An original concurrent resolution setting forth the congressional budget for the United States Government for fiscal year 2025 and setting forth the appropriate budgetary levels for fiscal years 2026 through 2034.

This concurrent resolution serves as the official congressional budget for fiscal year 2025 and establishes appropriate budgetary levels extending through fiscal year 2034. It provides a comprehensive framework for federal finances, detailing projected revenues, new budget authority, outlays, deficits, and the public debt over this ten-year period. The resolution aims to guide legislative actions by setting financial targets and parameters for future spending and revenue decisions.

For fiscal year 2025, the resolution recommends federal revenues of approximately $3.85 trillion, with new budget authority set at $4.66 trillion and total outlays at $4.64 trillion. This results in a projected deficit of about $783 billion for the year. The resolution also projects the public debt to reach approximately $36.37 trillion by the end of fiscal year 2025, with debt held by the public at around $29.14 trillion.

Beyond the aggregate figures, the resolution breaks down recommended new budget authority and outlays for numerous major functional categories across the entire 2025-2034 period. These categories include significant areas such as National Defense, International Affairs, Health, Medicare, Income Security, and Social Security. Each category is assigned specific budgetary levels to guide appropriations and spending within those sectors.

A crucial component of the resolution involves reconciliation instructions, directing specific House and Senate committees to report legislation that either reduces or increases the deficit by certain amounts over the 2025-2034 timeframe. For instance, the House Committees on Agriculture, Education and Workforce, Energy and Commerce, and Natural Resources are instructed to reduce the deficit by at least $1 billion each. Conversely, committees like House Armed Services, Homeland Security, and Judiciary are permitted to report legislation that may increase the deficit by specified maximum amounts.

The resolution also establishes several reserve funds to allow for adjustments to budgetary levels under specific conditions. These include:

• A reserve fund for reconciliation legislation, enabling budget committees to revise allocations for bills complying with reconciliation instructions.
• A general deficit-neutral reserve fund for legislation that does not increase the deficit over the specified periods.
• A deficit-neutral reserve fund specifically for legislation related to protecting Medicare and Medicaid, including strengthening Medicaid and extending the life of the Federal Hospital Insurance Trust Fund.
• Another deficit-neutral reserve fund for legislation focused on government deregulation, aiming to decrease spending from regulations and reassert congressional authority.

Finally, the resolution includes various other matters concerning the enforcement of its budgetary levels. These provisions detail how committee allocations will be filed and applied, how administrative expenses for entities like the Social Security Administration and Postal Service will be treated, and how adjustments can be made for revisions to statutory spending caps, changes in budgetary concepts, or updates to the Congressional Budget Office's baseline. These mechanisms ensure the resolution's financial targets remain relevant and enforceable throughout the budget process.