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Politics CBO: Bipartisan infrastructure plan will add $256 billion to projected deficits over the next decade

01:00  25 october  2021
01:00  25 october  2021 Source:   cnn.com

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"The Congressional Budget Office estimates that over the 2021-2031 period, enacting Senate Amendment 2137 to H.R. 3684 would decrease direct spending by 0 billion , increase revenues by billion , and increase discretionary spending by 5 billion ," the report said . "On net, the legislation would add $ 256 billion to projected deficits over that period." While the plan has bipartisan support in the Senate, some lawmakers had cited the need for a CBO score before deciding whether to support the measure. It's unclear how or if Thursday's report will sway members of

The Congressional Budget Office ( CBO ) on Thursday released an analysis saying the trillion bipartisan infrastructure package would add $ 256 billion to the federal deficit over the next decade , a difficult pill to swallow for GOP senators w. The Committee for a Responsible Federal Budget, a group that advocates for fiscal responsibility and smaller deficits , issued a statement Thursday afternoon arguing the bipartisan bill will add closer to 0 billion to the deficit when all the spending is totaled.

The bipartisan infrastructure plan making its way through the Senate will "add $256 billion to projected deficits" between 2021 and 2031, a report from the Congressional Budget Office released Thursday found.

a clock tower in front of a building: The Capitol dome is seen early Wednesday morning before Amb. William Taylor And Deputy Assistant Secretary Of State George Kent testify at the first public impeachment hearing before the House Intelligence Committee on Capitol Hill November 13, 2019 in Washington, DC. © Sarah Silbiger/Getty Images The Capitol dome is seen early Wednesday morning before Amb. William Taylor And Deputy Assistant Secretary Of State George Kent testify at the first public impeachment hearing before the House Intelligence Committee on Capitol Hill November 13, 2019 in Washington, DC.

"The Congressional Budget Office estimates that over the 2021-2031 period, enacting Senate Amendment 2137 to H.R. 3684 would decrease direct spending by $110 billion, increase revenues by $50 billion, and increase discretionary spending by $415 billion," the report said. "On net, the legislation would add $256 billion to projected deficits over that period."

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The bipartisan infrastructure legislation poised for a vote in the Senate this week would add $ 256 billion to the deficit over the next decade , congressional budget analysts announced Thursday, dashing hopes that provisions in the bill would fully pay for it. The measure contains more than 0 billion in new spending on roads, bridges, waterways, broadband expansion, and new electric vehicle charging stations, among other provisions. The bipartisan group of senators who authored the bill attempted to find ways to cover the costs that relied on projected growth and savings, which typically

But independent budget analysts countered that the plan would add substantially to deficits . An analysis released by the University of Pennsylvania’s Penn Wharton Budget Model on Thursday estimated that the legislation would authorize 8 billion in new infrastructure investments. Republicans have also declared that they will not support a move to raise the debt ceiling, which the Treasury Department says technically was reached at the beginning of this month. The department is taking what it calls “extraordinary measures” to avoid breaching it, but that is projected to happen in

While the plan has bipartisan support in the Senate, some lawmakers had cited the need for a CBO score before deciding whether to support the measure. It's unclear how or if Thursday's report will sway members of Congress who are still making up their minds.

The Senate has been debating and voting on amendments to the legislation throughout the week. Amendment votes got underway on Monday as bipartisan negotiators raced to finalize the bill text during a rare weekend session, which was finally unveiled Sunday evening. The next step is for Senate Majority Leader Chuck Schumer to cut off debate which could come later Thursday.

The massive bipartisan infrastructure package, called the Infrastructure Investment and Jobs Act, features $550 billion in new federal spending over five years. The measure invests $110 billion in funding toward roads, bridges and major projects, $66 billion in passenger and freight rail, $65 billion to rebuild the electric grid, $65 billion to expand broadband Internet access, $39 billion to modernize and expand transit systems and $7.5 billion to create the first federal network of charging stations for electric vehicles. The bill additionally includes $55 billion for water infrastructure, $15 billion of which will be directed toward replacing lead pipes.

Congressional leaders are hoping to pass the bipartisan infrastructure plan in the coming days before turning to a partisan, $3.5 trillion reconciliation package, aimed at delivering on other key parts of President Joe Biden's agenda.

This story is breaking and will be updated.

Revised budget bill cuts more than $10 billion in transportation funds .
The latest iteration of congressional Democrats’ budget reconciliation package reduces the amount of transportation-related spending by a little more than $10 billion, paring down funding for ports and sustainable aviation fuel from the original proposal by the House Transportation and Infrastructure Committee. While most of the focus among transportation groups has centered on the bipartisan […] The post Revised budget bill cuts more than $10 billion in transportation funds appeared first on Roll Call.

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