Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

CBO Says Senate Adds $4 Trillion Debt Next to No Action

Don't Miss Out —
Follow us on:

Jan. 1 (Bloomberg) -- The U.S. budget bill passed by the Senate early today would add $4 trillion to U.S. deficits and debt over the next decade, compared with what would happen if Congress did nothing, according to a Congressional Budget Office report today.

Most of the effects come from reinstating income tax cuts that expired yesterday. According to the White House, allowing some tax cuts to expire would raise $620 billion in revenue, compared with extending all tax cuts.

The extension of unemployment benefits in the bill would cost $30.1 billion and the prevention of a cut in doctors’ payments under Medicare would cost $25.2 billion.

To contact the reporter on this story: Richard Rubin in Washington at rrubin12@bloomberg.net

To contact the editor responsible for this story: Jodi Schneider at jschneider50@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.