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H.R. 1947, Agriculture Reform and Risk Management Act of 2013 1 (May 23, 2013)

handle is hein.congrec/cbo11080 and id is 1 raw text is: CONGRESSIONAL BUDGET OFFICE Douglas W. Elmendorf, Director U.S. Congress Washington, DC 20515 May 23, 2013 Honorable Frank D. Lucas Chairman Committee on Agriculture U.S. House of Representatives Washington, DC 20515 Dear Mr. Chairman: CBO has prepared a cost estimate for H.R. 1947, the Agriculture Reform and Risk Management Act of 2013, as ordered reported by the House Committee on Agriculture on May 15, 2013. Estimated Budgetary Effects CBO estimates that direct spending stemming from the program authorizations in H.R. 1947 would total $940 billion over the 2014-2023 period. That 10-year total reflects the bill's authorization of expiring programs through 2018 and an extension of those authorizations through 2023, consistent with the rules governing baseline projections that are specified in the Balanced Budget and Emergency Deficit Control Act of 1985. Relative to spending projected under CBO's May 2013 baseline, CBO estimates that enacting the bill would reduce direct spending by $33.3 billion over the 2014-2023 period. The estimated budgetary effects of H.R. 1947 are summarized in Table 1. CBO estimates that sections 10008 and 10015 of the bill would increase revenues by $64 million over the 2014-2023 period. Further details of the changes in direct spending and revenues are displayed in Table 2. Assuming appropriation of the specified and necessary amounts, CBO also estimates that implementing the bill would result in discretionary spending

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