March 5, 1975
Page 5271
IMPLEMENTATION OF THE BUDGET ACT IN 1975 – REPORT OF THE COMMITTEE ON THE BUDGET (REPT. NO. 94-27)
Mr. MUSKIE. Mr. President, the Senate Budget Committee has today filed a report, pursuant to section 906 of the Congressional Budget and Impoundment Control Act of 1974, to implement significant portions of the Budget Act for fiscal year 1976. The House Budget Committee has filed a substantially identical report in that body.
Against the background of a rapidly deteriorating economy, and numerous proposals advanced for Federal action to remedy it, the Congressional Budget and Impoundment Control Act assumes an even larger role than was originally contemplated when it was enacted scarcely 8 months ago. We have made substantial progress toward meeting that challenge. The Budget Committees in both Houses are now fully staffed. A Director has been appointed for the Congressional Budget Office, the functioning of which is essential to the success of this process.
With this first year plan, we have embarked on implementation of the most significant budgetary reform Congress has enacted in this century. Our success will require the full cooperation of all Members and all committees. We are grateful for the support we have already received from the Members of this body, from the chairmen of its committees, and from the leadership on both sides of the aisle. We are confident of its continuation as we undertake to fulfill the mandate of the Budget Act.
The filing of these two reports implements basic provisions of the Budget Act in 1975. The House and the Senate Budget Committees will be reporting first concurrent resolutions on the budget by April 15. Congress will complete action on those resolutions by May 15. A second concurrent resolution on the budget will be reported by the Budget Committees and enacted by the Congress this coming fall.
The budget resolution reported April 15 will not deal in all the detail that subsequent resolutions in future years will involve. But in this year of severe economic distress, the Budget Committees have determined that, although not required by the act, our committees should help Congress devise a sound spending and taxing policy as the Federal Government strives to do its share to return the Nation to a healthy economic footing.
Numerous other provisions of the act will be implemented by this report. All these provisions are being implemented pursuant to discussions which began last fall between our committees and the chairmen and staffs of the House and Senate committees, and the leadership of both Houses.
We will be circulating this report as soon as it is available for distribution to the committees and to each Member of the Senate.