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Publication Date: August 2007
Publisher: Center on Budget and Policy Priorities (Washington, D.C.)
Author(s): Martha Coven; Richard Kogan
Research Area: Banking and finance
Keywords: Economic projections; Fiscal future; Federal budget
Type: Report
Abstract:
The way in which Congress develops tax and spending legislation is guided by a set of specific procedures laid out in the Congressional Budget Act of 1974. The centerpiece of the Budget Act is the requirement that Congress each year develop a “budget resolution” setting overarching limits on spending and on tax cuts. These limits apply to legislation developed by individual congressional committees as well as to any amendments offered to such legislation on the House or Senate floor.