CBO analysis of American Power Act (would reduce future deficits by about $19 billion...2011-2020)

[OKIsItJustMe]

http://www.cbo.gov/doc.cfm?index=11565

CONGRESSIONAL BUDGET OFFICE
U.S. Congress
Washington, DC 20515

Douglas W. Elmendorf, Director
July 7, 2010

Honorable John F. Kerry
United States Senate
Washington, DC 20510

Dear Senator:

As you requested, the Congressional Budget Office (CBO) and the staff of the Joint Committee on Taxation (JCT) have reviewed the discussion draft of the American Power Act, as released on May 12, 2010, with certain technical corrections and other changes subsequently provided to CBO by your staff. Included in those changes is a reduction in the size of the universal refund (section 3206) by amounts necessary to cover the cost of the low-income refund (section 3204).

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Estimated Cost to the Federal Government

CBO and JCT estimate that enacting this legislation would increase revenues by about $751 billion over the 2011-2020 period and direct spending by $732 billion over that 10-year period. In total, CBO and JCT estimate that enacting the legislation would reduce future deficits by about $19 billion over the 2011-2020 period (see the following table). CBO estimates that enacting this legislation would not increase the deficit in any of the four 10-year periods following 2020 because additional direct spending would be less than the additional net revenues attributable to the legislation in each of those periods

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