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1 Budgetary Effects of Making Specified Policies in the Build Back Better Act Permanent [1] (December 10, 2021)

handle is hein.congrec/cbobeffmksp0001 and id is 1 raw text is: CONGRESSIONAL BUDGET OFFICE Phillip L. Swagel, Director U.S. Congress Washington, DC 20515 December 10, 2021 Honorable Lindsey Graham Honorable Jason Smith Ranking Member Ranking Member Committee on the Budget Committee on the Budget United States Senate U.S. House of Representatives Washington, DC 20510 Washington, DC 20515 Re: Budgetary Effects ofMaking Specified Policies in the Build Back Better Act Permanent Dear Senator and Congressman: This letter responds to your request for a projection of the budgetary effects, including the effects on interest costs, of a modified version of H.R. 5376, the Build Back Better Act. You specified modifications that would make various policies permanent rather than temporary (see Table 1). The Congressional Budget Office and the staff of the Joint Committee on Taxation project that a version of the bill modified as you have specified would increase the deficit by $3.0 trillion over the 2022-2031 period (see Table 2). That amount includes three components: effects usually counted in CBO's cost estimates (which are labeled conventional effects in the table), the effects of increased resources for tax enforcement, and effects on interest on the public debt. Under long-standing guidelines agreed to by the legislative and executive branches, estimates to be used for budget enforcement purposes include the first component but not the second and third. In comparison, including the same three components, the version of H.R. 5376 that was passed by the House of Representatives would increase the deficit by $0.2 trillion over the 2022-2031 period, CBO projects. The largest difference between the two estimates stems from an increase in the child tax credit that ends after 2022 in the House-passed version of the bill. www.cbo.gov

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