Wednesday, January 2, 2013

READ: U.S. Budget Deficit To Go Up More This Year; CBO Analysis Of "Fiscal Cliff" Pullback Legislation

The U.S. federal budget deficit will increase approximately $330 Billion this year (and $4 Trillion over next ten years) as a result of yesterday's pullback from the so-called "fiscal cliff", according to the non-partisan Congressional Budget Office and the Joint Committee on Taxation.

The lion's share ($207 Billion this year) of that is due to the extension of the "Bush tax cuts" for those earning under $400,000/450,000.  However, the other sections of the pullback bill cost a lot of money:  extensions of business tax credits will add $63.0 Billion to this year's deficit, extending unemployment compensation benefits will add $22.4 Billion, preventing cuts in payments to physicians for Medicare payments adds $10.6 Billion, and other health-related expenditures adds $13.0 Billion.

Here is a copy of the bill.

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