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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