The tax bill passed by the House adds $25.3 billion to the deficit

[ProSense]

With caveats, CBO says GOP bill would add $25.3B to deficit

The House payroll-tax bill would add $166.8 billion to the deficit for fiscal year 2012 but could reduce spending over the next decade, according to the Congressional Budget Office.

The CBO released a score Friday saying the GOP bill would add $25.3 billion to the federal deficit over the next 10 years under the CBO’s traditional rules for scoring legislation.

But the GOP legislation also includes reductions in ceilings on discretionary spending that the CBO said would reduce spending by $26.2 billion over the next decade. If those new ceilings are considered, the GOP bill would reduce the deficit by about $1 billion over the next 10 years.

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Revenues:

Changes to Medicare and other healthcare provisions: $38 billion

Spectrum sales: $16 billion

Fannie Mae and Freddie Mac fees: $36 billion

Social Security change: $3 billion

Bar illegal immigrants from receiving tax credit: $9 billion

Means-testing UI and food stamps: $127 million

Freeze federal worker pay: $2 billion

Change to federal worker retirement benefits: $37 billion

Other healthcare provisions: $31 billion

Flood insurance reform: $0

http://thehill.com/blogs/on-the-money/domestic-taxes/198455-cbo-projects-gop-bill-would-add-253-billion-to-deficit

House Passes Extension of Cut to Payroll Taxes

WASHINGTON — Defying a veto threat from President Obama, the House on Tuesday passed a bill extending a cut in Social Security payroll taxes for 160 million Americans for another year. But the Democratic majority in the Senate vowed to reject the measure because of objections to other provisions, including one to speed construction of an oil pipeline from Canada to the Gulf Coast.

The 234-to-193 vote set the stage for negotiations between the House and the Senate that were likely to continue into the weekend.

The vote was a victory for Speaker John A. Boehner. House Democrats voted overwhelmingly against the bill, forcing Mr. Boehner to rely on Republicans, including many conservatives who had initially expressed doubts about the economic value of extending the payroll tax cut.

In general, the vote followed party lines. Ten Democrats voted for the bill, and 14 Republicans voted against it.

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http://www.nytimes.com/2011/12/14/us/politics/house-passes-extension-of-payroll-tax-cut.html?_r=1

Here are the Democrats and Republicans who voted against their party:

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Democrats voting "yes" were Reps. John Barrow (Ga.), Dan Boren (Okla.), Leonard Boswell (Iowa), Bruce Braley (Iowa), Dennis Cardoza (Calif.), Joe Donnelly (Ind.), Dave Loebsack (Iowa), Jim Matheson (Utah), Mike Ross (Ark.), and Tim Walz (Minn.).

Republicans voting against it were Reps. Justin Amash (Mich.), Joe Barton (Texas), Mo Brooks (Ala.), John Campbell (Calif.), Jeff Flake (Ariz.), Jeff Fortenberry (Neb.), Scott Garrett (NJ), Tim Johnson (Ill.), Cynthia Lummis (Wyo.), Tom McClintock (Calif.), David McKinley (W.Va.), Randy Neugebauer (Texas), Frank Wolf (Va.), and Rob Woodall (Ga.).

http://thehill.com/blogs/floor-action/house/199175-house-passes-payroll-tax-extension-bill