“The Congressional Budget Office (CBO) and the staff of the Joint Committee on Taxation (JCT) have reviewed the conference agreement for H.R. 3630, the Middle Class Tax Relief and Job Creation Act of 2012, as posted on the Web site of the House Committee on Rules on February 16, 2012. The attached table provides CBO’s and JCT’s estimates of the legislation’s budgetary effects. According to CBO’s and JCT’s estimates, enacting H.R. 3630 would change revenues and direct spending to produce increases in the deficit of $101.1 billion in fiscal year 2012 and $89.3 billion over the 2012-2022 period. The bill would reduce revenues by $77.6 billion over the 2012-2022 period and increase direct spending by $11.7 billion over that period, according to CBO’s and JCT’s estimates.”