Sec. 603. Portfolio budgeting
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Section 202(e) of the Congressional Budget Act of 1974 ( 2 U.S.C. 602(e) ), as amended by section 601 of this Act, is amended by adding at the end the following: After November 15 of each year, the Director shall submit to the Committee on Fiscal Control and the Budget of the Senate and the Committee on the Budget of the House of Representatives a report that includes— a list of all accounts in each functional category in the portfolio for the respective fiscal year described in subparagraph (B); levels of budget authority for the previous 5 fiscal years for each account in each functional category, sorted by discretionary and mandatory amounts; a list of major trust funds in each portfolio and an accounting of the most recently available projection of spending and nongovernmental receipts dedicated to each trust fund; the projected date of exhaustion under current law for any entitlement authority derived from a trust fund; options to reduce the deficit focused on the major functional categories in the portfolio; and an analysis of various alternative scenarios affecting major accounts in each such portfolio and the potential budgetary and economic ramifications.
The portfolio described in this subparagraph shall include the following major functional categories: For the first fiscal year beginning after the date of enactment of this paragraph— National Defense (050); International Affairs (150); Veterans Benefits and Services (700); and Administration of Justice (750). For the second fiscal year beginning after the date of enactment of this paragraph— Health (550); and Medicare (570). For the third fiscal year beginning after the date of enactment of this paragraph— General Science, Space, and Technology (250);
Transportation (400); Community and Regional Development (450); and Education, Training, Employment, and Social Services (500). For the fourth fiscal year beginning after the date of enactment of this paragraph— Energy (270); Natural Resources and Environment (300); Agriculture (350); and General Government (800). For the fifth fiscal year beginning after the date of enactment of this paragraph— Commerce and Housing Credit (370); Income Security (600); and Social Security (650).
For the sixth fiscal year and subsequent fiscal years beginning after the date of enactment of this paragraph, each portfolio shall include the same functional categories and submitted in the same order as the portfolios described in subparagraph (B). . On or before November 15 of each year, the Comptroller General shall submit to the Committee on Fiscal Control and the Budget of the Senate and the Committee on the Budget of the House of Representatives a report with respect to the portfolios described in paragraph (7)(B) of 202(e) of the Congressional Budget Act of 1974 ( 2 U.S.C. 602(e) ), as added by subsection
(a)of this section, for the major functional categories in each portfolio, to be submitted in the order described in that paragraph, that includes— a list of duplicative, overlapping, and fragmented accounts in each portfolio, taking into consideration the goals of each account; a list of any high-risk programs in the portfolio; a list of programs with a primary source of funding that has moved from direct spending to discretionary spending or program funding that has moved from discretionary spending to direct spending; an analysis of various alternative scenarios affecting major accounts in each such portfolio and the potential budgetary and economic ramifications; and legislative and funding history for the 10 largest accounts with greater than $1,000,000,000 in budget authority with the greatest percentage of budget authority fluctuations in each portfolio over the most recent 5-year period.
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Sec. 603
Portfolio budgeting
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