Vote Smart's Synopsis:

Vote to adopt the concurrent resolution that would revise the U.S Government budget for fiscal year 2007, and establish the fiscal year 2008 congressional budget for the United States Government, and set appropriate budgetary levels for fiscal year 2009 through 2012.

Highlights:

• Appropriates the following:
• $3.21 trillion for National Defense;
• $1.96 billion for International Affairs;
• $9.25 billion for Energy;
• $120.76 billion for Agriculture;
• $567.55 billion for Education, Training, Employment and Social Services;
• $1.90 trillion for Health;
• $2.59 trillion for Medicare;
• $2.36 trillion for Income Security;
• $140.86 billion for Social Security; and
• $520.51 billion for Veterans' Benefits and Services.

• Authorizes certain reserve funds for:
• The State Children's Health Insurance Program;
• Alternative minimum tax revision;
• Middle-income tax relief;
• Agriculture;
• Higher education;
• Medicare improvements;
• Creation of long-term energy alternatives;
• Affordable housing;
• Equitable benefits for Filipino veterans of World War II;
• Reauthorization of the Secure Rural School and Community Self-Determination Act;
• Receipts from Bonneville Power Administration; and
• Transition Medical Assistance program extension.

• Assumes that certain tax cuts enacted in 2001 and 2003 will expire in 2010 as planned.

• Provides for adjustments to discretionary spending limits, budgetary aggregates, and allocations for (Sec. 301):
• Continuing disability reviews and Supplemental Security Income (SSI) redeterminations by the Social Security Administration (SSA);
• Internal Revenue Service (IRS) tax compliance;
• The health care fraud and abuse control program; and
• Unemployment insurance improper payments reviews.

• Expresses the policy of the resolution to support extension of middle income tax relief and enhanced economic equity through policies such as (Sec. 401):
• Extension of the child tax credit;
• Extension of tax reductions;
• Extension of the 10 percent individual income tax bracket;
• Elimination of estate taxes on all but a minute fraction of estates by reforming and substantially increasing the unified tax credit;
• Etension of the research and experimentation tax credit;
• Extension of the deduction for State and local sales taxes;
• Extension of the deduction for small business expensing; and
• Enactment of a tax credit for school construction bonds.

• Expresses the sense of the House that Congress should extend PAYGO in its original form in the Budget Enforcement Act of 1990 in order to reduce the deficit (Sec. 508).

Full Bill Text

Full Bill Text