(This measure has not been amended since it was introduced. The expanded summary of the House reported version is repeated here.)
Sets forth the congressional budget for the federal government for FY2015, including the appropriate budgetary levels for FY2016-FY2024.
Title I: Recommended Levels and Amounts - (Sec. 101) Lists recommended budgetary levels and amounts for FY2015-FY2024 with respect to: (1) federal revenues, (2) new budget authority, (3) budget outlays, (4) deficits (on-budget), (5) debt subject to limit, and (6) debt held by the public.
(Sec. 102) Lists the appropriate levels of new budget authority and outlays for specified major functional categories for FY2015-FY2024.
Title II: Recommended Long-Term Levels - (Sec. 201) Lists recommended revenue, spending, and deficit levels and amounts for FY2030, FY2035, and FY2040 as a percent of the federal gross domestic product (GDP) with respect to: (1) federal revenues, (2) budget outlays, (3) deficits, and (4) debt.
Title III: Reserve Funds - (Sec. 301) Authorizes a certain reserve fund to repeal the Patient Protection and Affordable Care Act and the health care-related provisions of the Health Care and Education Reconciliation Act of 2010 (2010 health care laws).
(Sec. 302) Authorizes certain deficit-neutral reserve funds:
- to reform the 2010 health care laws,
- to repeal all or part of the decreases in Medicare spending included in them,
- for the sustainable growth rate of the Medicare program,
- to reform the tax code,
- to implement a trade agreement,
- for revenue measures that would not increase the deficit for FY2015-FY2024,
- for rural counties and schools
- for transportation by maintaining the solvency of the Highway Trust Fund, and
- to reform policies and programs to reduce poverty and increase opportunity and upward mobility.
Title IV: Estimates of Direct Spending - (Sec. 401) Establishes means-tested direct spending: (1) at 6.8% for the average rate of growth in the total level of outlays during the 10-year period preceding FY2015, and (2) at 5.4% under current law for the estimated average rate of growth in the total level of outlays during the 10-year period beginning with FY2015.
Proposes the following reforms for means-tested directed spending:
- assuming the conversion of the federal share of Medicaid spending into a flexible state allotment tailored to meet each state’s needs, indexed for inflation and population growth;
- assuming the conversion of the Supplemental Nutrition Assistance Program (SNAP) into such a state allotment; and
- increasing the allotment based on the Department of Agriculture Thrifty Food Plan index and beneficiary growth.
Establishes at 5.7% for non-means-tested direct spending for such average rate of growth and at 5.4% under current law for such estimated average rate growth.
Proposes reforms for non-means-tested direct spending: (1) with respect to Medicare, by advancing specified policies to put seniors, not the federal government, in control of their health care decisions; and (2) by calling for federal employees, including Members of Congress and congressional staff, to make greater contributions toward their own retirement.
Title V: Budget Enforcement - (Sec. 501) Prohibits House legislation that would require advance appropriations, except certain FY2016 programs, projects, activities, or accounts.
(Sec. 503) Declares that, if a committee other than the Committee on Appropriations reports legislation that decreases direct spending (budget authority and outlays) for any fiscal year and also authorizes appropriations for the same purpose, upon the enactment of that measure, the chair of the Committee on the Budget may decrease the allocation to such committee and increase the allocation of discretionary spending to the Committee on Appropriations for FY2015 by the amount of the new budget authority and outlays provided for in legislation making appropriations for the same purpose.
Authorizes the chair to adjust the allocations, aggregates, and other appropriate budgetary levels for veterans programs, Overseas Contingency Operations/Global War on Terrorism (OCO/GWOT), or committee allocation to the Committee on Appropriations specified in the report of this budget resolution to conform with the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act) (as adjusted by the Budget Control Act of 2011).
(Sec. 504) Makes it out of order in the House to consider legislation reported out of committee (other than the Committee on Appropriations) if it has the net effect of increasing direct spending in excess of $5 billion for any of the four consecutive 10-fiscal-year periods beginning with FY2025.
(Sec. 505) Requires the report or the joint explanatory statement accompanying the conference report on this budget resolution to include in its allocation to the House Committee on Appropriations amounts for the discretionary administrative expenses of the Social Security Administration (SSA) and of the Postal Service.
Authorizes the chair to adjust allocations and aggregates for legislation reported by the Committee on Oversight and Government Reform that reforms the federal retirement system, but does not cause a net increase in the deficit for FY2015-FY2024.
(Sec. 507) Requires any estimate prepared by the Director of the Congressional Budget Office (CBO) for a measure under the Federal Credit Reform Act (FCRA) to also provide, as a supplement, and to the extent practicable, upon the request of the chair or ranking member of the Committee on the Budget, an estimate of the current actual or estimated market values representing the "fair value" of assets and liabilities affected by such measure.
Requires, whenever the Director prepares an estimate of the costs which would be incurred in carrying out any bill or joint resolution and determines that such legislation has a cost related to a housing or residential mortgage program under the FCRA, the Director to also provide an estimate of the current actual or estimated market values representing the "fair value" of assets and liabilities affected by the provisions of the measure that result in such cost.
Authorizes the chair to use such estimate to determine compliance with the Congressional Budget Act of 1974 and other budgetary enforcement controls.
(Sec. 508) Counts legislation that transfers funds from the general fund of the Treasury to the Highway Trust Fund as new budget authority and outlays equal to the amount of the transfer in the fiscal year in which the transfer occurs.
(Sec. 509) Provides a separate allocation in the House to the Committee on Appropriations for OCO/GWOT for FY2015.
Title VI: Policy Statements - (Sec. 601) Declares the policy of this budget resolution on:
- economic growth and job creation;
- tax reform;
- replacing the President's health care law;
- Medicare reform;
- Social Security;
- higher education and workforce development opportunity;
- deficit reduction through the cancellation of unobligated balances;
- responsible stewardship of taxpayer dollars;
- deficit reduction through the reduction of unnecessary and wasteful spending;
- unauthorized spending;
- federal regulatory policy;
- trade; and
- no budget, no pay.