May 22nd, 2010
11:15 AM ET
4 years ago

Jobs and tax bill to cost $134 billion

New York (CNNMoney.com) - Congressional budget scorekeepers said that a grab-bag bill of spending and tax measures to be taken up this week would increase federal deficits by $134 billion over a decade.

The bill, which is likely to become a flash point in the debate over the federal debt, would raise $40 billion worth in additional revenue, according to estimates by the Congressional Budget Office and the Joint Committee on Taxation.

But that's not enough to fully offset the $174 billion in additional federal outlays that would occur as a result under the bill. CBO released its cost estimate late Friday.

Full story on CNNMoney.com

soundoff (10 Responses)
  1. Brenda

    CNN--when are you going to do an investigation/report as to why Obama, Pelosi, Reid did not pass a budget yet.

    This should have been done around April 15.

    The majority of us know why they have not passed a budget-–because there is not enough money for all of the spending projects that they have planned.

    Therefore, they are going to wait until after the November elections-–and push for tax increases-–including the VAT tax-–so that they can continue to spend and spend and spend.

    Hopefully, after the November elections-–the Republicans wil have control of the House.

    May 22, 2010 01:15 pm at 1:15 pm |
  2. one voice

    The failed policies of the Bush/Cheney resime hit home harder than we thought, thanks Capitalists.

    May 22, 2010 01:31 pm at 1:31 pm |
  3. DENNA

    Wow. If fiscal responsibility had been a serious concern in the years leading up to the election of President Obama, this would not be a issue now. The gatekeepers of the past failed us and now this administration are trying to fix things a best they can. I'll bet the Rethugs will drag their heels on any solutions without offering any of their own.

    May 22, 2010 01:45 pm at 1:45 pm |
  4. Henry Miller, Libertarian

    "The bill...would raise $40 billion worth in additional revenue..."

    That's about $1300, each, from every American citizen. About $5000 from every family, all stolen and wasted by a federal government that sees Americans not citizens to be served but as suckers to be soaked for every dime.

    May 22, 2010 01:51 pm at 1:51 pm |
  5. Dennis

    I agree that the Federal deficit is getting out of control and should be reigned in quickly. Like my budget I have to look at both sides of the equation. Revenue enhancement or a decrease in spending. First we should look at the spending side and eliminate all spending that is related to any pet Republican projects like the war machine and welfare for the oil companies and their friends in the banking and insurance business. Next we should look at the letting the Bush tax cuts expire, because lets face it, it did nothing to create jobs or grow the ecomony. What more living proof does anyone need to see than the current jobs and economy mess we are in today. THAT REALLY WORKED. The money instead was spent on paying HUGE BONUSES to executives on Wall Street who used it to game the markets and caused the greatest recession since the Great Depression. They would be more than willing to do it again if we let them. So I say tax the scum that benefited of created the debacle of 2008, until every dollar of the deficit that was created under the Republican administration has bee paid off. You might be surprised which party created the most deficits. Look it up.

    May 22, 2010 02:31 pm at 2:31 pm |
  6. Zeke

    Liberals better be careful. If they start promising jobs to their voters, they won't be re-elected. Their voters don't want jobs! They want you to give them the money you are spending to create jobs without having to work.

    May 22, 2010 03:05 pm at 3:05 pm |
  7. Insanity!

    At some point the federal/state/city governments HAVE GOT to "hit"
    public employee pay AND benefits ... including retirees. To expect
    the next generations to fund the bloated settlements/greed of the past will NOT stand. I am FOR unions but not just for those that "have".
    The usual "grandfathering" crap has got to stop. EVERYONE, including the RICH who have had a great party since Reagan, have got to kick in. The kids should not have to pay for the MONUMENTAL
    stupidity of their parents and grandparents.

    May 22, 2010 03:14 pm at 3:14 pm |
  8. Albo58

    Yet more debt accrued by this administration and its drones in the Congress! Flush this bunch in November!

    May 22, 2010 03:18 pm at 3:18 pm |
  9. The Truth, Please...I Just Want The Truth

    Back when George W. Bush cut taxes for multi-millionares and started two very costly wars, wasn't it Republican Vice-President Dick Cheney who said that deficits don't matter?

    May 22, 2010 03:28 pm at 3:28 pm |
  10. Pkm

    Mr obama you need to put people to work make all people who work in the usto pay taxes

    May 23, 2010 06:15 am at 6:15 am |