Tax News Update    Email this document    Print this document  

February 1, 2021
2021-0229

House budget resolution released

House Budget Committee Democrats released an FY2021 budget resolution February 1 that includes reconciliation instructions to 12 separate committees to report recommendations that may result in an increase of the deficit by more than $2.1 trillion over the FY 2021—2030 period. The recommendations are due back to the Budget Committee by February 16.

The House and Senate are planning to vote on the FY2021 budget resolution this week to tee up the budget reconciliation process for President Biden's $1.9 trillion stimulus bill. The move would allow the stimulus bill to pass the Senate with 50 votes plus the tie-breaking vote of the Vice President, rather than be subject to the 60-vote threshold required to overcome a filibuster. That approach may be necessary because Republicans up to this point have not been inclined to back a bill of that magnitude.

"With this budget resolution, the Democratic Congress is paving the way for the landmark Biden-Harris coronavirus package that will crush the virus and deliver real relief to families and communities in need," House Speaker Nancy Pelosi (D-CA) and Senate Majority Leader Chuck Schumer (D-NY) said in a joint statement. "We are hopeful that Republicans will work in a bipartisan manner to support assistance for their communities, but the American people cannot afford any more delays and the Congress must act to prevent more needless suffering."

The amount of deficit increasing recommendations per House committee is roughly as follows.

House Committee

Amount of deficit increasing recommendations

Ways & Means

$940.72 billion

Agriculture

$16.1 billion

Education & Labor

$357.1 billion

Energy & Commerce

$188.5 billion

Financial services

$75 billion

Foreign Affairs

$10 billion

Natural Resources

$1 billion

Oversight & Reform

$350.7 billion

Science, Space, and Technology

$750 million

Small business

$50 billion

Transportation and Infrastructure

$95.62 billion

Veterans Affairs

$17 billion

———————————————

Contact Information
For additional information concerning this Alert, please contact:
 
Washington Council Ernst & Young
   •  Any member of the group at (202) 293-7474.