Budget Watchdog warns infrastructure deal could run out of funding

The proposed spending plan for the bipartisan infrastructure package may not be enough to foot the bill, according to an analysis by the...


The proposed spending plan for the bipartisan infrastructure package may not be enough to foot the bill, according to an analysis by the Non-partisan Committee for a Responsible Federal Budget.

The tax watch group analysis, released Thursday, found that the so-called payments “appear to overestimate savings or count savings that have already occurred,” meaning that the offsets could only cover about half the cost of the legislation.

Lawmakers clashed for weeks over the $ 1 trillion package, eventually coming to a deal Wednesday and vote for consideration of the bill in the Senate. The deal would provide about $ 550 billion in new federal funds to help repair the country’s aging roads and bridges, expand access to public transportation, and build the country’s electric vehicle charging stations. The pay-fors would largely reallocate already approved funds, rely on accounting changes to raise funds, and assume that some of the investments would end up paying for themselves.

The biggest source of funding is $ 205 billion which the group says will come from reallocating some pandemic relief dollars. Lawmakers also predict that the long-term projects will result in economic growth of $ 56 billion.

The analysis argued that some of the reported offsets come from savings that may have already been realized, including the $ 53 billion that is expected to come from states that repaid expanded unemployment benefits after prematurely ending unemployment benefits. This program. The analysis also asked whether the estimated $ 205 billion from reallocated Covid relief funds could actually be applied to funding the infrastructure package given previous legislative efforts to reallocate some of that money.

The package is also based on the smoothing of pensions, which the analysis qualified as a “budgetary gimmick”. Although the bipartisan group has yet to estimate how much would come from the reduction in unemployment insurance fraud, the Committee for a Responsible Federal Budget said it did not expect the measures to generate any big savings, citing a Bureau of Management and Budget estimate that found that $ 5 billion in anti-fraud funding would only save $ 6 billion over a decade.

The group said the funding proposals were a good start, but more payments will be needed.

“The legislation includes sensible reforms to lower prescription drug prices, expand or impose fees, and improve reporting to narrow the tax gap,” said Maya MacGuineas, chair of the Committee for a Responsible Federal Budget, in A declaration. “But it also relies on several bogus compensations that will save little or no money.”

Source Link

COMMENTS

Name

Africa,885,Americas,4263,Art & Culture,15587,Arts,6688,Arts & Design,1813,Asia,3482,Automobile,498,Baseball,723,Basketball,579,Books,4097,Business,5557,Celebrity,2633,Cricket,648,Crime,158,Cryptocurrency,1861,Dance,622,Defense,836,Diplomatic Relations,2496,Economy,1263,Editorial,260,Education,1380,Elections,308,Energy & Environment,3109,Entertainment,23270,Environment,3813,Europe,4421,Faith & Religion,235,Family & Life,817,Fashion & Style,3497,Finance,20919,Food & Drink,3969,Football,1170,Games,97,Gossip,10289,Health & Fitness,4318,Health Care,951,Hockey,237,Home & Garden,920,Humour,994,Latin America,49,Lifestyle,17912,Media,527,Middle East,1644,Movies,1914,Music,2841,Opinion,3595,Other,12591,Other Sports,5284,Political News,11324,Political Protests,2324,Politics,18262,Real Estate,2098,Relationship,106,Retail,3116,Science,2825,Science & Tech,10664,Soccer,303,Space & Cosmos,383,Sports,12848,Technology,3643,Tennis,659,Theater,1837,Transportation,313,Travel,2714,TV,3874,US,1073,US Sports,1481,Video News,3531,War & Conflict,1069,Weird News,998,World,17455,
ltr
item
Newsrust - US Top News: Budget Watchdog warns infrastructure deal could run out of funding
Budget Watchdog warns infrastructure deal could run out of funding
https://static01.nyt.com/images/2021/07/29/us/politics/29political-briefing-payfors/29political-briefing-payfors-facebookJumbo.jpg
Newsrust - US Top News
https://www.newsrust.com/2021/07/budget-watchdog-warns-infrastructure.html
https://www.newsrust.com/
https://www.newsrust.com/
https://www.newsrust.com/2021/07/budget-watchdog-warns-infrastructure.html
true
732247599994189300
UTF-8
Loaded All Posts Not found any posts VIEW ALL Readmore Reply Cancel reply Delete By Home PAGES POSTS View All RECOMMENDED FOR YOU LABEL ARCHIVE SEARCH ALL POSTS Not found any post match with your request Back Home Sunday Monday Tuesday Wednesday Thursday Friday Saturday Sun Mon Tue Wed Thu Fri Sat January February March April May June July August September October November December Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec just now 1 minute ago $$1$$ minutes ago 1 hour ago $$1$$ hours ago Yesterday $$1$$ days ago $$1$$ weeks ago more than 5 weeks ago Followers Follow THIS PREMIUM CONTENT IS LOCKED STEP 1: Share to a social network STEP 2: Click the link on your social network Copy All Code Select All Code All codes were copied to your clipboard Can not copy the codes / texts, please press [CTRL]+[C] (or CMD+C with Mac) to copy Table of Content