Budget of the United States Government Mid-Session Review Fiscal Year 2002

Section 1106 of Title 31, United States Code, requires that the President transmit to the Congress a supplemental update of the Budget that was transmitted to the Congress earlier in the year. This supplemental update of the Budget, commonly known as the Mid-Session Review, contains revised estimates of the budget surplus, receipts, outlays, and budget authority for fiscal years 2001 through 2011 and other summary information required by statute. This report also includes the 0MB Sequestration Update Report to the President and Congress for Fiscal Year 2002, as required by the Budget Enforcement Act of 1990 BEA, as amended. The report provides current estimates of the status of discretionary spending and the discretionary spending limits. It also provides the status of pay-as-you-go legislation based on reports transmitted to date. The report shows that, in the absence of changes in the caps and pay-as-you-go requirements, the law would require large automatic reductions in both discretionary and mandatory programs. The Administration will work with Congress to ensure that no unintended sequesters of spending occur.