REID AND BOEHNER DEBT LIMIT AMENDMENTS

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1 REID AND BOEHNER DEBT LIMIT AMENDMENTS OVERVIEW * The Reid Amendment is a long-term solution to the default crisis that would avoid a downgrade of our credit rating and an economic catastrophe. The Boehner plan is a short-term fix that threatens our credit rating and our economy. * The Reid Amendment addresses the GOP s priorities: 1) It cuts spending by at least as much as the debt limit increase. 2) All spending cuts have been approved by the Republicans. 3) As a compromise, it includes no additional revenues. * The Reid Amendment reduces the deficit more than the Boehner Amendment, while establishing a process to achieve even more deficit reduction in the long term. * The Reid Amendment does not harm Social Security, Medicare, or Medicaid. REID AMENDMENT Summary * $1.2 trillion in security and non-security discretionary spending cuts * $1.2 trillion in savings from winding down the wars * $70-$100 billion in other spending savings from the Biden Group * $400 billion in interest savings * Joint committee on deficit reduction with fast track vote on recommendations * $2.7 trillion increase in debt limit Discretionary Spending The Reid Amendment establishes statutory caps on discretionary spending that would apply for ten years. These caps would operate similarly to caps established with bipartisan support in the 1990s, and that proved effective in controlling spending. If Congress exceeds the caps, across-the-board cuts would enforce the limits. Over the ten-year period covering Fiscal Years 2012 through 2021, total discretionary budget authority would be $11.3 trillion, representing savings of $1.2 trillion. The corresponding outlay savings are $1 trillion. Total discretionary spending in Fiscal Year 2012 would be $1.045 trillion, or $5 billion less than this year s Continuing Resolution. For Fiscal Years 2012 and 2013, the amendment would establish separate caps ( firewalls ) for security (defense and veterans) and non-security 1

2 spending. In FY 2012, security spending would be capped at $606 billion, or $3 billion below this year s level. A $1 billion increase in security spending would be allowed in FY Spending after 2014 would increase by about 2 percent per year, significantly less than projected by CBO. War Savings The cap on non-security spending in FY 2012 is $439 billion, a $2 billion reduction. The Reid Amendment limits funding for ongoing wars (so-called Overseas Contingent Operations ) that could be provided outside the discretionary spending caps. The proposed limits would produce budget authority savings of $1.2 trillion and outlay savings of $1.1 trillion. Some Republicans have been critical of the Reid Amendment s proposed savings on war funding. However, winding down the wars, which this year will cost about $160 billion, will produce very real savings, as both the Office of Management and Budget and the Congressional Budget Office acknowledge. In fact, the overwhelming majority of Republicans in the House and Senate endorsed this approach when they voted for their budget earlier this year. Other Savings Spectrum Reform The Reid Amendment would authorize the Federal Communications Commission to hold incentive auctions, where non-government holders of spectrum will be reimbursed for its value from a portion of auction proceeds in return for voluntarily relinquishing their spectrum rights. The amendment also would reallocate spectrum (known as the D block) for use by first responders and other public safety uses. In addition, the amendment includes several other provisions to improve spectrum management. These provisions will produce approximately $15 billion in savings over ten years. Farm Payment Reforms The Reid Amendment reduces direct payments by lowering the level of base acres on which payments can be made from 85 percent to 59 percent. This change would begin in the 2012 crop year and would save $11 billion over ten years. Pell Grants and Higher Education Reforms The Reid Amendment safeguards the Pell Grant and maintains the current maximum grant at $5,550. The amendment would end graduate and professional students eligibility for subsidized Stafford loans, as proposed in the President s Fiscal Year 2012 budget request. Graduate and professional students still would be able to receive unsubsidized federal student loans, and would continue to be eligible to apply for deferment, forbearance, or other loan repayment assistance. The $18 billion in savings are used to address projected shortfalls in the Pell Grant through Fiscal Year

3 Reducing Waste, Fraud and Abuse The Reid Amendment would reduce waste, fraud and abuse by promoting efforts to improve enforcement in several areas. Specified levels of funding for such efforts would not be limited by the discretionary spending caps, in recognition of the savings that such funding can be expected to produce for the taxpayers. The anti-fraud efforts promoted by the amendment include: 1) Continuing Disability Reviews and SSI redeterminations 2) Internal Revenue Service tax enforcement, 3) Health care fraud and abuse control, and 4) Unemployment Insurance improper payment reviews. The government made an estimated $125 billion in improper payments last year over all its programs. This is unacceptable and unaffordable. The Reid Amendment would be a significant step toward addressing this problem and could reduce the deficit by about $40 billion over the next ten years. Joint Select Committee on Deficit Reduction The Reid Amendment would establish a joint select committee to develop legislation to reduce the deficit. The committee s recommendations would be considered under fast track procedures that preclude any amendments and guarantee votes in the House and Senate. The joint committee would include 12 Members appointed by the leaders of both parties in each house of Congress. Its goal would be to reduce the deficit to 3 percent or less of GDP. The committee would be directed to consider other bipartisan plans, such as those proposed by the so-called Gang of Six. 7 votes would be required to approve recommendations. 3

4 BOEHNER AMENDMENT Summary * Short term debt limit increase threatens another default crisis next year, weakened economy. * Forces vote on balanced budget amendment. * $1.2 trillion in discretionary savings but allows defense to increase. * Cuts higher education for deficit reduction. * Omits Reid Amendment s savings from spectrum and farm payment reforms. * Omits savings from cracking down on tax cheaters and reducing UI overpayments. * Establishes joint committee on deficit reduction. Short-Term Debt Limit Increase The Boehner Amendment initially would allow the President to increase the debt limit by $400 billion. An additional $500 billion would be available subject to a joint resolution of disapproval, which would be considered under a fast track process. This process would create needless uncertainty, and is designed almost exclusively for political purposes. Its transparent goals are to allow Members to later claim that they opposed more borrowing, and to force President Obama to take the blame for future debt limit increases needed largely because of Bush Administration policies that he opposed. The initial $900 billion noted above most likely is enough to avoid another default crisis only until early next year. Beyond that, the Boehner Amendment would allow an additional $1.6 trillion increase in the debt limit only if a newly-established joint select committee is successful in enacting legislation that achieves at least that level of deficit reduction. If the joint committee is unable to reach agreement, or its recommendations fail to win the support of Congress and are not enacted, the Boehner Amendment would trigger another default crisis. Balanced Budget Amendment The Boehner Amendment would require a vote on a balanced budget amendment, the GOP version of which would force deep Social Security and Medicare cuts, and lock in protections for every special interest tax break. Consideration of the balanced budget amendment would be limited to 20 hours and no floor amendments to a House-passed version would be allowed. Discretionary Spending The Boehner Amendment includes 10-year discretionary spending caps that would save $1.2 trillion in budget authority. Total funding in FY 2012 would be $1.043 trillion, or $2 billion lower than the Reid Amendment and $7 billion lower than the FY 2011 CR level. The Boehner Amendment does not set a cap that corresponds to the Reid Amendment s firewall for security discretionary spending (defense and veterans). However, it sets FY 2012 defense spending at between $535 billion and $569 billion. This would allow defense to increase 4

5 by $16.5 billion (or to be cut by the same amount). In other words, the amendment would allow the Pentagon to avoid the contributions to deficit reduction called for in the Reid Amendment. Higher Education: The Boehner Amendment cuts assistance to students and uses some savings to address the Pell Grant shortfall, while using several billion dollars in cuts for deficit reduction. Joint Select Committee on Deficit Reduction The Boehner Amendment would establish a joint select committee on deficit reduction very similar to one proposed by the Reid Amendment. The joint committee would be directed to produce at least $1.8 trillion in deficit reduction. Notes Savings figures are relative to the same CBO adjusted baseline used by the Biden Group and the House. Figures should be considered tentative and subject to modest change. The Reid Amendment, as introduced on July 25, 2011, did not include planned GSE reforms pending a determination of whether they would be subject to a blue slip in the House of Representatives. These reforms would produce about $30 billion in deficit reduction. The Reid Amendment would update various Senate budget enforcement mechanisms. The amendment sets aggregate budget levels and allocations to committees, which are necessary given the absence of a final budget resolution. The amendment would allow the Appropriations Committee to move forward with appropriations bills for fiscal years 2012 and

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