This bill — the Bipartisan Budget Act of 2019 — would raise the debt limit through July 31, 2021, to avoid a potential default in late August or early September and raise discretionary spending caps to $1.371 trillion in FY2020 & $1.375 trillion in FY2021 (up from their FY2019 level of $1.321 trillion). It would increase discretionary budgets for both defense and non-defense categories, provide additional funding for the 2020 Census, and include $77.5 billion in offsets for the increased spending. A detailed breakdown of its various provisions can be found below.
Fiscal Year 2020: The overall discretionary budget would total $1.371 trillion. The defense discretionary budget would total $739 billion, including a base budget of $666.5 billion plus $71.5 billion for Overseas Contingency Operations (OCO), which is an increase of $30.9 billion from FY2019. The non-defense discretionary budget would total $629.5 billion, including $8 billion in OCO funding, which is an increase of $24.5 billion from FY2019. This section would also authorize a budget increase of $2.5 billion for the 2020 Census.
Fiscal Year 2021: The overall discretionary budget would total $1.375 trillion. The defense discretionary budget would total $740.5 billion, including a base budget of $671.5 billion and $69 billion in OCO funding. The non-defense discretionary budget would total $634.5 billion, including $8 billion in OCO funding.
Taken together, the budget levels set forth for FY2020-2021 would carry the federal government through the expiration of the budget sequestration enacted in the Budget Control Act of 2011, which would trigger across-the-board spending cuts if allowed to take effect.
This section would suspend the public debt limit through July 31, 2021, effectively allowing the federal government to continue borrowing money through bond markets.
This section would offset spending by extending existing customs user fee rates from FY2027 through FY2029, and extending Medicare benefits provisions through that period as well. In total, it's projected they would reduce budget authority by $77.3 billion and outlays (actual spending) by $54.5 billion.