This resolution (House Concurrent Resolution 393) would establish broad spending and revenue targets over the next five years. It calls for $871.3 billion in “discretionary” spending (including $50 billion for supplemental funding of operations in Iraq) and another $1.5 trillion in “mandatory” spending for fiscal 2005. Based on these targets, the “mandatory” spending portion of the budget would increase by 5 percent over last year, and the total budget — a whopping $2.4 trillion — would increase by 3 percent.
This resolution projects that the budget deficit would be cut significantly by fiscal 2009 (from $376.8 billion in fiscal 2005 to $234 billion in fiscal 2009); however, according to a Congressional Quarterly Fact Sheet, “Budget Resolution for FY 2005,” these projected deficits are deceptively low due to an accounting sleight-of-hand whereby “these deficits are calculated by using the surpluses in the Social Security trust funds to offset spending on other programs. If these Social Security surpluses are not counted, the projected deficits in each fiscal year would be $550.7 billion in FY 2005 and $471.8 billion in FY 2009.”
The House adopted this resolution on March 25, 2004 by a vote of 215 to 212 (Roll Call 92). We have assigned pluses to the nays because this budget perpetuates the fiscally irresponsible, largely unconstitutional federal spending with its attendant record-breaking deficits of recent years.
