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Jose Garcia

(2,552 posts)
Thu Nov 18, 2021, 07:42 PM Nov 2021

Budget Office Determines Democrats' Spending Bill Will Nudge Deficit Higher

Source: New York Times

WASHINGTON — The nonpartisan Congressional Budget Office said on Thursday evening that President Biden’s sprawling climate change and social policy package would increase the federal budget deficit by $160 billion over the next 10 years.

That determination is at odds with Mr. Biden’s pledge to fully pay for the legislation but is unlikely to stop House Democrats from approving the bill as soon as Thursday evening.

The budget office’s analysis found that the bill’s tax cuts and spending programs were almost — but not entirely — offset by new revenue and spending cuts. The package would be largely paid for with tax increases on high earners and corporations, which was estimated to bring in nearly $1.5 trillion over 10 years. Savings in government spending on prescription drugs were estimated to bring in another $260 billion.

The fact that the bill could slightly add to the federal deficit over the next 10 years is unlikely to dissuade House lawmakers from proceeding to vote for the bill, in part because the analysis boiled down to a dispute over a single line item: how much the Internal Revenue Service would collect by cracking down on people and companies that dodge large tax bills.

Read more: https://www.google.com/amp/s/www.nytimes.com/2021/11/18/us/politics/cbo-biden-spending-bill.amp.html

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Budget Office Determines Democrats' Spending Bill Will Nudge Deficit Higher (Original Post) Jose Garcia Nov 2021 OP
That's easily fixed. paleotn Nov 2021 #1
Yes, cancel the buffoon's tax cuts and raise taxes to the very rich to pay for it, as planned. Escurumbele Nov 2021 #3
Seeing as we spend more on Defense than Russia, China and about 8 of the other big spenders combined cstanleytech Nov 2021 #7
How many times has the CBO been wrong and been right? LiberalFighter Nov 2021 #2
The "Liberal" Press Do Another Hit Job DallasNE Nov 2021 #4
Yep. The liberal NYT... liberalla Nov 2021 #6
for years when tfg was in office , no one gave a hoot hoot hoot. AllaN01Bear Nov 2021 #5
yes Skittles Nov 2021 #13
Why am I seeing different numbers in this?: ybbor Nov 2021 #8
Elsewhere on Rebl2 Nov 2021 #9
yes, easy fix Grasswire2 Nov 2021 #10
rounders Slammer Nov 2021 #11
But nothing like the YUGE nudge the GOP tax break for the rich caused. nt yaesu Nov 2021 #12

cstanleytech

(26,080 posts)
7. Seeing as we spend more on Defense than Russia, China and about 8 of the other big spenders combined
Thu Nov 18, 2021, 08:48 PM
Nov 2021

we could more than pay for it if we simply reduce that by 40%.

DallasNE

(7,392 posts)
4. The "Liberal" Press Do Another Hit Job
Thu Nov 18, 2021, 08:21 PM
Nov 2021

On the Biden administration. You have to read to the very bottom to realize the differnence in estimates boils down to "a dispute over a single line item: how much the Internal Revenue Service would collect by cracking down on people and companies that dodge large tax bills".

This number in unknowable because the IRS generally settles on a negotiated amount and so it would depend on how hard they negotiate. With a Republican adminstration the CBO would probably be closer and with a Democratic administration the Biden estimate would probably be closer. But the headline harps on a nit pick. Plus the difference is a tiny $16 billion a year. Yeah, it is a hit job.

AllaN01Bear

(17,372 posts)
5. for years when tfg was in office , no one gave a hoot hoot hoot.
Thu Nov 18, 2021, 08:23 PM
Nov 2021

and other r prez. but the minute a d got in. they raised the issue about the deficit .
grr.

Grasswire2

(13,564 posts)
10. yes, easy fix
Thu Nov 18, 2021, 09:08 PM
Nov 2021

1. Beef up IRS fraud investigations
2. Tax the rich their fair share
3. Close loopholes

Voila.

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