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OMB COST ESTIMATE
FOR PAY-AS-YOU-GO CALCULATIONS

Report No: 557
Date: 08/28/2001

  1. LAW NUMBER: P.L.107-25 (H.R. 2213)

  2. BILL TITLE: Crop Year 2001 Agricultural Economic Assistance Act

  3. BILL PURPOSE: Provides $5.5 billion in supplemental income assistance payments to agricultural producers.

    4.  

  4. OMB ESTIMATE: P.L. 107-25 provides $5.5 billion of new spending from the Commodity Credit Corporation to agricultural producers by September 30, 2001.

    5. (Fiscal years; in millions of dollars)
    2001 2002 2003 2004 2005 2006
    Net costs.................................... 5,500 0 0 0 0 0

     

  5. CBO ESTIMATE:
    6. (Fiscal years; in millions of dollars)
    2001 2002 2003 2004 2005 2006
    Net costs.................................... 5,500 0 0 0 0 0

     

  6. EXPLANATION OF DIFFERENCES BETWEEN OMB AND CBO ESTIMATES:

    7. The estimates are the same.

  7. CUMULATIVE EFFECT OF DIRECT SPENDING AND REVENUE LEGISLATION ENACTED TO DATE:
    8. (Fiscal years; in millions of dollars)
    2001 2002 2003 2004 2005 2006
    Outlay effect.............. 5,503 16,638 20,274 21,014 22,071 7,413
    Receipt effect............ -69,501 -35,105 -84,594 -103,783 -104,396 -123,372
    Net costs.................... 75,004 51,743 104,868 124,797 127,007 130,785

    NOTE: The cumulative effect of direct spending and revenue legislation enacted to date is currently estimated to result in an end-of-session sequester. The Administration looks forward to working with the Congress to ensure that an unintended sequester does not occur.