WASHINGTON–The Congressional Budget Office estimated this week that the Senate version of legislation designed to extend the federal backstop on terrorism risk insurance would cost an estimated one-third less than companion House legislation.

The report is likely to come into play soon as Congress seeks to reconcile the two bills. The current bill, the Terrorism Risk Insurance Extension Act, expires Dec. 31.

CBO's report is a factor because since January the Democratic majority has imposed pay-as-you-go rules requiring that any legislation that adds to government cost must be offset by an increase in revenues or cuts in existing programs.

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