Original title: us authorities expect infrastructure plans to significantly push up the federal budget deficit source: CCTV news client
The Congressional Budget Office predicted on Aug. 5 that the infrastructure plans being discussed by both parties in Congress will push up the federal budget deficit by about $256 billion over the next decade.
The Budget Office estimates differ from those of the Republican senators involved in drafting the plan. Republican senators Rob Portman and Kristen Sinema responded in a statement that spending on the plan is expected to be partially offset by a series of additional federal revenue, and the budget office failed to include all additional revenue.
The Budget Office estimates bring some uncertainty to the plan's prospects in the Senate, but overall, the chances of passing it are still high. Earlier, 17 Republican senators, including Senate Minority Leader Mitch McConnell, voted in favor of moving forward with the plan.
According to a report released by the Budget Office on July 1, the economic losses caused by the COVID-19 epidemic and the measures taken by the United States to deal with the epidemic have further expanded the fiscal deficit. It is estimated that the US federal budget deficit in fiscal year 2021 (October 1, 2020 to September 30, 2021) will reach 3 trillion US dollars, accounting for 13.4% of GDP, the second highest level since 1945.