1. Federal R&D Budget: Recent History and State of Play Matt Hourihan December 2, 2014 for the MRS Science Policy Forum AAAS R&D Budget and Policy Program http://www.aaas.org/program/rd-budget- and-policy-program http://www.aaas.org/program/rd-budget- and-policy-program

8. BCA takes effect: first year of caps

9. Sequestration kicks in (delayed and reduced by the American Taxpayer Relief Act)

10. Budget warfare resolved by Bipartisan Budget Act (restores some funding in FY14, FY15)

21. The Fiscal Context for FY 2015 Congress keeps (partially) restoring funding FY15: 21% reduction in cuts Discretionary spending cap is only 0.2% above FY14 before inflation Very little room for any sort of program growth… …reflected in the President’s budget

23. Looking ahead… Omnibus negotiations underway Beyond FY 2015: back to sequester levels? Discretionary spending heading to post- WW II lows as a share of GDP Deficits have fallen, but big-picture fiscal challenges remain largely unchanged Debt limit, entitlement growth Size and composition of the discretionary budget? Can R&D stay ahead of the curve?

25. For more info… mhouriha@aaas.org 202-326-6607 http://www.aaas.org/program/rd -budget-and-policy-program