Budgetary Revisions
Floor Speech
BREAK IN TRANSCRIPT
Mr. WHITEHOUSE. Mr. President, today the Senate passed H.R. 815, the National Security Act of 2024. This bill supports Ukrainian victory against Putin and his war machine, bolsters Israel's security, and reiterates our longstanding commitment to Taiwan and its democratic values. This legislation also provides needed humanitarian resources for Gaza, Ukraine, Armenia, Haiti, Sudan, the Rohingya, and others. And H.R. 815 contains my bipartisan Rebuilding Economic Prosperity and Opportunity, or REPO, for Ukrainians Act, co-authored with Senator Risch, which would provide additional assistance to Ukraine using assets from the Central Bank of the Russian Federation and other sovereign assets. Hundreds of billions of dollars of Russian sovereign assets have been frozen--including billions here in the United States-- since the start of Russia's murderous invasion. This legislation will help Ukraine rebuild after it beats back the Russian invasion, by seizing and repurposing the Putin regime's frozen funds. Because this legislation only uses confiscated assets to assist Ukraine, any increases in direct spending are fully paid for.
I previously adjusted budgetary levels on March 8, 2024, to accommodate the Senate-passed national security supplemental and am making further revisions for the current House-passed version. Because H.R. 815 is still deficit-neutral with the addition of the REPO Act, I am adjusting the committee allocations and aggregates to accommodate the legislation. Section 121(c) of the Fiscal Responsibility Act of 2023 contains a reserve fund that authorizes the Budget Committee chairman to revise budget aggregates and committee allocations for legislation that would not increase the deficit over the period of fiscal years 2024 to 2033.
Additionally, I am revising the allocation to the Committee on Appropriations, colloquially known as the 302(a), consistent with the bill before the Senate. It contains slightly less emergency-designated spending than the version that passed the Senate in February.
Section 251 of the Balanced Budget and Emergency Deficit Control Act of 1985, as amended by the Fiscal Responsibility Act of 2023, establishes statutory limits on discretionary funding levels for fiscal years 2024 and 2025 and allows adjustments to those limits. Sections 302 and 314(a) of the Congressional Budget Act allow the chairman of the Budget Committee to revise the allocations, aggregates, and levels consistent with those adjustments.
5,036.175 Outlays................................................ 5,097.363 Adjustment: Budget Authority....................................... -0.015 Outlays................................................ -7.022 Revised Aggregates: Budget Authority....................................... 5,036.160 Outlays................................................ 5,090.341 ------------------------------------------------------------------------ REVISIONS TO BUDGET REVENUE AGGREGATES (Pursuant to Section 121 of the Fiscal Responsibility Act of 2023) ($ in billions) ------------------------------------------------------------------------ 2024 2024-2028 2024-2033 ------------------------------------------------------------------------ Current Revenue Aggregates....... 3,651.838 20,174.730 45,331.755 Adjustments...................... 0.000 5.000 5.000 Revised Revenue Aggregates....... 3,651.838 20,179.730 45,336.755 ------------------------------------------------------------------------ Note: Division E of H.R. 815, the FEND Off Fentanyl Act, increases
revenue by $77 million over 10 years and was already included in a
revision that was filed on March 8. This further adjustment reflects
the inclusion of Division F, the Rebuilding Economic Prosperity and
Opportunity for Ukrainians Act, which raises $5 billion of revenue
through sovereign assets confiscated from the Russian Federation. REVISIONS TO ALLOCATIONS TO SENATE AUTHORIZING COMMITTEES (Pursuant to Section 121 of the Fiscal Responsibility Act of 2023) ($ in billions) ------------------------------------------------------------------------ 2024 2024-2028 2024-2033 ------------------------------------------------------------------------ Foreign Relations: Budget Authority............. 43.978 220.169 440.898 Outlays...................... 39.915 215.035 435.773 Adjustments: Budget Authority............. 0.000 5.000 5.000 Outlays...................... 0.000 5.000 5.000 Revised Allocation: Budget Authority............. 43.978 225.169 445.898 Outlays...................... 39.915 220.035 440.773 ------------------------------------------------------------------------ Note: Division E of H.R. 815, the FEND Off Fentanyl Act, increased
direct spending by $60 million over 10 years and was already included
in a revision that was filed on March 8. This further adjustment
reflects the inclusion of Division F, the Rebuilding Economic
Prosperity and Opportunity for Ukrainians Act, which spends an
additional $5 billion. REVISIONS TO THE ALLOCATION TO THE COMMITTEE ON APPROPRIATIONS FOR FISCAL YEAR 2024 (Pursuant to Section 314 of the Congressional Budget Act of 1974) ($ in billions) ------------------------------------------------------------------------ Current Revised Allocation Adjustments Allocation ------------------------------------------------------------------------ Revised Security Budget Authority 953.841 0.000 953.841 Revised Nonsecurity Budget 785.504 -0.015 785.489 Authority....................... General Purpose Outlays.......... 1,847.777 -7.022 1,840.755 ------------------------------------------------------------------------ EMERGENCY DISCRETIONARY SPENDING IN H.R. 815 FOR FISCAL YEAR 2024 ($ in billions) ------------------------------------------------------------------------ Emergency Detail of Adjustments Made Above -------------------------------------- Security Nonsecurity Total ------------------------------------------------------------------------ Defense: Budget Authority............. 67.061 0.000 67.061 Outlays...................... 4.919 0.000 4.919 Energy and Water: Budget Authority............. 0.149 0.098 0.247 Outlays...................... 0.021 0.000 0.021 Homeland Security: Budget Authority............. 0.000 0.400 0.400 Outlays...................... 0.000 0.005 0.005 Labor-HHS-Ed: Budget Authority............. 0.000 0.531 0.531 Outlays...................... 0.000 0.098 0.098 Military Construction-VA: Budget Authority............. 0.282 0.000 0.282 Outlays...................... 0.001 0.000 0.001 State-Foreign Operations: Budget Authority............. 0.000 26.808 26.808 Outlays...................... 0.000 8.191 8.191 Total: Revised Discretionary Budget 67.492 27.837 95.329 Authority................... Revised Discretionary Outlays 4.941 8.294 13.235 ------------------------------------------------------------------------ Note: H.R. 815, the national security supplemental, contains $95.329
billion of budget authority and $13.235 billion of outlays designated
as an emergency, spread across six subcommittees. Those amounts are
$15 million less in budget authority and $7.022 billion less in
outlays than the Senate-passed version, primarily because the passage
of time results in less of the funding being spent in FY 2024.
BREAK IN TRANSCRIPT
Source