The bipartisan Senate infrastructure bill would add $256 billion to budget deficits over a decade, the Congressional Budget Office estimated Thursday.
The report from the nonpartisan agency did not take into account potential revenue increases created by economic growth. As it stands, the CBO said the bill, which does not include tax increases, would generate about $50 billion in revenue.
Senators who crafted the plan had said it would be fully paid for through a range of sources including repurposed coronavirus relief funds, unused unemployment insurance aid and economic activity generated by the investments.
The Senate was considering amendments to the bill Thursday, and Majority Leader Chuck Schumer, D-N.Y., aims to pass it before early next week. The release of the CBO report was one of the key steps remaining before the Senate voted on the proposal.
The legislation includes about $550 billion in new spending on transportation, broadband and utilities.
Republicans have renewed their concerns about federal spending and deficits as the Democratic Congress and White House push to invest trillions of dollars in infrastructure and social programs. Several GOP senators whose support may be needed to pass the bill have said its effect on long-term deficits would play a role in how they decide to vote on it.
It is unclear whether the CBO’s score would be enough to make any Republicans reconsider their support for the plan.
This story is developing. Please check back for updates.
Article source: https://www.cnbc.com/2021/08/05/infrastructure-plan-cbo-says-senate-bill-would-add-to-budget-deficits.html