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

Report No: 560
Date: 12/13/2001

  1. LAW NUMBER: P.L.107-43 (H.R. 2603)

  2. BILL TITLE: United States-Jordan Free Trade Area Implementation Act

  3. BILL PURPOSE: Implements the U.S.-Jordan agreement establishing a free trade area.

    4.  

  4. OMB ESTIMATE: P.L.107-43 phases out all tariffs on U.S. imports from Jordan at varying rates and different time tables. The reduction of tariff rates reduces receipts by small amounts.
    5. (Fiscal years; in millions of dollars)
    2001 2002 2003 2004 2005 2006
    Receipts . . . . . . . . . . . . . . . . . . . . 0 -1 -1 -2 -3 -5

     

  5. CBO ESTIMATE:
    6. (Fiscal years; in millions of dollars)
    2001 2002 2003 2004 2005 2006
    Receipts . . . . . . . . . . . . . . . . . . . . 0 -2 -2 -3 -4 -4

     

  6. EXPLANATION OF DIFFERENCES BETWEEN OMB AND CBO ESTIMATES:

    There are small technical estimating differences.

  7. CUMULATIVE EFFECT OF DIRECT SPENDING AND REVENUE LEGISLATION ENACTED TO DATE:
    8. (Fiscal years; in millions of dollars)
    2001 2002 2003 2004 2005 2006
    Outlay effect.............. 5,503 16,646 20,274 21,014 22,071 7,413
    Receipt effect............ -69,501 -35,106 -84,595 -103,785 -104,939 -123,377
    Net costs.................... 75,004 51,752 104,869 124,799 127,010 130,790

    NOTE: The cumulative effect of direct spending and revenue legislation enacted to date is currently estimated to result in an end-of-session sequester. The Administration looks forward to working with the Congress to ensure that an unintended sequester does not occur.