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June 6, 2001
Honorable Pete V. Domenici
Ranking Member
Senate Budget Committee
U.S. Senate
Washington, DC 20510
Dear Senator:
The enclosed table responds to your request for information to clarify the effect of the recently enacted Economic Growth and Tax Relief Reconciliation Act of 2001. As you requested, information is also provided on the levels in the budget resolution compared with both CBO's January and May baselines.
Sincerely,
Dan L. Crippen
Enclosure
cc: | Senator Kent Conrad, Chairman, Senate Budget Committee |
Congressman Jim Nussle, Chairman, House Committee on the Budget | |
Congressman John Spratt, Ranking Democratic Member, House Committee on the Budget |
Budget Aggregates, FY2002 (In billions of dollars) |
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CBO January Baseline |
CBO May Baseline |
Budget Resolution |
Budget Resolution Relative to: |
Effect of Tax Bill |
May Baseline Less Tax Bill |
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January Baseline |
May Baseline |
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Revenues | 2,236 | 2,226 | 2,171 | -65 | -55 | -31 | 2,194 | |||||||||
Outlays | ||||||||||||||||
Discretionary | 682 | 678 | 683 | * | 4 | n.a. | 678 | |||||||||
Mandatory | 1,061 | 1,064 | 1,082 | 21 | 19 | 6 | 1,070 | |||||||||
Net Interest | 179 | 180 | 187 | 7 | 7 | 5 | 185 | |||||||||
Total | 1,923 | 1,922 | 1,952 | 29 | 30 | 11 | 1,933 | |||||||||
Surplus | ||||||||||||||||
On-budget | 142 | 132 | 48 | -94 | -85 | -42 | 90 | |||||||||
Off-budget | 171 | 172 | 171 | 0 | -1 | * | 171 | |||||||||
Total | 313 | 304 | 219 | -94 | -85 | -43 | 261 | |||||||||
Memorandum: | ||||||||||||||||
Medicare HI surplus | 36 | 38 | 36 | 0 | -2 | n.a. | n.a. | |||||||||
On-budget surplus less Medicare HI | 106 | 95 | 12 | -94 | -83 | n.a. | 52 | |||||||||
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SOURCE: Congressional Budget Office; Conference Report on H. Con. Res. 83. | ||||||||||||||||
NOTES: * = between -$500 million and $500 million; n.a. = not applicable; HI = Hospital Insurance. | ||||||||||||||||
Items may not add to totals due to rounding. | ||||||||||||||||
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