THE GRAMM-RUDMAN TIMETABLE
Congress will face the following deadlines as it takes up President Reagan’s budget, if all goes according to the new Gramm-Rudman budget-balancing law:
Feb. 5: Reagan proposes fiscal 1987 budget with $144-billion deficit, the ceiling set by the Gramm-Rudman law.
April 15: Congress completes action on a 1987 budget that provides targets for subsequent spending and tax bills.
June 30: Congress completes action on its regular spending bills.
Aug. 20: The Office of Management and Budget and the Congressional Budget Office report to the General Accounting Office on the projected 1987 deficit and the size of any across-the-board spending cuts necessary to reach the $144-billion ceiling.
Aug. 25: The GAO forwards the spending-cut order to Reagan.
Sept. 1: Reagan issues the spending-cut order.
Oct. 1: Fiscal 1987 begins, and the spending cuts take effect.
Oct. 15: If Congress has taken further deficit-cutting action, a revised presidential spending-cut order, based on new OMB and CBO deficit projections, takes effect.
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