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Answers to Questions for the Record following a Hearing on the Budget and Economic Outlook for 2017 to 2027 Conducted by the Senate Committee on the Budget 1 (April 6, 2017)

handle is hein.congrec/cbo3420 and id is 1 raw text is: Answers to Questions for the Record Following a Hearing on the Budget and Economic Outlook for 2017 to 2027 Conducted by the Senate Committee on the Budget On February 1, 2017, the Senate Committee on the Budget convened a hearing at which Keith Hall, Director of the Congressional Budget Office, testified about CBO ' report The Budget and Economic Outlook: 2017 to 2027 (www.cbo.gov/publication/52370). After the hearing, Chairman Enzi, Ranking Member Sanders, and other Members of the Committee submitted questions for the record. This document provides CBO ' answers. Chairman Enzi Question. The budgetary impact of repealing the Affordable Care Act was briefly discussed during the hearing, but not with respect to any specific legislative proposal. As you are aware, CBO has prepared a number of estimates of the budgetary effects of H.R. 3762, the Restoring Americans' Healthcare Freedom Reconciliation Act of 2015. In CBO's most recent cost estimate of that legislation (released on January 4, 2016), what was the estimated impact of that legislation on the federal deficit? Please clarify what CBO's conclusions were regarding the budgetary impact of H.R. 3762 with and without macroeconomic feedback effects. Answer. On January 4, 2016, CBO released an estimate of the budgetary effects of H.R. 3762, the Restoring Americans' Healthcare Freedom Reconciliation Act.' That estimate included two components-one that did not include the effects of any feedback to the budget from economic changes brought about by the bill (that is, the economic variables underlying the estimate were held constant) and another that incorporated such macroeconomic feedback. Before accounting for macroeconomic feedback, CBO and the staff of the Joint Committee on Taxation (JCT) estimated that enacting H.R. 3762 would have reduced deficits by about $318 billion over the 2016-2025 period. That estimate reflects a $1.4 trillion reduction in outlays partially offset by a $1.1 trillion decrease in revenues. After accounting for the effects of macroeconomic feedback on revenues and spending, CBO and JCT estimated that the legislation would have reduced federal deficits by a total 1. Congressional Budget Office, cost estimate for H.R. 3762, the Restoring Americans' Healthcare Freedom Reconciliation Act, as passed by the Senate on December 3, 2015, and following enactment of the Consolidated Appropriations Act, 2016 (January 4, 2016), www.cbo.gov/publication/51107.

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