Congressional Budget Office (CBO), in revised economic outlook, s...
Congressional Budget Office (CBO), in revised economic outlook, said Tues. that recent repeal by Congress of statutory auction deadlines would mean lower revenue projections from proceeds in 2003-2005 but higher in 2006 and 2007. In June, Congress delayed bidding…
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on all but C- and D- block licenses of lower 700 MHz band, postponing indefinitely rest of auction for upper and lowers bands of that spectrum. (Auction for C- and D-block licenses began Tues.) Law, which President Bush signed after quick passage in both chambers (CD June 20 p1), also put off indefinitely auctions for licenses at 1.7 GHz and 2.1 GHz, which had been under consideration for advanced wireless services. “Although the law is expected to have little net effect over the 2003-2012 period (increasing offsetting receipts by less than $1 billion), CBO estimates that it will change the timing and amount of offsetting receipts likely to be collected over the next 5 years,” report said. Compared with March baseline, CBO projected $3 billion less in auction proceeds in 2003 and $1 billion less in 2005, with additional $4 billion combined in 2006 and 2007. CBO said budget deficit expected for this year overall had grown and surpluses that had been anticipated for coming decade have shrunk under new baseline projections.