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1 1 (April 16, 2020)

handle is hein.congrec/cbopestef0001 and id is 1 raw text is: O CONGRESSIONAL BUDGET OFFICE Phillip L. Swagel, Director U.S. Congress Washington, DC 20515 April 16, 2020 Honorable Mike Enzi Chairman Committee on the Budget United States Senate Washington, DC 20510 Re. Preliminary Estimate of the Effects ofH.R. 748, the CARES Act, Public Law 116-136 Dear Mr. Chairman: The Congressional Budget Office and the staff of the Joint Committee on Taxation (JCT) have completed a preliminary estimate of the budgetary effects of H.R. 748, the Coronavirus Aid, Relief, and Economic Security Act (the CARES Act), which was enacted on March 27, 2020, as Public Law 116-136.' CBO will provide a comprehensive analysis of this act and related legislation when it publishes its updated baseline budget projections later this year .2 On a preliminary basis, CBO and JCT estimate that the act will increase federal deficits by about $1.8 trillion over the 2020-2030 period (see Table 1 at the end of this letter). The estimate includes: A $988 billion increase in mandatory outlays; A $446 billion decrease in revenues; and A $326 billion increase in discretionary outlays, stemming from emergency supplemental appropriations. 1. The CARES Act is authorizing legislation; however, consistent with section 23008 of the law, division B is treated as appropriation legislation. 2. That analysis will include, where appropriate, information on the fair-value estimates of the costs of credit programs.

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