NOTE: THIS IS A NON-BINDING CONCURRENT BUDGET RESOLUTION THAT SETS THE FUNDING LEVEL FOR DISCRETIONARY SPENDING. IT IS NOT SIGNED BY THE PRESIDENT AND THEREFORE DOES NOT HOLD THE WEIGHT OF LAW, BUT IS USED AS A GUIDE FOR CONGRESS AS IT PASSES THE ANNUAL APPROPRIATION AND OTHER BILLS.
Vote to adopt a concurrent resolution that calls for $600.5 billion in discretionary spending in 2001 and outlines spending for the four years that follow.
Calls for $310.9 billion in defense spending for FY 2001.
Cuts taxes by $147.1 billion over five year period, beginning in FY 2001.
Establishes a reserve fund of $40 billion for overhaul of Medicare programs, including $20 billion specifically earmarked for the creation of a prescription drug benefit plan.
Creates a Social Security "lockbox" to ensure that Social Security surpluses are not used to fund other programs.
Expresses the sense of the Senate that the United States will reimburse the People's Republic of China for damages the Chinese Embassy in Belgrade sustained during a NATO bombing campaign in 1999.
NOTE: THIS IS A SUBSTITUTE BILL, MEANING THE LANGUAGE OF THE ORIGINAL BILL HAS BEEN REPLACED. THE DEGREE TO WHICH THE SUBSTITUTE BILL TEXT DIFFERS FROM THE PREVIOUS VERSION OF THE TEXT CAN VARY GREATLY.