S. Con. Res. 5, the Concurrent Resolution on the Budget for Fiscal Year 2021, instructed several committees of the House of Representatives to recommend legislative changes that would increase deficits up to a specified amount over the 2021-2030 period. As part of this reconciliation process, the House Committee on Financial Services approved legislation on February 11, 2021, with a number of provisions that would increase deficits.
The legislation would appropriate a total of $75 billion for fiscal year 2021 for housing and community development programs, payroll support for airlines and related contractors, medical supplies related to the coronavirus pandemic, and financing programs for small businesses. CBO estimates that outlays stemming from those appropriations would total $73.6 billion over the 2021-2030 period; in addition, the airline support program would increase offsetting receipts (which are recorded as reductions in direct spending) by $740 million. On net, CBO estimates that enacting the legislation would increase deficits by $72.9 billion over the 2021-2030 period.
