Congressional Budget Office Cost Estimate: Statutory Pay-As-You-Go Effects of S. 1811, Water Resources Development Act of 2020   [open pdf - 57KB]

This is the Congressional Budget Office (CBO) Cost Estimate as Posted on the Website of the Clerk of the House on December 4, 2020. From the Document: "S. 1811 would authorize the Army Corps of Engineers to construct projects and conduct feasibility studies to improve navigation and flood management, mitigate storm and hurricane damage, and restore ecosystems. Enacting the bill would increase direct spending by $75 million over the 2021-2030 period and would not affect revenues. CBO has not completed an estimate of the bill's effects on spending that is subject to appropriation. Section 351 would authorize the Corps, at the request of the nonfederal sponsor of an eligible project, to either renegotiate deferred payment agreements or to repay the outstanding principal in full by 2023 in exchange for a waiver of all interest payments. CBO expects there would be a 50 percent chance that nonfederal sponsors would choose the prepayment option, thus we estimate offsetting collections would increase in fiscal years 2021 through 2023. Using information from the Corps, CBO estimates that enacting this provision would decrease net offsetting receipts (an increase in direct spending) by $56 million over the 2021-2030 period. After 2030, there would be additional decreases in offsetting receipts but CBO has no basis to estimate those effects."

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