Political Quotes

“Lastly, Mr. Speaker, I include in the Record a letter from the Congressional Budget Office, which details out the other shoe to fall in this legislation. Congressional Budget Office, U.S. Congress, Washington, DC, November 13, 2017. Hon. Steny H. Hoyer, Democratic Whip, House of Representatives, Washington, DC. Dear Congressman: This letter responds to your request for information about the effects of legislation that would raise deficits by an estimated $1.5 trillion over the 2018-2027 period, specifically with respect to a sequestration--or cancellation of budgetary resources--in accordance with the Statutory Pay-As-You-Go Act of 2010 (PAYGO; Public Law 111- 139). The PAYGO law requires that new legislation enacted during a term of Congress does not collectively increase estimated deficits. The Office of Management and Budget (OMB) is required to maintain two so-called PAYGO scorecards to report the cumulative changes generated by new legislation in estimated revenues and outlays over the next five years and ten years. If either scorecard indicates a net increase in the deficit, OMB is required to order a sequestration to eliminate the overage. The authority to determine whether a sequestration is required (and if so, exactly how to make the necessary cuts in budget authority) rests solely with OMB.…”