Sec. 90003. FINDINGS REGARDING UNUSED UNEMPLOYMENT INSURANCE FUNDS

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## SEC. 90003 FINDINGS REGARDING UNUSED UNEMPLOYMENT INSURANCE FUNDS Congress finds the following: ####

(1)On July 16, 2021, the Congressional Budget Office (in this section referred to as “CBO”) reduced its projected cost of the extension of expanded unemployment compensation as enacted in the American Rescue Plan Act of 2021 (P.L. 117-2). ####

(2)CBO budget projections included mandatory outlays for the expansion totaling $144,000,000,000 in 2021 and $8,000,000,000 in 2022. That estimated cost is $50,000,000,000 less in 2021, and $3,000,000,000 less in 2022, than anticipated in CBO’s March 2021 cost estimate. ####

(3)CBO reduced its projections of those costs for two major reasons. First, several States have announced that they are discontinuing one or more of the components of expanded unemployment compensation before the expansion’s authorization ends in September 2021. In its original estimate, CBO projected that all States would participate in the programs until September. Second, because of the improving economy, the agency has lowered its forecast of the unemployment rate, resulting in fewer projected beneficiaries for the programs, which also reduced projected costs. ####

(4)It is estimated that there are approximately $53,000,000,000 in savings from the amounts in the Treasury originally estimated to be spent on unemployment insurance funds (under the provisions of subtitle A of title II of division A of the CARES Act) not used by the States.