CBO Says Senate Adds $4 Trillion Debt Next to No ActionRichard Rubin
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.