“CBO and the Joint Committee on Taxation (JCT) estimate that enacting H.R. 4173 would increase revenues by $12.1 billion over the 2011-2015 period and by $33.5 billion over the 2011-2020 period and increase direct spending by $25.0 billion and $53.2 billion over the same periods, respectively. In total, CBO estimates those changes would increase budget deficits by $12.9 billion over the 2011-2015 period and by $19.7 billion over the 2011-2020 period.1 In addition, CBO estimates that implementing the act would increase spending subject to appropriation by $4.6 billion over the 2011-2015 period and $13.2 billion over the 2011-2020 period. Because enacting the legislation would affect direct spending and revenues, pay-as-you go procedures apply. Pursuant to section 311 of the Concurrent Resolution on the Budget for Fiscal Year 2009 (S. Con Res. 70), CBO estimates that the act would increase projected deficits by more than $5 billion in at least one of the four consecutive 10-year periods starting in 2021.”