Spark Global Limited reports：
The Congressional Budget Office estimated that Democrats’ social spending bill would add no more than $367 billion to the deficit over the next decade, an assessment that is expected to pave the way for passage in the House.
Update: In a statement following the CBO report, the White House said it had updated its estimate and now believed the plan would actually reduce the deficit by $112 billion over 10 years.
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The implication: The CBO estimated in a summary released Thursday night that revenue offsets not included in an IRS funding provision could reduce the deficit to $160 billion.
According to the Congressional Budget Office, $80 billion in funding would generate $207 billion in revenue for the IRS, reducing the deficit by $127 billion over the next 10 years.
That’s at odds with White House budget estimates. The White House estimates the IRS funds would reduce the deficit by $400 billion, which would fully cover the bill.
Why it’s important: Some moderate House Democrats who have been opposed to the bill struck a deal with progressives earlier this month to vote for the package if the CBO score meets expectations.
“If the scoring comes from the White House and the [Joint Committee on Taxation], we’re fine,” Rep. Kurt Schrader(D-Ore.) told Axios on Tuesday. “There’s a little wiggle room, but it has to be pretty much what they say.”
What they said: Senator Ron Wyden, Democrat of Oregon and chairman of the Senate Finance Committee, argued that the CBO significantly underestimated how much revenue the plan would raise by curbing tax avoidance.
Wyden said in a statement that even the $400 billion in deficit reduction estimated by the White House “if anything… Too conservative, not too radical.”
Reprint indicated source：Spark Global Limited information