The Senate Democrats’ climate, tax, and spending bill will cut deficits years from now—after raising them in four out of the next five years, the Congressional Budget Office said in an estimate on Wednesday.
The Inflation Reduction Act, which nonpartisan analysts say would not reduce inflation, would shrink budget deficits by $101.5 billion between this year and 2031, the Congressional Budget Office said in an estimate on Wednesday.
Between this year and 2027, however, the budget deficit would grow by $24.6 billion. The nonpartisan budget analysis agency sees the deficit falling next year as new tax provisions kick in and then being higher in each year until 2028.
The shift is due to expectations in the timing of when changes in drug pricing would take effect. The 10-year
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