OMB Pay-As-You-Go Report No. 498, 01/03/00

OMB COST ESTIMATE
FOR PAY-AS-YOU-GO CALCULATIONS

Report No: 498
Date: 01/03/00

LAW NUMBER: P.L.106-126 (H.R. 3373)

BILL TITLE: Leif Ericson Millennium Commemorative Coin Act

BILL PURPOSE: Requires the issuance of commemorative coins honoring the firstmeeting of the United States Congress in the United States Capitol Building, themillennium of the discovery of the New World by Leif Ericson, and the bicentennial ofthe Lewis and Clark Expedition.

OMB ESTIMATE:

	(Fiscal years; in millions of dollars)
	1999	2000	2001	2002	2003	2004
Net costs.....................	0	-2	-4	*	3	2

P.L. 106-126 requires the U.S. Mint to produce and sell coins to commemorate the firstmeeting of the United States Congress in the United States Capitol Building, themillennium of the discovery of the New World by Leif Ericson, and the bicentennial ofthe Lewis and Clark Expedition. The law also specifies surcharges on the sales price foreach of these coins, and designates the surcharges to the Capitol Preservation Fund, theLeifur Eiriksson Foundation, and the National Lewis and Clark Bicentennial Council andthe National Park Service, respectively. OMB estimates that the offsetting collectionsand outlays resulting from these surcharges will net to $1 million savings over the 2000through 2004 period.

CBO ESTIMATE:

	(Fiscal years; in millions of dollars)
	1999	2000	2001	2002	2003	2004
Net costs....................	0	-1	-5	*	2	1

EXPLANATION OF DIFFERENCES BETWEEN OMB AND CBO ESTIMATES:

OMB and CBO have slightly different timing estimates for the surcharges.

CUMULATIVE EFFECT OF DIRECT SPENDING AND REVENUE LEGISLATIONENACTED TO DATE:

	(Fiscal years; in millions of dollars)
	1999	2000	2001	2002	2003	2004
Outlay effect..............	53	723	963	609	818	-55
Receipt effect............	-5	3,659	1,779	769	1,985	37
Net costs....................	58	-2,936	-816	-160	-1,167	-92

* $500,000 or less

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