Bipartisan Budget Act of 2015

Bipartisan Budget Act of 2015 was a federal statute signed into law by Barack Obama, the President of the United States, on November 2, 2015. The law was the result of a bipartisan agreement between Republican and Democratic leaders, including John Boehner, Mitch McConnell, Nancy Pelosi, and Harry Reid, to raise the United States debt ceiling and increase federal spending. The agreement was negotiated with the assistance of Jack Lew, the United States Secretary of the Treasury, and Shaun Donovan, the Director of the Office of Management and Budget. The law also received support from Paul Ryan, the Chairman of the House Ways and Means Committee, and Patty Murray, the Chairman of the Senate Budget Committee.

Introduction

The Bipartisan Budget Act of 2015 was a response to the United States federal budget impasse that had been ongoing since the United States federal government shutdown of 2013. The law was designed to provide a two-year budget agreement, avoiding the need for continuing resolutions and fiscal cliff negotiations. The agreement was influenced by the work of the National Commission on Fiscal Responsibility and Reform, also known as the Simpson-Bowles Commission, which was established by Barack Obama in 2010. The commission's report, which was released in 2010, provided a framework for bipartisan budget negotiations, including recommendations from Erskine Bowles and Alan Simpson. The law also built on the work of the Congressional Budget Office, which provided estimates of the budget agreement's impact on the United States federal budget.

Legislative History

The Bipartisan Budget Act of 2015 was introduced in the United States House of Representatives on October 27, 2015, by John Boehner, the Speaker of the United States House of Representatives. The bill was then referred to the United States House Committee on the Budget, where it was marked up and reported out of committee. The bill passed the House on October 28, 2015, with a vote of 266-167, with support from Steny Hoyer, the House Minority Whip, and Kevin McCarthy, the House Majority Leader. The bill then moved to the United States Senate, where it was debated and amended by Mitch McConnell, the Senate Majority Leader, and Harry Reid, the Senate Minority Leader. The bill passed the Senate on October 30, 2015, with a vote of 64-35, with support from Susan Collins, the Chairman of the Senate Appropriations Subcommittee on Transportation, Housing and Urban Development, and Patty Murray, the Chairman of the Senate Budget Committee.

Provisions

The Bipartisan Budget Act of 2015 included several key provisions, including a two-year budget agreement that raised the United States debt ceiling and increased federal spending. The law also included provisions to extend the Medicare sustainable growth rate formula, which was supported by American Medical Association and the American Hospital Association. The law also included provisions to extend the Children's Health Insurance Program, which was supported by Centers for Medicare and Medicaid Services and the National Association of Children's Hospitals. Additionally, the law included provisions to reform the Social Security Disability Insurance program, which was supported by Social Security Administration and the National Organization of Social Security Claimants' Representatives.

Impact and Reception

The Bipartisan Budget Act of 2015 had a significant impact on the United States federal budget and the United States economy. The law was praised by Federal Reserve Chairman Janet Yellen and International Monetary Fund Managing Director Christine Lagarde for its potential to reduce uncertainty and promote economic growth. The law was also supported by Business Roundtable and the U.S. Chamber of Commerce, which praised the law's provisions to increase federal spending and reduce the sequester. However, the law was criticized by some Tea Party groups, including FreedomWorks and the Club for Growth, which argued that the law did not do enough to reduce federal spending and debt.

Implementation and Aftermath

The Bipartisan Budget Act of 2015 was implemented by the Office of Management and Budget and the Congressional Budget Office, which provided guidance on the law's provisions and estimated its impact on the United States federal budget. The law's implementation was also overseen by the Government Accountability Office, which provided oversight and evaluation of the law's provisions. The law's aftermath included the passage of the Omnibus Budget Reconciliation Act of 2016, which implemented the spending provisions of the Bipartisan Budget Act of 2015. The law also influenced the development of the United States federal budget for fiscal year 2017, which was proposed by Barack Obama and debated by Congress. The law's legacy continues to be felt, with its provisions influencing the work of the Congressional Budget Office and the Office of Management and Budget, and its impact on the United States economy and United States federal budget continuing to be studied by economists and policy analysts, including Alan Blinder and Alice Rivlin. Category:United States federal budget