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1 1 (2020)

handle is hein.congrec/cbolegfs0001 and id is 1 raw text is: i> ( FEBRUARY 2020 Legislation Enacted in the First Session of the 116th Congress That Affects Mandatory Spending or Revenues This Congressional Budget Office report summarizes the agency's estimates of the budgetary effects of authorizing legislation enacted during the first session of the 116th Congress-which spans the period from January 3, 2019, through January 3, 2020-that affects manda- tory spending or revenues.) The estimates are for the enacted versions of the relevant laws. CBO prepared each estimate when the legislation was last considered by the Congress, measuring its costs against the baseline projections used for budget enforcement purposes by the House and Senate Committees on the Budget.2 For 1. The amounts in this report and its two supplemental tables also incorporate the estimated effects on revenues from provisions included in enacted appropriation legislation. The report and supplemental tables do not include the estimated effects of appropriation legislation on budget authority and outlays because most of those effects are classified in the budget as discretionary spending. Although annual appropriation legislation typically provides a large amount of mandatory spending authority each year (estimated at more than $1 trillion in 2019, and in the previous two years), most of those amounts are already included in CBO's baseline projections as required by section 257 of the Balanced Budget and Emergency Deficit Control Act of 1985. Accordingly, most mandatory spending ascribed to appropriation legislation has no budgetary effect relative to CBO's baseline projections. 2. For more information about the budgetary effects identified in CBO's cost estimates, see Congressional Budget Office, How CBO Prepares Cost Estimates (February 2018), www.cbo.gov/ publication/53519. consistency, each estimate covers the same period as that used by CBO for its corresponding cost estimate during the Congressional session. According to CBO's estimates, the laws that were enacted during the first session of the 116th Congress will increase budget deficits in every fiscal year from 2019 through 2029. In total, CBO estimates, those laws will add about $406 billion to the cumulative deficit over that 10-year period-the net result of a $422 billion reduction in revenues and a $16 billion reduction in outlays. Most of the estimated increase in the deficit stems from Public Law 116-94 (one of two consolidated appro- priation bills enacted in December 2019). P.L. 116-94 repealed the excise tax on employment-based health insurance plans with premiums exceeding certain thresh- olds, an annual fee imposed on many health insurers, and an excise tax on certain medical devices; it also extended several dozen expiring tax provisions (and made other changes). When that legislation (H.R. 1865 in bill form) was being considered by the Congress, CBO and the staff of the Joint Committee on Taxation (JCT) estimated that its enactment would increase the deficit in every year from 2019 through 2029. In total, CBO and JCT estimated, P.L. 116-94 would decrease rev- enues by about $422 billion and increase outlays by All years referred to in this report are federal fiscal years, which run from October 1 to September 30 and are designated by the calendar year in which they end.

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