Budget Agreement Reaffirms Key Goals of Bush Budget:
Moderated Spending Growth, Debt Reduction, and Tax Relief
Washington, DC, May 2, 2001 -- Office of Management and Budget
Director Mitchell E. Daniels, Jr. today hailed the budget agreement reached
between the Bush Administration and Congressional leaders as a victory for
Director Daniels said, "This agreement reflects the major goals of
President Bushs first budget: the nations spending priorities will be met,
historic levels of Federal debt will be retired, and taxes will be reduced.
This budget is good for Americas families. Now the goal before us is to
ensure that this agreement has sustained meaning. We will remain vigilant
throughout the year to make certain that in the end we deliver a budget that
adheres to the limits agreed to today."
Moderates discretionary spending growth to 4.9 percent in FY 2002 ($666.6 billion);
Provides for more than $2 trillion in debt reduction by FY 2011;
Provides $1.35 trillion in tax relief from FY 2001 to FY 2011;
Provides a $5.5 billion increase in FY 2001 and a $7 billion increase in
FY 2002 for agriculture, bringing to not more than $79 billion the total
amount set aside for the period FY 2001 to FY 2011; and
Provides $5 billion for a National Emergency Reserve. After providing
for core disaster and wildfire operations, this additional amount will be
available to the extent that the emergencies are sudden, urgent, unforeseen,
and not permanent.