Estimated Budgetary Effects of Public Law 119-21, to Provide for Reconciliation Pursuant to Title II of H. Con. Res. 14, Relative to the Budget Enforcement Baseline for Consideration in the Senate

CBO estimates that Public Law 119-21 will result in a net decrease in the unified budget deficit totaling $366 billion over the 2025-2034 period, relative to the budget enforcement baseline for consideration in the Senate. That decrease in the deficit is estimated to result from a decrease in direct spending of $1.2 trillion and a decrease in revenues of $849 billion.

Some of those budgetary effects are associated with programs that are classified as off-budget. The decrease in the on-budget deficit over that period is estimated at $380 billion.