Statement of Administration Policy: H.R. 2735 - Miscellaneous Revenue Act of 1992

(House)
(Rostenkowski (D) Illinois and 7 others)

The Administration would not object to enactment of H.R. 2735 if it were ultimately amended to satisfactorily address various policy concerns, including those related to the taxation of telephone cooperatives, and included acceptable pay-as-you-go offsets. However, H.R. 2735 currently fails to meet the pay-as- you-go requirement of the Omnibus Budget Reconciliation Act of 1990 (OBRA) because it is not fully offset in each year. Therefore, if the bill is presented to the President in its current form, his senior advisors will recommend a veto.

Pay As-You-Go-Scoring

H.R. 2735 affects receipts and therefore it is subject to the pay-as-you-go requirement of OBRA. A budget point of order applies in both the House and Senate against any bill that is not fully offset under CBO scoring. If, contrary to the Administration's recommendation, any such point of order that applies against H.R. 2735 were waived, the effects of enactment of this legislation would be included in a look-back pay-as-you- go sequester report at the end of the congressional session.

OMB's preliminary scoring estimates of this bill are presented in the table below. Final scoring of this legislation may deviate from these estimates. If H.R. 2735 were enacted, final OMB scoring estimates would be published within five days of enactment, as required by OBRA. The cumulative effects of all enacted legislation on direct spending will be issued in monthly reports transmitted to the Congress.

Estimates For Pay-As-You-Go*
($ in millions)