Kyrsten sinema, United States Senator

Washington, Aug 6 The US bipartisan infrastructure bill would add $256 billion to budget deficits over 10 years, the Congressional Budget Office (CBO) said.The CBO in an analysis on Thursday estimated that the bill would increase discretionary spending by $415 billion over the 2021-2031 period while increasing revenues by $50 billion and decreasing direct spending by $110 billion, reports Xinhua news agency."On net, the legislation would add $256 billion to projected deficits over that period," the CBO said in the analysis.The White House and a bipartisan group of senators have reached an agreement on a roughly $1.2-trillion infrastructure bill, which includes $550 billio in new spending on infrastructure projects such as roads, bridges, passenger rails, drinking water and waste water systems.The latest analysis from the CBO shows that just more than half of the new infrastructure spending would be offset by pay-fors.The release of the CBO analysis was one of the key steps remaining before the Senate votes on the bill.It is unclear whether the analysis would prompt any Republicans who back the bill to reconsider their support, according to CNBC.However, the bill's two lead negotiators, Democratic senator Kyrsten Sinema of Arizona and Republican senator Rob Portman of Ohio, said that the CBO analysis did not account for all the ways the bill offset costs."The new spending under the bill is offset through a combination of new revenue and savings, some of which is reflected in the formal CBO score and some of which is reflected in other savings and additional revenue identified in estimates, as CBO is limited in what it can include in its formal score," the senators said in a joint statement issued on Thursday."The American people strongly support this bipartisan legislation and we look forward to working with our colleagues on both sides of the aisle and President (Joe) Biden to get it passed through Congress and signed into law."Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

Home

City

Latest News

Cricket

LT Premium

National

International

Maharashtra

Opinions

Chhatrapati Sambhajinagar

Nagpur

Entertainment

Photos

Business

Technology

Sports

Lifestyle

Social Viral

Lokmat Games

Health

Pahalgam Terror Attack

Tahawwur Rana

IPL 2025

CM Devendra Fadnavis

Mumbai Local

Weather Update

Kyrsten SinemaFOLLOW

Kyrsten sinema, Latest News

National :Biden's Inflation Reduction Act gets a major push

Washington, Aug 5 US President Joe Biden's inflation reduction legislation has got the much-needed push with Sen. Kyrsten ... ...

Politics :Biden proposes 20% minimum tax on wealthiest

Washington, March 29 US President Joe Biden has proposed a new 20 per cent minimum tax on the ... ...

Politics :US infrastructure bill to add $256bn to deficits over 10 yrs

Washington, Aug 6 The US bipartisan infrastructure bill would add $256 billion to budget deficits over 10 years, ... ...