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CBO says Senate's 'fiscal cliff' bill adds $4 trillion to deficit
January 1, 2013 / 7:40 PM / in 5 years

CBO says Senate's 'fiscal cliff' bill adds $4 trillion to deficit

WASHINGTON, Jan 1 (Reuters) - The Congressional Budget Office on Tuesday said the Senate-passed legislation to avert the “fiscal cliff” will add nearly $4 trillion to federal deficits over a decade, largely because it extends low tax rates for nearly every American.

The congressional scorekeeper’s analysis could fuel further debate about the legislation, which could come to a vote in the U.S. House of Representatives on Tuesday afternoon.

CBO said the fiscal year 2013 deficit would be about $330 billion higher than if Congress fails to act and lets $600 billion in higher taxes and spending cuts take effect.

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