GOP to take ‘a hard look’ at ‘fiscal cliff’ legislation after new CBO report
The Trump administration is set to take a “hard look” at legislation that would limit federal spending beyond the fiscal cliff, according to a new report by the nonpartisan Congressional Budget Office.
The GOP-led House on Tuesday passed the Fiscal Cliff Reduction Act, or H.R. 667, the Senate version, which would cut spending by $1.1 trillion.
The bill has been referred to the Senate’s Joint Committee on Taxation, or JCT, which will vote on it Thursday, the CBO said in a statement.
The legislation would require a 2.4 percent increase in the federal debt limit to balance the budget by 2024, which it said would lead to a $2.1-trillion loss of revenue.
It also requires the federal government to pay an additional $1 trillion in taxes.
The JCT will vote later this week on a $1,300-per-month increase in Social Security benefits for older workers.