House GOP's Israel aid bill adds $26.8 billion to the deficit, budget office says [View all]
Source: NBC News
WASHINGTON — The House Republican bill to provide aid to Israel will add $26.8 billion to the U.S. budget deficit, according to a new report Wednesday by the nonpartisan Congressional Budget Office.
The bill championed by new Speaker Mike Johnson pairs $14.3 billion in aid to Israel with $14.3 billion in cuts to IRS funding that was enacted under the Inflation Reduction Act, the Biden administration initiative passed by Democrats last year.
But the CBO found that the IRS cuts coupled with the Israel aid would lead to a $26.8 billion decline in revenue, contradicting the stated goal of offsetting the aid. The CBO and the Treasury Department have said the funds, if left intact, would lead to tougher IRS enforcement and the collection of more tax revenues.
The bill is headed for consideration in the Rules Committee on Wednesday, with a full House vote expected this week. Johnson has presented the measure as a challenge for Democrats to choose between help for Israel and an expanded IRS.
Read more: https://www.nbcnews.com/politics/congress/house-gops-israel-aid-bill-adds-268-billion-deficit-budget-office-says-rcna123160
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