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Anlaysis of the Impact on the Deficit of the Budget Control Act of 2011 as Proposed in the House 1 (July 26, 2011)

handle is hein.congrec/cbo10579 and id is 1 raw text is: CONGRESSIONAL BUDGET OFFICE Douglas W. Elmendorf, Director U.S. Congress Washington, DC 20515 July 26, 2011 Honorable John Boehner Speaker of the House U.S. House of Representatives Washington, DC 20515 Dear Mr. Speaker: As you requested, the Congressional Budget Office has estimated the impact on the deficit of the Budget Control Act of 2011, as posted on the Web site of the Committee on Rules on July 25, 2011. 'The legislation would: * Establish caps on discretionary spending through 2021, * Allow for certain amounts of additional spending for program integrity initiatives aimed at reducing the amount of improper benefit payments, * Make changes to the Pell Grant and student loan programs, * Establish procedures for Congressional consideration of a balanced budget amendment to the Constitution, * Establish procedures to increase the debt limit by up to $2.5 trillion, * Reinstate and modify certain budget process rules, and * Create a joint Congressional committee to propose further deficit reduction. In total, if appropriations in the next 10 years are equal to the caps on discretionary spending and the maximum amount of funding is provided for the program integrity initiatives, CBO estimates that the legislation would reduce budget deficits by about $850 billion between 2012 and 2021 relative to CBO's March 2011 baseline adjusted for subsequent appropriation action. As requested, CBO has also calculated the net budgetary impact if discretionary savings are measured relative to its January baseline projections. Relative to that baseline, CBO estimates that the legislation would reduce budget deficits by about $1.1 trillion between 2012 and 2021. 1. The Budget Control Act of 2011 is a proposed amendment in the nature of a substitute to S. 627, the Faster FOIA Act of 2011.