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Letter to the Honorable James C. Miller III [i] (November 1987)

handle is hein.congrec/cbo8667 and id is 1 raw text is: CONGRESSIONAL BUDGET OFFICE UMS CONGRESS WASHINGTON, D.C. 20515 November 16, 1987 Honorable James C. Miller III Director Office of Management and Budget Washington, D.C. 20503 Dear Mr. Miller: In accordance with the new procedures of the Balanced Budget and Emergency Deficit Control Reaffirmation Act of 1987, Public Law 100-119, I herewith transmit to you my revised sequestration report for fiscal year 1988. The purpose of this report is to indicate whether and to what extent, as a result of laws enacted and regulations promulgated since October 10, 1987, the Congressional Bud- get Office estimates for the budget baseline deficit for 1988 and the required amount of outlay reductions have changed from my initial sequestration report. This report is based on the same economic and technical assumptions, employs the same method- ologies, and uses the same definition of the budget baselines, and the same criteria and guidelines as those used for my initial sequestration report. As of the close of business November 13, 1987, our estimate of the baseline deficit for 1988 is $179.9 billion. This is $0.6 billion higher than our estimate as of October 10, 1987, as a result of the enactment of Public Law 100-136. This legislation requires that certain veterans housing loans be sold with recourse to the federal government. Under our scoring conventions, the receipts from such sales are not counted as off- setting collections, which raises our baseline outlay estimates for the Veterans Ad- ministration. The increase in our estimate of the baseline deficit does not change the required amount of outlay reductions to be obtained through sequestration, which by law is limited to $23 billion for 1988. Accordingly, the sequestration calculations required for this revised report, with certain minor exceptions, are identical to those contained in my initial report. These calculations were printed in the Federal Register of October 16, 1987 (Vol. 52, No. 200, Part VI, pages 38682-38737) and are submitted again by reference to this earlier report, with certain changes as set forth in Attachment A to this letter. With best wishes, Sincerely yours, Edward M. Gramlich Acting Director Enclosure

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