Washington (July 7, 2003) -- The Center on Budget and Policy Priorities, a non-partisan researcher and policy institute here, predicted that should House lawmakers extend the tax cuts that are scheduled to expire over the next 10 years, the federal deficit will total $4.1 trillion by 2013.
According to a CBPP report released late last week, the Congressional Budget Office’s deficit projections in March omit as much as $4.4 trillion in costs over the next 10 years.
“If Congress makes all these tax cuts permanent —and there will be considerable pressure to do so -- projected 10-year deficits will increase by $1.7 trillion,” the report stated. “If Congress also amends the Alternative Minimum Tax so that no more than 3 million tax filers are subject to it in any year, the 10-year deficit could increase by another $760 billion.
In addition, various program increases such as military spending and Iraq reconstruction could balloon the deficit by up to an additional $1.9 trillion over the 10-year period, CBPP said.
For more information go to the CBPP’s Web site at: www.cbpp.org.
-- WebCPA staff
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