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Letter to Harry Reid 1 (March 29, 2012)

handle is hein.congrec/cbo10714 and id is 1 raw text is: CONGRESSIONAL BUDGET OFFICE Douglas W. Elmendorf, Director U.S. Congress Washington, DC 20515 March 29, 2012 Honorable Harry Reid Majority Leader United States Senate Washington, DC 20510 Dear Mr. Leader: The Congressional Budget Office (CBO) has reviewed S. 1813, the Moving Ahead for Progress in the 21st Century Act, as passed by the Senate on March 14, 2012. CBO estimates that enacting the legislation would increase both direct spending and revenues; therefore, pay-as-you-go procedures apply. Together, CBO estimates that those changes would reduce future deficits by $15.3 billion over the 2012-2017 period and by $10.0 billion over the 2012-2022 period (see enclosed Table 1). CBO also estimates that implementing S. 1813 would have discretionary costs of $50.6 billion over the 2012- 2017 period, assuming appropriation actions consistent with the legislation (see enclosed Table 2). In addition, CBO estimates that implementing provisions of S. 1813 for the remainder of 2012 and for 2013 would result in an end-of-year balance in 2013 of approximately $4 billion in the highway account of the Highway Trust Fund and about $3 billion in the transit account of the Highway Trust Fund (see enclosed Table 3). CBO and staff of the Joint Committee on Taxation estimate that over the 2012-2022 period, S. 1813 would require transfers totaling $13.9 billion to the Highway Trust Fund from the General Fund of the Treasury ($5 billion), certain tariffs collected on imported goods ($4.5 billion), a portion of the balances and future amounts expected to be credited to the Leaking Underground Storage Tank Trust Fund ($4.7 billion), and amounts expected to be collected from the existing gas guzzler tax on certain vehicles ($0.7 billion). Those transferred amounts are included in the estimates of the balances that would be available in the Highway Trust Fund that are displayed in Table 3; such intergovernmental transfers would enable prompt liquidation of current and future obligations of the Highway Trust Fund. The legislation, as passed by the Senate, includes a number of provisions that were not included in the cost estimate that CBO transmitted on March 7, 2012, for 5. 1813 with an amendment number 1761. Specifically, the legislation passed by the Senate would require that certain penalties paid in connection with the April 2010 explosion at the Deepwater Horizon facility in the Gulf of Mexico be directed to certain Gulf Coast States

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