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Letter to the Honorable John M. Spratt Jr. [i] (September 2005)

handle is hein.congrec/cbo8503 and id is 1 raw text is: CONGRESSIONAL BUDGET OFFICE Douglas Holtz-Eakin, Director U.S. Congress W'.ashington, DC 20515 September 8, 2005 Honorable John M. Spratt Jr. Ranking Member Committee on the Budget U.S. House of Representatives Washington, DC 20515 Dear Congressman: As requested in your letter of August 17, 2005, the Congressional Budget Office has estimated the effect on its most recent baseline projections of the policy alternatives that you specified. The enclosed table shows CBO's estimate of revenues, outlays, the total budget deficit, and debt held by the public incorporating the following adjustments to its August 2005 baseline: * Assume enactment of the revenue policies proposed in the President's budget for fiscal year 2006; * Assume that the exemption amount for the alternative minimum tax (AMT) is extended at the level in effect for 2005 and, together with the AMT tax brackets, is indexed for inflation after 2005; * Assume enactment of the mandatory spending proposals included in the President's budget, including the President's plan to create personal accounts in the Social Security program. CBO does not have enough information about that proposal to do its own estimate, so it used the figures prepared by the Office of Management and Budget and shown in the Mid-Session Review of the President's budget issued on July 13 (outlays totaling $662 billion over the 2006-20 15 period); * For discretionary programs funded through the regular appropriation process, adopt the levels of budget authority proposed in the President's budget for 2006 through 2010 and the extrapolation of that budget www.cbo.gov

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