Budget Act of 1974, the allocations for the fiscal year 1977 made in section 2 of S. Con. Res. 10 are revised so that the appropriate levels of new budget authority and the estimated budget outlays for the various fimctional categories are as follows: (1) National Defense (050): (A) New budget authority, $108,800,000,000; (B) Outlays, $98,900,000,000. (2) International Affairs (150): (A) New budget authority, $7,900,000,000; (B) Outlays, $6,500,000,000.

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