The Congressional Budget Office on Thursday finished assessing Democrats’ $1.8 trillion social spending proposal and concluded it would add about $367 billion to the nation’s budget deficit over the next decade, with claims the package fell short. Will fully pay for itself.
Chief among the discrepancies between Treasury and CBO estimates, the CBO estimated that tax enforcement activities would reduce the deficit by $207 billion over the next 10 years—far less than the “conservative” $400 billion. assessment from the White House.
House Speaker Nancy Pelosi (D-Calif.) told lawmakers Thursday that the chamber could move to a final vote on the bill “as soon as” the CBO released its final budget estimates for review by members of the House, including some Democrats. also included who said They will reject a vote without presumption.
Despite the worse-than-expected score, it’s not yet clear whether this will be a dealbreaker for House Democrats: Rep. Kurt Schrader (D-Ore.), who withheld support for the vote until CBO’s scores were released, said He won’t be “disappointed” by the low score this week because the agency doesn’t include savings from some investments in its estimates.
Senate Finance Chairman Ron Wyden (D-Ore.) noted this in a statement after the CBO’s findings were released, saying he was “convinced” in the Treasury’s estimate that additional tax revenue from the “rich” would come from investments in the IRS. would generate at least $400 billion in Tax fraud.”
The new report follows a separate nonpartisan analysis released by the Joint Committee on Taxation earlier this month, which estimated the plan’s proposed new taxes would raise about $1.5 trillion in revenue, similar to the bill’s overall price tag. Although it was not responsible for tax enforcement provisions.