Fiscal 2016 Budget Resolution -- House Budget Committee Substitute

Price, R-Ga., substitute amendment that would provide for $2.935 trillion in new budget authority in fiscal 2016, not including off-budget accounts. It would assume $5.5 trillion in reduced spending over the next 10 years - including by assuming repeal of the 2010 health care law and proposing reduced spending on Medicare and Medicaid and changing programs such as the Supplemental Nutrition Assistance Program. It would assume future savings by calling for restructuring Medicare into a "premium support" system beginning in 2024. It also would call for a deficit-neutral overhaul of the tax code that would lower rates and it would assume $147 billion in additional savings through "dynamic scoring," and would include instructions to committees to trigger the budget reconciliation process to cut mandatory spending. The resolution would call for fiscal 2016 discretionary spending that adheres to the sequester-reduced defense and non-defense caps set by the Budget Control Act, but for future years it would assume a 10-year increase in defense caps of $387 billion while calling for cutting non-defense caps by $759 billion. For fiscal 2016, it would propose adding $36 billion more than the president requested for the uncapped Overseas Contingency Operations war funding account, but would call for $20.5 billion of that amount to be offset by other spending cuts.