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Letter to the Honorable Nancy Pelosi 1 (March 2010)

handle is hein.congrec/cbo9385 and id is 1 raw text is: CONGRESSIONAL BUDGET OFFICE Douglas W. Elmendorf, Director U.S. Congress Washington, DC 20515 March 18, 2010 Honorable Nancy Pelosi Speaker U.S. House of Representatives Washington, DC 20515 Dear Madam Speaker: The Congressional Budget Office (CBO) and the staff of the Joint Committee on Taxation (JCT) have completed a preliminary estimate of the direct spending and revenue effects of an amendment in the nature of a substitute to H.R. 4872, the Reconciliation Act of 2010; that amendment (hereafter called the reconciliation proposal) was made public on March 18, 2010. The estimate is presented in three ways: * An estimate of the budgetary effects of the reconciliation proposal, in combination with the effects of H.R. 3590, the Patient Protection and Affordable Care Act (PPACA), as passed by the Senate;' * An estimate of the incremental effects of the reconciliation proposal, over and above the effects of enacting H.R. 3590 by itself; * An estimate of the budgetary impact of the reconciliation proposal under the assumption that H.R. 3590 is not enacted (that is, an estimate of the bill's impact relative to current law as of today). Although CBO completed a preliminary review of legislative language prior to its release, the agency has not thoroughly examined the reconciliation proposal to verify its consistency with the previous draft. This estimate is therefore preliminary, pending a review of the language of the reconciliation proposal, as well as further review and refinement of the budgetary projections. The reconciliation proposal includes provisions related to health care and revenues, many of which would amend H.R. 3590. It also includes amendments to the Higher Education Act of 1965, which authorizes most federal programs involving postsecondary education. 'An estimate by CBO and JCT of the direct spending and revenue effects of H.R. 3590 as passed by the Senate was provided in a letter to the Honorable Harry Reid on March 11, 2010. That estimate is available at www.cbo.gov (and JCT's detailed table of revenue effects is available at wwwlct.gov).

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