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H.R. 22, DRIVE Act 1 (July 24, 2015)

handle is hein.congrec/cbo2448 and id is 1 raw text is: CONGRESSIONAL BUDGET OFFICE Keith Hall, Director U.S. Congress Washington, DC 20515 July 24, 2015 Honorable Mitch McConnell Majority Leader United States Senate Washington, DC 20510 Re: Estimated costs for the DRIVE Act Dear Mr. Leader: The Congressional Budget Office has reviewed the DRIVE Act (Senate Amendment number 2266 to H.R. 22, the Hire More Heroes Act, introduced on July 24, 2015). CBO and the staff of the Joint Committee on Taxation (JCT) estimate the amendment would: * Provide $350 billion in contract authority (the authority to incur obligations in advance of appropriation acts) over the 2015-2021 period; * Authorize obligation limitations that would permit the obligation of $337 billion of contract authority over the 2016-2021 period, which would result in discretionary outlays totaling an estimated $319 billion over the 2016-2025 period; * Transfer $46 billion from the general fund of the Treasury and $300 million from the Leaking Underground Storage Tank Trust Fund to the Highway Trust Fund; and * Make changes in direct spending and revenues that would reduce deficits by $45 billion over the 2015-2025 period. New Contract Authority The DRIVE Act would provide $350 billion in contract authority for the 2015-2021 period, including $8 billion for the remainder of fiscal year 2015. That $8 billion is already reflected in CBO's baseline, which includes an annualized amount for the year, based on the amount that was previously authorized through July 31, 2015.

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