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 Bidens 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. Bidens 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 offices analysis found that the bills 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
paleotn
(17,778 posts)Escurumbele
(3,340 posts)cstanleytech
(26,080 posts)we could more than pay for it if we simply reduce that by 40%.
LiberalFighter
(50,499 posts)DallasNE
(7,392 posts)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.
liberalla
(9,165 posts):rolleyes:
AllaN01Bear
(17,372 posts)and other r prez. but the minute a d got in. they raised the issue about the deficit .
grr.
Skittles
(152,964 posts)when they started a war based on lies, no on called them out on trillions wasted
ybbor
(1,552 posts)Rebl2
(13,303 posts)DU an article said budget deficit would decrease by $127 billion
Grasswire2
(13,564 posts)1. Beef up IRS fraud investigations
2. Tax the rich their fair share
3. Close loopholes
Voila.
Slammer
(714 posts)On a per year basis, that's a rounding error....