CBO and the staff of the Joint Committee on Taxation estimate that enacting the conference agreement would reduce direct spending by $98 million and increase revenues by $18 million over the 2016-2025 period. Taken together, those changes would decrease budget deficits by $116 million over the ten-year period. Please see the enclosed table for details.
CBO estimates that enacting the legislation would not increase net direct spending or on-budget deficits by more than $5 billion in any of the four consecutive 10-year periods beginning in 2026.
Implementing the conference agreement would affect spending that is subject to appropriation, however CBO has not completed an estimate of that spending.