9/14/2023 0 Comments 2022 federal budget![]() ![]() The below tables will be updated as lawmakers make progress on legislation. The House passed the Build Back Better Act on November 19. 5376, setting the stage for a floor vote the week of November 15. In early November, the House passed a rule governing debate over the most recent version of H.R. 5376 or the Build Back Better Act – which has since gone through several revisions in an effort to lower the overall cost. The Budget Committee then compiled those instructions into an omnibus bill – H.R. In late September, authorizing committees in the House held markups and reported reconciliation instructions to the House Budget Committee. ![]() Because lawmakers have promised the package will be fully paid for, this means the Finance and Ways and Means committees will need to come up with offsets for the full $1.75 trillion of borrowing in addition to any new spending or tax breaks they propose. The budget resolution also includes instructions for both the Senate Finance Committee and the House Ways and Means Committee to reduce deficits by at least $1 billion each. ![]() The FY 2022 concurrent budget resolution includes instructions for 11 Senate authorizing committees and 12 House authorizing committees to increase deficits by specific amounts over the next decade, up to a maximum of $1.75 trillion. Below is a brief summary of where we are in the process and tables tracking the House and Senate bills. Reconciliation instructions in the Fiscal Year (FY) 2022 budget resolution allow up to $1.75 trillion of the package to come from new borrowing. We'll be tracking the portions of the package as they are released, marked up in committee, combined, and voted on. Budget reconciliation is underway ( read more about the full process here), with House and Senate lawmakers crafting a reported $3.5 trillion package of new spending and tax breaks. ![]()
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