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Letter to the Honorable Nancy Pelosi 1 (February 2009)

handle is hein.congrec/cbo8540 and id is 1 raw text is: CONGRESSIONAL BUDGET OFFICE US. Congress Washington, DC 20515 February 23, 2009 Honorable Nancy Pelosi Speaker U.S. House of Representatives Washington, DC 20515 Honorable John M. Spratt Jr. Chairman Committee on the Budget U.S. House of Representatives Washington, DC 20515 Dear Madam Speaker and Mr. Chairman: As you requested, CBO has estimated the budgetary impact of three alternative policy scenarios that would modify CBO's most recent baseline projections (released on January 7, 2009) using assumptions that you specified.' This letter details the results of those calculations. CBO's Baseline Projections. CBO's baseline is constructed assuming that current laws and policies remain the same. Following that guideline, CBO's revenue projections incorporate the assumption that the major provisions of the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA) and the Jobs and Growth Tax Relief Reconciliation Act of 2003 (JGTRRA) will expire at the end of December 20 10 and that other tax provisions slated to expire during the 1 0-year projection period will do so as scheduled. In addition, the baseline assumes that the alternative minimum tax (AMT) will not be modified for the years beyond 2008. CBO's projections of discretionary spending start with the funding provided to date for fiscal year 2009 (including $68 billion provided for operations in Iraq and Afghanistan and for other activities related to the war 1. The Joint Committee on Taxation (JCT) provided estimates of the impact of proposals that modify the tax code.

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