Information About the Budgetary Effects of an Amendment in the Nature of a Substitute to H.R. 1, the One Big Beautiful Bill Act, as posted on the website of the Senate Committee on the Budget on June 27, 2025

This letter provides information about the budgetary effects of an Amendment in the Nature of a Substitute to H.R. 1. The Congressional Budget Office (CBO) and the staff of the Joint Committee on Taxation (JCT) have estimated the effects of the amendment relative to the baseline used for budget enforcement for consideration in the Senate.

Title II of H. Con. Res. 14, the concurrent resolution on the budget for fiscal year 2025, included reconciliation instructions directing committees to propose legislation that would produce specified budgetary results. CBO has reviewed the Amendment in the Nature of a Substitute to H.R. 1 and determined the following:

• Title I, Committee on Agriculture, Nutrition, and Forestry, would reduce deficits by not less than $1 billion over the 2025–2034 period.
• Title II, Committee on Armed Services, would increase deficits by not more than $150 billion over the 2025–2034 period.
• Title III, Committee on Banking, Housing, and Urban Affairs, would reduce deficits by not less than $1 billion over the 2025–2034 period.
• Title IV, Committee on Commerce, Science, and Transportation, would increase deficits by not more than $20 billion over the 2025–2034 period.
• Title V, Committee on Energy and Natural Resources, would reduce deficits by not less than $1 billion over the 2025–2034 period.
• Title VI, Committee on Environment and Public Works, would increase deficits by not more than $1 billion over the 2025–2034 period.
• Title VII, Committee on Finance, would increase deficits by not more than $1.5 trillion over the 2025–2034 period.
• Title VIII, Committee on Health, Education, Labor, and Pensions, would reduce deficits by not less than $1 billion over the 2025–2034 period.
• Title IX, Committee on Homeland Security and Governmental Affairs, would increase deficits by not more than $175 billion over the 2025–2034 period.
• Title X, Committee on the Judiciary, would increase deficits by not more than $175 billion over the 2025–2034 period.

In addition, CBO projects that the legislation and each individual title would not increase on-budget deficits after 2034.

H. Con. Res.14 provides the Chairman of the Senate Committee on the Budget with the authority to make adjustments regarding current tax policy that include extending provisions of the 2017 tax act (Public Law 115-97) in the baseline. For those adjustments, JCT estimated the budgetary effects of extending 26 provisions of P.L. 115-97 relative to CBO’s January 2025 baseline budget projections. CBO and JCT have estimated the effects of H.R. 1 relative to a baseline that reflects the budgetary effects of extending those 26 provisions and that has been updated for enacted legislation.