The "fiscal cliff" deal that was designed to save money actually includes $330.3 billion in new spending over the next decade, according to the official estimate the Congressional Budget Office released Tuesday afternoon.
CBO said the bill contains about $25.1 billion in new cuts, but those are swamped by the new spending on extended unemployment benefits for the long-term jobless and other new refundable tax credits that President Obama fought for.
Of those cuts, only $2 billion are scheduled to take effect in 2013.
And CBO also warned that some of the cuts Congress is counting are from programs on which CBO never expected the money to be spent anyway — such as cuts to the Consumer Operated and Oriented Plan, which was part of Mr. Obama's health care law.
All told, the bill deepens the deficit by nearly $4 trillion over the next decade, when the new tax cuts and spending are combined.
The bill also delays by two months the automatic spending cuts slated to take effect Wednesday, with a promise to reduce spending in the future to cover for them.
Yes. They are just frothing at the mouth and can't wait to cut Social Security and Medicare to balance the budget. Military is golden grail, foreign aid unheard of. If Obama caves on SS and Medicare, 2014 will be a rebirth for the extremists.
Agree. But let's not throw Granny under the bus. Let's fund Medicare and Social Security 100% as it was intended pre Bush. Let's cut government wages 10% across the board. Let's pull out of the Bush wars, cut foreign aid. Raise taxes to pre Bush levels on EVERYBODY ! And let's pass bills that discourage outsourcing, TAX the outsourcers heavily. And, yes, let's make low interest loans for small business and give tax breaks for those who hire AMERICANS via the e-verify.