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1 H.R. 2, Agriculture Improvement Act of 2018 1 (December 11, 2018)

handle is hein.congrec/cboagip0001 and id is 1 raw text is: CONGRESSIONAL BUDGET OFFICE Keith Hall, Director U.S. Congress Washington, DC 20515 December 11, 2018 Honorable K. Michael Conaway Chairman Committee on Agriculture U.S. House of Representatives Washington, DC 20515 Re: Direct Spending and Revenue Effects of the Conference Agreement for H.R. 2, the Agriculture Improvement Act of 2018 Dear Mr. Chairman: CBO has prepared an estimate of the effects on direct spending and revenues of the conference agreement for H.R. 2, the Agriculture Improvement Act of 2018, as agreed to on December 10, 2018. Relative to spending projected under CBO's April 2018 baseline, CBO estimates that enacting H.R. 2 would increase direct spending by $1.8 billion and revenues by $35 million over the 2019-2023 period. Following the rules specified in the Balanced Budget and Emergency Deficit Control Act of 1985, CBO has incorporated the assumption that the changes made to those programs would continue after 2023, the final year of authorization under the conference agreement. On that basis, CBO estimates that direct spending and revenues would each increase by $70 million over the 2019-2028 period, resulting in no net change in deficits over the 10-year period. For this estimate, CBO assumes that the conference agreement will be enacted by the end of calendar year 2018. Most of the current authorizations for agriculture and nutrition programs that are reauthorized by H.R. 2 expired at the end of fiscal year 2018. However, consistent with the rules governing baseline projections that are specified in the Deficit Control Act, CBO's baseline incorporates the assumption that those programs will continue to operate after their authorizations expire in the same manner as they did before such expiration. Thus, the costs of extending those authorizations through 2023 are not included in the costs attributable to this conference agreement. CBO estimates that those costs would total $387 billion over the 2019-2023 period and $787 billion over the 2019- 2028 period. Assuming enactment of H.R. 2, total spending under CBO's baseline for agriculture and nutrition programs would be $428 billion over the 2019-2023 period and $867 billion over the 2019-2028 period.

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