Aug. 4, 2011

Should Congress fail to enact the specified amount of budget savings for the upcoming fiscal year for the SAVEGO category containing non-health care mandatory spending and revenues, the OMB would be required to eliminate the shortfall by achieving an equivalent amount of budget savings compared with the relevant baseline for each non-health care mandatory spending account, and for revenue (through a reduction in tax expenditures – not an increase of marginal tax rates or payroll tax rates).

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Staff Paper, Economic Policy Project