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1 Legislation Enacted in the 115th Congress That Affects Mandatory Spending or Revenues 1 (March 2019)

handle is hein.congrec/cbolec0001 and id is 1 raw text is: MARCH 2019 Legislation Enacted in the 115th Congress That Affects Mandatory Spending or Revenues This report of the Congressional Budget Office sum- marizes the agency's estimates of the budgetary effects of authorizing legislation enacted during the first and second sessions of the 115th Congress (calendar years 2017 and 2018) that affected mandatory spending or revenues.) The estimates incorporated into this report are for the enacted versions of the corresponding laws. Each estimate was prepared when the legislation was consid- ered or enacted, and each was measured over the period of time and against the baseline projections used for budget enforcement purposes by the House and Senate Committees on the Budget at the time the legislation was 1. In addition to the budgetary effects of authorizing legislation, the amounts in this report and the accompanying tables include the estimated effects on revenues from provisions included in enacted appropriation legislation. The estimated effects on budget authority and outlays of appropriation legislation are not included in this report because most of those effects are classified in the budget as discretionary spending. Although annual appropriation legislation typically provides a large amount of mandatory spending authority each year (estimated at more than $1 trillion in fiscal year 2017 and again in 2018), most of those amounts are already included in CBO's baseline projections, as required by section 257 of the Balanced Budget and Emergency Deficit Control Act of 1985. Accordingly, relative to CBO's baselines, most mandatory spending ascribed to appropriation legislation has no budgetary effect. last considered by the Congress.2 The periods referred to are consistent with those that CBO used for its cost esti- mates during each Congressional session. The cumulative effects of the legislation are presented in Table 1. According to CBO's estimates, the laws that were enacted during the first session of the 115th Congress will increase budget deficits in every fiscal year from 2017 through 2026 but will decrease the deficit in 2027. In total, CBO estimated, those laws will add about $1.5 trillion to the cumulative deficit over the 2017-2027 period. The largest estimated increase in the deficit stems from Public Law 115-97, the major tax legislation enacted in December 2017, which amended numerous provisions of U.S. tax law and reduced most income tax rates for individuals and corporations. At the time that P.L. 115-97 (H.R. 1) was considered by the Congress, CBO and the staff of the Joint Committee on Taxation (JCT) estimated that its enactment would increase the deficit in every fiscal year from 2017 through 2026 before decreasing it in 2027. In total, CBO and JCT estimated, P.L. 115-97 would decrease revenues by about $1,649 billion and would decrease outlays by 2. For more information related to the budgetary effects identified in CBO's estimates, see Congressional Budget Office, How CBO Prepares Cost Estimates (February 2018), www.cbo.gov/ publication/535 19. Notes: Unless otherwise indicated, all years referred to are federal fiscal years, which run from October 1 to September 30 and are designated by the calendar year in which they end. Numbers in the text and table may not sum to totals because of rounding.

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