Bipartisan Infrastructure Bill To Add $256Bln To US Deficit Over 10 Years - Budget Office

WASHINGTON (UrduPoint News / Sputnik - 06th August, 2021) The bipartisan infrastructure bill currently making its way through the US Congress would increase the country's projected deficit by $256 billion over the next decade, the Congressional Budget Office (CBO) said on Thursday.

"The Congressional Budget Office estimates that over the 2021-2031 period, enacting Senate Amendment 2137 to H.R. 3684 would decrease direct spending by $110 billion, increase revenues by $50 billion, and increase discretionary spending by $415 billion. On net, the legislation would add $256 billion to projected deficits over that period," CBO said in a report.

The infrastructure bill, which passed the House of Representatives and is currently under consideration by the Senate, would impose mandates including new regulatory and administrative requirements for railcar manufacturers and passenger rail companies, new vehicle safety standards, and requirements for commercial vehicle and car manufacturers to install equipment using certain new technology.

CBO added that enacting the bill would create macroeconomic effects that cause budgetary feedback, but that they have not estimated those effects or their budgetary consequences. They have also yet to determine whether enacting the legislation would increase on-budget deficits by more than $5 billion in the four decades following 2032.