Tax cuts bill more expensive than economic stimulus, according to Congressional Budget Office
The tax cuts compromise brokered by President Obama and congressional Republicans will cost more than the 2009 economic stimulus, according to estimates from the Congressional Budget Office.
The CBO expects the tax cuts deal to cost $858 billion over 10 years, while the American Reinvestment and Recovery Act had a cost of $787 billion. A Congressional Research Service study shows that the extension of all of the Bush tax cuts for two years will cost $675.2 billion over ten years.
Influential conservative columnist Charles Krauthammer wrote in the Washington Post this morning that President Obama “won” the tax cut debate by negotiating “the biggest stimulus in American history.” Meanwhile, House Democrats in a private meeting gave a vote of ‘no-confidence’ to the tax cut deal, as the House already voted to extend the Bush tax cuts for the middle class.