Legislation Enacted in the First Session of the 117th Congress That Affects Mandatory Spending or Revenues
CBO estimates that the effects on mandatory spending and revenues of laws enacted in 2021 will add about $1.7 trillion to deficits from 2021 to 2031—the result of a $1.7 trillion increase in outlays and a $4 billion increase in revenues.
This report by the Congressional Budget Office summarizes the agency's estimates of the effects on mandatory spending or revenues of authorizing legislation that was enacted during the first session of the 117th Congress (which spanned the period from January 3, 2021, to January 3, 2022). CBO prepared each estimate when the legislation was last considered by the Congress, measuring costs and revenues against the baseline projections used for budget enforcement by the House and Senate Committees on the Budget. Those estimates do not include subsequent changes that were made as part of CBO's updates to its baseline projections. Estimates of changes to tax law were provided by the staff of the Joint Committee on Taxation (JCT). For consistency, each estimate covers the same period as the one CBO used for the corresponding cost estimate during the session.
According to CBO's and JCT's estimates, the effects on mandatory spending and revenues of laws enacted during the first session of the 117th Congress will add about $1.7 trillion to the cumulative deficit over the 2021–2031 period—the result of a $1.7 trillion net increase in outlays and a $4 billion net increase in revenues.