CBO Director Doug Elmendorf (Phil McCarten/Reuters)
The Congressional Budget Office has
scored S. 1660 [PDF], the Senate Democrats' version of the American Jobs Act, President Obama's jobs plan. The Senate bill replaces a number of tax increases on the oil and gas and financial industry in Obama's plan with a millionaires' surtax, a change the White House approves.
The CBO says that the Senate bill would raise slightly more revenue than the original plan, and cut the deficit.
CBO and JCT estimate that, in total, enacting S. 1660 would decrease deficits by about $6 billion over the 2012-2021 period (see enclosed table). That estimated deficit reduction of $6 billion over the coming decade is the net effect of $447 billion in additional spending and tax cuts in titles II through III and $453 billion in additional tax revenue from the surtax specified in title IV.[...]
That's an additional $3 billion in revenue in the proposal, over the original plan and thus an addition $3 billion in deficit reduction. The CBO estimated that the original plan "would increase the budget deficit by $288 billion in 2012 and decrease deficits by $3 billion over the 2012-2021 period. That estimated deficit reduction of $3 billion over the coming decade is the net effect of $447 billion in additional spending and tax cuts in titles II through III and $450 billion in additional tax revenue from the offsets specified in title IV."
By the way, it's been 276 days since the Republicans took the House, and they still don't have a jobs plan. They will say this one is a deficit increaser, and they will be lying, but what they won't say when they oppose it is that they're protecting the one percent, jobs be damned.
