Manchin-Schumer Bill Gets Budget-Office Nod for $102 Billion Deficit Cut
- Analysis doesn’t include revenue from increased tax audits
- CBO score in line with estimates put out by Manchin, Schumer
Chuck Schumer and Joe Manchin
Photographers: Eric Lee, Al Drago/Bloomberg
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The Senate Democrats’ tax, climate and drug-price bill would reduce federal budget deficits by $102 billion over 10 years, the nonpartisan Congressional Budget Office said.
In addition, the CBO calculated that increasing the Internal Revenue Service budget would generate $204 billion in new revenue from cracking down on tax avoidance, something that wasn’t included in the official deficit score. When that is factored in, the CBO analysis is in line with the $300 billion in deficit reduction claim initially made for the bill by Senate Majority Leader Chuck Schumer and West Virginia Senator Joe Manchin.