Congressional Budget Office V. Legislation Enacted in the 114th Congress That Affects Mandatory Spending or Revenues

Legislation Enacted in the 114th Congress That Affects Mandatory Spending or Revenues 1 (March 31, 2017)

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Legislation Enacted in the

114th Congress That Affects

Mandatory Spending or Revenues

This report summarizes the Congressional Budget
Office's estimates of the budgetary effects of laws enacted
during the 114th Congress (calendar years 2015 and
2016) that affect mandatory spending or revenues. The
cumulative budgetary effects of such legislation are
presented-in billions of dollars-in Table 1. The
specific budgetary effects of individual laws enacted
during each session are shown-in millions of dollars-
in Tables 2 and 3.

Table 2 includes legislation that was enacted in the first
session of the 114th Congress and shows CBO's estimates
of budgetary effects for fiscal years 2015 through 2025.
According to CBO's estimates, those laws will increase
budget deficits in each of those fiscal years, adding about
$663 billion to the cumulative deficit for the 2015-2025
period.' Those increases largely result from authorizing
provisions in divisions 0, P, and Q of the Consolidated
Appropriations Act, 2016 (Public Law 114-113), and
from the Medicare Access and CHIP Reauthorization Act

1. When CBO completed its estimate for the Iran Nuclear
Agreement Review Act of 2015, the agency had no basis for
determining when or if an agreement would be reached with Iran
or, if such an agreement was reached, whether the President would
provide additional relief from sanctions or how he would do so.
CBO therefore could not estimate any potential budgetary effects
of P.L. 114-17.

of 2015 (P.L. 114-10), which CBO estimates will increase
deficits over the 11-year period by $680 billion and
$141 billion, respectively. Most of the increase in deficits
stems from divisions P and Q of P.L. 114-113, which
extended-retroactively and prospectively-certain
provisions that had reduced collections of corporate and
individual income taxes and excise taxes. Increases in the
deficit will be partially offset by decreases stemming from
the Bipartisan Budget Act of 2015 (P.L. 114-74) and the
Fixing America's Surface Transportation Act (P.L. 114-
94), which together will reduce deficits by a total of
$151 billion over the 2015-2025 period, CBO estimates.

Table 3 includes legislation enacted in the second session
and, in most cases, shows the agency's estimates for fiscal
years 2016 through 2026. In CBO's estimation, those
laws increased the deficit in fiscal year 2016 but will
decrease deficits in all subsequent years through 2026. In
total, CBO estimates, those laws will decrease deficits by
about $7 billion over the 2016-2026 period.2 Most of

2. That amount does not include any potential budgetary effects in
2026 of the Trade Facilitation and Trade Enforcement Act of
2015 (P.L. 114-125) because CBO estimated the cost of that bill
relative to the agency's March 2015 baseline, which did not
include fiscal year 2026.

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