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H.R. 133, a Bill to Reduce Federal Spending and the Deficit by Terminating Taxpayer Financing of Presidential Election Campaigns 1 (February 22, 2017)

handle is hein.congrec/cbo3332 and id is 1 raw text is: ab CONGRESSIONAL BUDGET OFFICE COST ESTIMATE February 22, 2017 H.R. 133 A bill to reduce federal spending and the deficit by terminating taxpayer financing of Presidential election campaigns As ordered reported by the Committee on House Administration on February 7, 2017 SUMMARY H.R. 133 would amend federal law to eliminate the Presidential Election Campaign Fund (PECF). Specifically, the bill would: * End taxpayers' option to designate a portion of their federal income tax to be credited to the PECF; * Eliminate the authority to spend balances in the PECF on Presidential campaigns; and * Transfer a portion of the remaining balances in the PECF to the 10-Year Pediatric Research Initiative Fund (PRIF) and the remainder to the general fund of the Treasury. CBO estimates that implementing H.R. 133 would have a discretionary cost of $63 million over the 2017-2022 period, assuming that amounts specified to be transferred to the PRIF are appropriated. In addition, we estimate that enacting H.R. 133 would reduce direct spending by $4 million over the 2017-2027 period, by ending the authority to spend federal funds on Presidential campaigns. Because enacting the bill would affect direct spending, pay-as-you-go procedures apply. Enacting the bill would not affect revenues. CBO estimates that enacting the legislation would not increase net direct spending or on-budget deficits in any of the four consecutive 10-year periods beginning in 2028. The staff of the Joint Committee on Taxation (JCT) has determined that H.R. 133 contains no intergovernmental or private-sector mandates as defined in the Unfunded Mandates Reform Act (UMRA).