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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)
  CBO
January
Baseline		 CBO
May
Baseline		 Budget
Resolution		 Budget Resolution
Relative to:
Effect of
Tax Bill		 May Baseline
Less Tax Bill
January
Baseline		 May
Baseline
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  
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.