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Anlaysis of the Impact on the Deficit of the Budget Control Act of 2011 as Revised in the Senate 1 (July 29, 2011)

handle is hein.congrec/cbo10582 and id is 1 raw text is: CONGRESSIONAL BUDGET OFFICE Douglas W. Elmendorf, Director U.S. Congress Washington, DC 20515 July 29, 2011 Honorable Harry Reid Majority Leader United States Senate Washington, DC 20510 Dear Mr. Leader: The Congressional Budget Office has estimated the impact on the deficit of the Budget Control Act of 2011, as proposed in the Senate on July 29, 2011. The legislation would: * Establish caps on discretionary spending through 2021, including separate caps on new funding for war-related activities; * Allow for certain amounts of additional spending for program integrity initiatives aimed at reducing the amount of improper benefit payments and enhancing compliance with tax laws; * Make changes to the Pell Grant and student loan programs; * Reduce certain payments to agricultural producers; * Establish a procedure for increasing the debt limit by $416 billion initially and subsequent procedures that could allow the limit to be raised in two additional steps, for a cumulative increase of as much as $2.4 trillion; * Reinstate and modify certain budget process rules; and * Create a joint Congressional committee to propose further deficit reduction. In total, if appropriations in the next 10 years are equal to the caps on discretionary spending and the maximum amount of funding is provided for the program integrity initiatives, CBO estimates that the legislation would reduce budget deficits by about $2.2 trillion between 2012 and 2021 relative to CBO's March 2011 baseline adjusted for subsequent appropriation action. As requested by your staff, CBO has also calculated the net budgetary impact if discretionary savings are measured relative to its January baseline projections. On that basis, CBO estimates that the legislation would reduce budget deficits by slightly more than $2.4 trillion between 2012 and 2021.

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