Notice; 2023 Statutory Pay-As-You-Go Act Annual Report, 5578-5580 [2024-01706]
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<![CDATA[
5578
Federal Register / Vol. 89, No. 19 / Monday, January 29, 2024 / Notices
DEPARTMENT OF LABOR
Agency Information Collection
Activities; Submission for OMB
Review; Comment Request; Improving
Investment Advice for Workers &
Retirees Prohibited Transaction
Exemption
Notice of availability; request
for comments.
ACTION:
The Department of Labor
(DOL) is submitting this Employee
Benefits Security Administration
(EBSA)-sponsored information
collection request (ICR) to the Office of
Management and Budget (OMB) for
review and approval in accordance with
the Paperwork Reduction Act of 1995
(PRA). Public comments on the ICR are
invited.
DATES: The OMB will consider all
written comments that the agency
receives on or before February 28, 2024.
ADDRESSES: Written comments and
recommendations for the proposed
information collection should be sent
within 30 days of publication of this
notice to www.reginfo.gov/public/do/
PRAMain. Find this particular
information collection by selecting
‘‘Currently under 30-day Review—Open
for Public Comments’’ or by using the
search function.
Comments are invited on: (1) whether
the collection of information is
necessary for the proper performance of
the functions of the Department,
including whether the information will
have practical utility; (2) the accuracy of
the agency’s estimates of the burden and
cost of the collection of information,
including the validity of the
methodology and assumptions used; (3)
ways to enhance the quality, utility and
clarity of the information collection; and
(4) ways to minimize the burden of the
collection of information on those who
are to respond, including the use of
automated collection techniques or
other forms of information technology.
FOR FURTHER INFORMATION CONTACT:
Michael Howell by telephone at 202–
693–6782, or by email at DOL_PRA_
PUBLIC@dol.gov.
SUPPLEMENTARY INFORMATION: The
proposed exemption would allow
investment advice fiduciaries under
both ERISA and the Code to receive
compensation, including as a result of
advice to roll over assets from a Plan to
an IRA, and engage in principal
transactions, that would otherwise
violate the prohibited transaction
provisions of ERISA and the Code. The
exemption would apply to registered
investment advisers, broker-dealers,
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SUMMARY:
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banks, insurance companies, and their
employees, agents, and representatives
that are investment advice fiduciaries.
The exemption would include
protective conditions designed to
safeguard the interests of Plans,
participants and beneficiaries, and IRA
owners. The new class exemption
would affect participants and
beneficiaries of Plans, IRA owners, and
fiduciaries with respect to such Plans
and IRAs. For additional substantive
information about this ICR, see the
related notice published in the Federal
Register on August 25, 2023 (88 FR
58312).
This information collection is subject
to the PRA. A Federal agency generally
cannot conduct or sponsor a collection
of information, and the public is
generally not required to respond to an
information collection, unless the OMB
approves it and displays a currently
valid OMB Control Number. In addition,
notwithstanding any other provisions of
law, no person shall generally be subject
to penalty for failing to comply with a
collection of information that does not
display a valid OMB Control Number.
See 5 CFR 1320.5(a) and 1320.6.
DOL seeks PRA authorization for this
information collection for three (3)
years. OMB authorization for an ICR
cannot be for more than three (3) years
without renewal. The DOL notes that
information collection requirements
submitted to the OMB for existing ICRs
receive a month-to-month extension
while they undergo review.
Agency: DOL–EBSA.
Title of Collection: Improving
Investment Advice for Workers &
Retirees Prohibited Transaction
Exemption.
OMB Control Number: 1210–0163.
Affected Public: Individuals or
households.
Total Estimated Number of
Respondents: 18,259.
Total Estimated Number of
Responses: 3,259,765.
Total Estimated Annual Time Burden:
994,301 hours.
Total Estimated Annual Other Costs
Burden: $104,639.
(Authority: 44 U.S.C. 3507(a)(1)(D))
Michael Howell,
Senior Paperwork Reduction Act Analyst.
[FR Doc. 2024–01662 Filed 1–26–24; 8:45 am]
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OFFICE OF MANAGEMENT AND
BUDGET
Notice; 2023 Statutory Pay-As-You-Go
Act Annual Report
Office of Management and
Budget (OMB).
ACTION: Notice.
AGENCY:
This report is being published
as required by the Statutory Pay-AsYou-Go (PAYGO) Act of 2010. The Act
requires that OMB issue an annual
report and a sequestration order, if
necessary.
FOR FURTHER INFORMATION CONTACT: Erin
O’Brien. 202–395–3106.
SUPPLEMENTARY INFORMATION: This
report can be found at https://
www.whitehouse.gov/omb/paygo/.
Authority: 2 U.S.C. 934.
SUMMARY:
Kelly A. Kinneen,
Assistant Director for Budget.
This Report is being published
pursuant to section 5 of the Statutory
Pay-As-You-Go (PAYGO) Act of 2010,
Public Law 111–139, 124 Stat. 8, 2
U.S.C. 934, which requires that OMB
issue an annual PAYGO report,
including a sequestration order if
necessary, no later than 14 working days
after the end of a congressional session.
This Report describes the budgetary
effects of all PAYGO legislation enacted
during the first session of the 118th
Congress and presents the 5-year and
10-year PAYGO scorecards maintained
by OMB.1 Because neither the 5-year
nor 10-year scorecard shows a debit for
the budget year, which for purposes of
this Report is fiscal year 2024,2 a
sequestration order under subsection
5(b) of the PAYGO Act, 2 U.S.C 934(b)
is not required.
The budget year balance on each of
the PAYGO scorecards is zero because
the Consolidated Appropriations Act,
2023 (Pub. L. 117–328) shifted the
debits on both scorecards from fiscal
year 2024 to fiscal year 2025. The
change directed by Public Law 117–328
is discussed in more detail in section IV
of this report.
During the first session of the 118th
Congress, no laws with PAYGO effects
were enacted with emergency
requirements under section 4(g) of the
PAYGO Act, 2 U.S.C. 933(g), though as
discussed later in this report, one law
was enacted that rescinded funding that
received an emergency designation
1 This report encompasses laws enacted between
January 3, 2023 at noon and January 3, 2024 at
11:55 a.m. (Pub. L. 117–329 through Pub. L. 118–
34).
2 References to years on the PAYGO scorecards
are to fiscal years.
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Federal Register / Vol. 89, No. 19 / Monday, January 29, 2024 / Notices
when it was enacted. Two laws had
estimated budgetary effects on direct
spending and/or revenues that were
excluded from the calculations of the
PAYGO scorecards due to provisions
excluding part of the law from section
4(d) of the PAYGO Act, 2 U.S.C. 933(d).
I. PAYGO Legislation With Budgetary
Effects
PAYGO legislation is authorizing
legislation that affects direct spending
or revenues, and appropriations
legislation that affects direct spending
in the years after the budget year or
affects revenues in any year.3 For a more
complete description of the Statutory
PAYGO Act, see Chapter 4, ‘‘Budget
Process,’’ of the Analytical Perspectives
volume of the 2024 President’s Budget,
found on the website of the U.S.
Government Printing Office (https://
www.govinfo.gov/app/collection/
budget/2024/BUDGET-2024-PER).
The PAYGO Act’s requirement of
deficit neutrality is based on two
scorecards that tally the cumulative
budgetary effects of PAYGO legislation
as averaged over rolling 5- and 10-year
periods starting with the budget year.
The 5-year and 10-year PAYGO
scorecards for each congressional
session begin with the balances of costs
or savings carried over from previous
sessions and then tally the costs or
savings of PAYGO laws enacted in the
most recent session.
The 5-year PAYGO scorecard for the
first session of the 118th Congress began
with balances of $443,138 million in
2024, $1,256,908 million in 2025,
$443,138 million in 2026, and $72,505
million in 2027. The 10-year PAYGO
scorecard for the first session of the
118th Congress began with balances of
$242,729 million in 2024, $672,477
million in 2025, $242,729 million per
year for 2026–2031, and $55,709 million
for 2032.
Laws enacted during the first session
of the 118th Congress created balances
on the 5- and 10-year scorecards of
¥$1,188 million and ¥$891 million in
each year, respectively. Public Law 117–
328 shifted the fiscal year 2024 debits
on both scorecards to fiscal year 2025.
Therefore, the 2024 balance on both the
5- and 10-year scorecards is zero. There
are balances on the 5-year scorecard of
$1,697,668 million in 2025, $441,949
million in 2026, $71,317 million in
2027, and ¥$1,188 million in 2028.
There are balances on the 10-year
scorecard of $913,423 million in 2025,
$241,837 million in per year for 2026–
2031, $54,818 million in 2032, and
¥$891 million in 2033.
In the first session of the 118th
Congress, 16 laws were enacted that
were determined to constitute PAYGO
legislation. Of the 16 enacted PAYGO
laws, 5 laws were estimated to have
PAYGO budgetary effects (costs or
savings) in excess of $500,000 over one
or both of the 5-year or 10-year PAYGO
windows. These were:
• Public Law 117–333, Veterans Auto
and Education Improvement Act of
2022;
• Public Law 118–5, Fiscal
Responsibility Act of 2023;
• Public Law 118–19, An Act to
amend title 38, United States Code, to
extend and modify certain authorities
and requirements relating to the
Department of Veterans Affairs, and for
other purposes;
• Public Law 118–27, 5G Spectrum
Authority Licensing Enforcement Act;
and
• Public Law 118–31, National
Defense Authorization Act for Fiscal
Year 2024.
In addition to the laws identified
above, 11 laws enacted in this session
were estimated to have negligible
budgetary effects on the PAYGO
scorecards—costs or savings of less than
$500,000 over both the 5-year and 10year PAYGO windows.
II. Budgetary Effects Excluded From the
Scorecard Balances
A. Emergency Designations
No laws were enacted in the first
session of the 118th Congress with an
emergency designation under the
Statutory PAYGO Act. However,
scorekeeping guidelines adopted by the
Office of Management and Budget, the
Congressional Budget Office, and the
Congressional budget committees
preclude scoring savings for the
subsequent rescission of funding that
was designated as emergency spending
when enacted. Although the provisions
rescinding the emergency funding are
reported on the PAYGO scorecards
maintained by OMB, the savings
associated with the rescissions are not
included in the balances on the
scorecards that are used to determine
the need for a sequestration. One law
was enacted during the first session of
the 118th Congress that rescinded
funding that was designated as
emergency when it was enacted:
• Public Law 118–5, Fiscal
Responsibility Act of 2023.
B. Statutory Provisions Excluding
Legislation From the Scorecards
Two laws enacted in the first session
of the 118th Congress had estimated
budgetary effects on direct spending and
revenues that were excluded from the
calculations for the PAYGO scorecards
due to provisions in law excluding part
of the law from section 4(d) of the
PAYGO Act.
Budgetary effects in two laws were
excluded from the scorecards:
• Public Law 118–15, Continuing
Appropriations Act, 2024 and Other
Extensions Act; and
• Public Law 118–22, Further
Continuing Appropriations and Other
Extensions Act, 2024.
III. PAYGO Scorecards
STATUTORY PAY-AS-YOU-GO SCORECARDS
[In millions of dollars; negative amounts portray decreases in deficits]
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2024
First Session of the 118th Congress ........
Balances from Previous Sessions ............
Change in balances pursuant to Sec.
1001(d)(2) of Division O of Public Law
117–328 .................................................
5-year PAYGO Scorecard .........................
2025
2028
¥1,188
1,256,908
¥1,188
443,138
¥1,188
72,505
¥1,188
0
¥441,949
0
441,949
1,697,668
0
441,949
0
71,317
0
¥1,188
First Session of the 118th Congress ........
Jkt 262001
2025
¥891
3 Provisions in appropriations acts that affect
direct spending in the years after the budget year
(also known as ‘‘outyears’’) or affect revenues in any
year are considered to be budgetary effects for the
purposes of the PAYGO scorecards except if the
18:33 Jan 26, 2024
2027
¥1,188
443,138
2024
VerDate Sep<11>2014
2026
¥891
2026
¥891
2027
¥891
2028
¥891
provisions produce outlay changes that net to zero
over the current year, budget year, and the four
subsequent years. As specified in section 3 of the
PAYGO Act, off-budget effects are not counted as
budgetary effects. Off-budget effects refer to effects
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2029
¥891
2030
¥891
2031
¥891
2032
¥891
2033
¥891
on the Social Security trust funds (Old-Age and
Survivors Insurance and Disability Insurance) and
the Postal Service.
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Federal Register / Vol. 89, No. 19 / Monday, January 29, 2024 / Notices
STATUTORY PAY-AS-YOU-GO SCORECARDS—Continued
[In millions of dollars; negative amounts portray decreases in deficits]
Balances from Previous Sessions ............
Change in balances pursuant to Sec.
1001(d)(2) of Division O of Public Law
117–328 .................................................
10-year PAYGO Scorecard .......................
2024
2025
2026
2027
2028
2024
242,729
2025
672,477
2026
242,729
2027
242,729
2028
242,729
2029
242,729
2030
242,729
2031
242,729
2032
55,709
2033
0
¥241,837
0
241,837
913,423
0
241,837
0
241,837
0
241,837
0
241,837
0
241,837
0
241,837
0
54,818
0
¥891
IV. Legislative Revisions to the PAYGO
Scorecards
NATIONAL ARCHIVES AND RECORDS
ADMINISTRATION
Section 1001(d)(2) of division O of
Public Law 117–328, the Consolidated
Omnibus Appropriations Act, 2023,
states, ‘‘For the purposes of the annual
report issued pursuant to section 5 of
the Statutory Pay-As-You-Go Act of
2010 (2 U.S.C. 934) after adjournment of
the first session of the 118th Congress,
and for determining whether a
sequestration order is necessary under
such section, the debit for the budget
year on the 5-year scorecard, if any, and
the 10-year scorecard, if any, shall be
deducted from such scorecards in 2024
and added to such scorecards in 2025.’’
Accordingly, both the 5- and 10-year
scorecards deduct the debit from 2024
and add that debit to 2025.
[NARA–23–0016; NARA–2024–012]
V. Sequestration Order
As shown on the scorecards, the
budgetary effects of PAYGO legislation
enacted in the first session of the 118th
Congress, combined with section
1001(d)(2) of division O of Public Law
117–328, resulted in no costs on either
the 5-year or the 10-year scorecard in
the budget year, which is 2024 for the
purposes of this Report. Because the
costs for the budget year, as shown on
the scorecards, were set to zero for the
budget year, there is no ‘‘debit’’ on
either scorecard under section 3 of the
PAYGO Act, 2 U.S.C. 932, and a
sequestration order is not required.4
[FR Doc. 2024–01706 Filed 1–26–24; 8:45 am]
ddrumheller on DSK120RN23PROD with NOTICES1
BILLING CODE 3110–01–P
4 Sequestration reductions pursuant to the
Balanced Budget and Deficit Control Act (BBEDCA)
Section 251A for 2024 were calculated and ordered
in a separate report and are not affected by this
determination. See: https://www.whitehouse.gov/
wp-content/uploads/2023/03/BBEDCA_
Sequestration_Report_and_Letter_3-13-2024.pdf.
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18:33 Jan 26, 2024
Jkt 262001
Records Schedules; Notice of
Withdrawal
National Archives and Records
Administration (NARA).
ACTION: Notice; withdrawal.
AGENCY:
On January 23, 2024, the
National Archives and Records
Administration (NARA) published a
Federal Register notice to allow public
comment on the records schedules
listed at the end of this notice. The
notice is hereby withdrawn.
DATES: The document published at 89
FR 4340 on January 23, 2024, is
withdrawn as of January 29, 2024.
FOR FURTHER INFORMATION CONTACT:
Kimberly Richardson, Strategy and
Performance Division, by email at
regulation_comments@nara.gov. For
information about records schedules,
contact Records Management
Operations by email at
request.schedule@nara.gov or by phone
at 301–837–1799.
SUPPLEMENTARY INFORMATION:
SUMMARY:
Public Comment Procedures
We publish notice of records
schedules in which agencies propose to
dispose of records they no longer need
to conduct agency business. We invite
public comments on these records
schedules, as required by 44 U.S.C.
3303a(a), and list the schedules at the
end of this notice by agency and
subdivision requesting disposition
authority.
When the records schedule notice was
published on January 23, 2024, at 89 FR
4340, the docket was assigned an
incorrect number and the link to the
URL for the regulations.gov docket for
the schedules was incorrect. Due to
these clerical errors, the notice will be
withdrawn and the schedules will be
reposted as soon as possible in a new
notice, allowing the full 45-day
comment period for the public to submit
comments.
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Schedules Withdrawn
1. Department of Defense, Defense
Contract Audit Agency, Records related
to Security and Intelligence (DAA–
0372–2022–0001).
2. Department of Health and Human
Services, Office of Medicare Hearings
and Appeals, Administrative Law Judge
and Attorneys Files (DAA–0468–2023–
0003).
3. Department of Homeland Security,
Federal Emergency Management
Agency, Mission Training Records
(DAA–0311–2022–0001).
4. Department of Homeland Security,
U.S. Citizenship and Immigration
Services, Teacher Training for
Citizenship Education Records (DAA–
0566–2022–0002).
5. Department of Homeland Security,
U.S. Customs and Border Protection,
Promissory Notes (DAA–0568–2023–
0003).
6. Department of the Navy, AgencyWide, Telecommunications and
Information Technology (DAA–NU–
2019–0009).
7. Central Intelligence Agency,
Agency-wide, Mission Related Data
(DAA–0263–2018–0001).
8. National Security Agency, Agencywide, Transaction Monitoring (DAA–
0457–2024–0001).
Laurence Brewer,
Chief Records Officer for the U.S.
Government.
[FR Doc. 2024–01660 Filed 1–26–24; 8:45 am]
BILLING CODE 7515–01–P
NATIONAL CREDIT UNION
ADMINISTRATION
Proposed Collection; Request for
Comments
National Credit Union
Administration (NCUA).
ACTION: Notice of submission to the
Office of Management and Budget.
AGENCY:
As required by the Paperwork
Reduction Act, the National Credit
Union Administration (NCUA) is
submitting the new, proposed
SUMMARY:
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]]>Agencies
[Federal Register Volume 89, Number 19 (Monday, January 29, 2024)]
[Notices]
[Pages 5578-5580]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-01706]
=======================================================================
-----------------------------------------------------------------------
OFFICE OF MANAGEMENT AND BUDGET
Notice; 2023 Statutory Pay-As-You-Go Act Annual Report
AGENCY: Office of Management and Budget (OMB).
ACTION: Notice.
-----------------------------------------------------------------------
SUMMARY: This report is being published as required by the Statutory
Pay-As-You-Go (PAYGO) Act of 2010. The Act requires that OMB issue an
annual report and a sequestration order, if necessary.
FOR FURTHER INFORMATION CONTACT: Erin O'Brien. 202-395-3106.
SUPPLEMENTARY INFORMATION: This report can be found at https://www.whitehouse.gov/omb/paygo/.
Authority: 2 U.S.C. 934.
Kelly A. Kinneen,
Assistant Director for Budget.
This Report is being published pursuant to section 5 of the
Statutory Pay-As-You-Go (PAYGO) Act of 2010, Public Law 111-139, 124
Stat. 8, 2 U.S.C. 934, which requires that OMB issue an annual PAYGO
report, including a sequestration order if necessary, no later than 14
working days after the end of a congressional session.
This Report describes the budgetary effects of all PAYGO
legislation enacted during the first session of the 118th Congress and
presents the 5-year and 10-year PAYGO scorecards maintained by OMB.\1\
Because neither the 5-year nor 10-year scorecard shows a debit for the
budget year, which for purposes of this Report is fiscal year 2024,\2\
a sequestration order under subsection 5(b) of the PAYGO Act, 2 U.S.C
934(b) is not required.
---------------------------------------------------------------------------
\1\ This report encompasses laws enacted between January 3, 2023
at noon and January 3, 2024 at 11:55 a.m. (Pub. L. 117-329 through
Pub. L. 118-34).
\2\ References to years on the PAYGO scorecards are to fiscal
years.
---------------------------------------------------------------------------
The budget year balance on each of the PAYGO scorecards is zero
because the Consolidated Appropriations Act, 2023 (Pub. L. 117-328)
shifted the debits on both scorecards from fiscal year 2024 to fiscal
year 2025. The change directed by Public Law 117-328 is discussed in
more detail in section IV of this report.
During the first session of the 118th Congress, no laws with PAYGO
effects were enacted with emergency requirements under section 4(g) of
the PAYGO Act, 2 U.S.C. 933(g), though as discussed later in this
report, one law was enacted that rescinded funding that received an
emergency designation
[[Page 5579]]
when it was enacted. Two laws had estimated budgetary effects on direct
spending and/or revenues that were excluded from the calculations of
the PAYGO scorecards due to provisions excluding part of the law from
section 4(d) of the PAYGO Act, 2 U.S.C. 933(d).
I. PAYGO Legislation With Budgetary Effects
PAYGO legislation is authorizing legislation that affects direct
spending or revenues, and appropriations legislation that affects
direct spending in the years after the budget year or affects revenues
in any year.\3\ For a more complete description of the Statutory PAYGO
Act, see Chapter 4, ``Budget Process,'' of the Analytical Perspectives
volume of the 2024 President's Budget, found on the website of the U.S.
Government Printing Office (https://www.govinfo.gov/app/collection/budget/2024/BUDGET-2024-PER).
---------------------------------------------------------------------------
\3\ Provisions in appropriations acts that affect direct
spending in the years after the budget year (also known as
``outyears'') or affect revenues in any year are considered to be
budgetary effects for the purposes of the PAYGO scorecards except if
the provisions produce outlay changes that net to zero over the
current year, budget year, and the four subsequent years. As
specified in section 3 of the PAYGO Act, off-budget effects are not
counted as budgetary effects. Off-budget effects refer to effects on
the Social Security trust funds (Old-Age and Survivors Insurance and
Disability Insurance) and the Postal Service.
---------------------------------------------------------------------------
The PAYGO Act's requirement of deficit neutrality is based on two
scorecards that tally the cumulative budgetary effects of PAYGO
legislation as averaged over rolling 5- and 10-year periods starting
with the budget year. The 5-year and 10-year PAYGO scorecards for each
congressional session begin with the balances of costs or savings
carried over from previous sessions and then tally the costs or savings
of PAYGO laws enacted in the most recent session.
The 5-year PAYGO scorecard for the first session of the 118th
Congress began with balances of $443,138 million in 2024, $1,256,908
million in 2025, $443,138 million in 2026, and $72,505 million in 2027.
The 10-year PAYGO scorecard for the first session of the 118th Congress
began with balances of $242,729 million in 2024, $672,477 million in
2025, $242,729 million per year for 2026-2031, and $55,709 million for
2032.
Laws enacted during the first session of the 118th Congress created
balances on the 5- and 10-year scorecards of -$1,188 million and -$891
million in each year, respectively. Public Law 117-328 shifted the
fiscal year 2024 debits on both scorecards to fiscal year 2025.
Therefore, the 2024 balance on both the 5- and 10-year scorecards is
zero. There are balances on the 5-year scorecard of $1,697,668 million
in 2025, $441,949 million in 2026, $71,317 million in 2027, and -$1,188
million in 2028. There are balances on the 10-year scorecard of
$913,423 million in 2025, $241,837 million in per year for 2026-2031,
$54,818 million in 2032, and -$891 million in 2033.
In the first session of the 118th Congress, 16 laws were enacted
that were determined to constitute PAYGO legislation. Of the 16 enacted
PAYGO laws, 5 laws were estimated to have PAYGO budgetary effects
(costs or savings) in excess of $500,000 over one or both of the 5-year
or 10-year PAYGO windows. These were:
Public Law 117-333, Veterans Auto and Education
Improvement Act of 2022;
Public Law 118-5, Fiscal Responsibility Act of 2023;
Public Law 118-19, An Act to amend title 38, United States
Code, to extend and modify certain authorities and requirements
relating to the Department of Veterans Affairs, and for other purposes;
Public Law 118-27, 5G Spectrum Authority Licensing
Enforcement Act; and
Public Law 118-31, National Defense Authorization Act for
Fiscal Year 2024.
In addition to the laws identified above, 11 laws enacted in this
session were estimated to have negligible budgetary effects on the
PAYGO scorecards--costs or savings of less than $500,000 over both the
5-year and 10-year PAYGO windows.
II. Budgetary Effects Excluded From the Scorecard Balances
A. Emergency Designations
No laws were enacted in the first session of the 118th Congress
with an emergency designation under the Statutory PAYGO Act. However,
scorekeeping guidelines adopted by the Office of Management and Budget,
the Congressional Budget Office, and the Congressional budget
committees preclude scoring savings for the subsequent rescission of
funding that was designated as emergency spending when enacted.
Although the provisions rescinding the emergency funding are reported
on the PAYGO scorecards maintained by OMB, the savings associated with
the rescissions are not included in the balances on the scorecards that
are used to determine the need for a sequestration. One law was enacted
during the first session of the 118th Congress that rescinded funding
that was designated as emergency when it was enacted:
Public Law 118-5, Fiscal Responsibility Act of 2023.
B. Statutory Provisions Excluding Legislation From the Scorecards
Two laws enacted in the first session of the 118th Congress had
estimated budgetary effects on direct spending and revenues that were
excluded from the calculations for the PAYGO scorecards due to
provisions in law excluding part of the law from section 4(d) of the
PAYGO Act.
Budgetary effects in two laws were excluded from the scorecards:
Public Law 118-15, Continuing Appropriations Act, 2024 and
Other Extensions Act; and
Public Law 118-22, Further Continuing Appropriations and
Other Extensions Act, 2024.
III. PAYGO Scorecards
Statutory Pay-As-You-Go Scorecards
[In millions of dollars; negative amounts portray decreases in deficits]
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2024 2025 2026 2027 2028
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First Session of the 118th Congress....... -1,188 -1,188 -1,188 -1,188 -1,188
Balances from Previous Sessions........... 443,138 1,256,908 443,138 72,505 0
Change in balances pursuant to Sec. -441,949 441,949 0 0 0
1001(d)(2) of Division O of Public Law
117-328..................................
5-year PAYGO Scorecard.................... 0 1,697,668 441,949 71,317 -1,188
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2024 2025 2026 2027 2028 2029 2030 2031 2032 2033
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First Session of the 118th Congress....... -891 -891 -891 -891 -891 -891 -891 -891 -891 -891
[[Page 5580]]
Balances from Previous Sessions........... 242,729 672,477 242,729 242,729 242,729 242,729 242,729 242,729 55,709 0
Change in balances pursuant to Sec. -241,837 241,837 0 0 0 0 0 0 0 0
1001(d)(2) of Division O of Public Law
117-328..................................
10-year PAYGO Scorecard................... 0 913,423 241,837 241,837 241,837 241,837 241,837 241,837 54,818 -891
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IV. Legislative Revisions to the PAYGO Scorecards
Section 1001(d)(2) of division O of Public Law 117-328, the
Consolidated Omnibus Appropriations Act, 2023, states, ``For the
purposes of the annual report issued pursuant to section 5 of the
Statutory Pay-As-You-Go Act of 2010 (2 U.S.C. 934) after adjournment of
the first session of the 118th Congress, and for determining whether a
sequestration order is necessary under such section, the debit for the
budget year on the 5-year scorecard, if any, and the 10-year scorecard,
if any, shall be deducted from such scorecards in 2024 and added to
such scorecards in 2025.'' Accordingly, both the 5- and 10-year
scorecards deduct the debit from 2024 and add that debit to 2025.
V. Sequestration Order
As shown on the scorecards, the budgetary effects of PAYGO
legislation enacted in the first session of the 118th Congress,
combined with section 1001(d)(2) of division O of Public Law 117-328,
resulted in no costs on either the 5-year or the 10-year scorecard in
the budget year, which is 2024 for the purposes of this Report. Because
the costs for the budget year, as shown on the scorecards, were set to
zero for the budget year, there is no ``debit'' on either scorecard
under section 3 of the PAYGO Act, 2 U.S.C. 932, and a sequestration
order is not required.\4\
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\4\ Sequestration reductions pursuant to the Balanced Budget and
Deficit Control Act (BBEDCA) Section 251A for 2024 were calculated
and ordered in a separate report and are not affected by this
determination. See: https://www.whitehouse.gov/wp-content/uploads/2023/03/BBEDCA_Sequestration_Report_and_Letter_3-13-2024.pdf.
[FR Doc. 2024-01706 Filed 1-26-24; 8:45 am]
BILLING CODE 3110-01-P
