clear
Sunday November 19th, 2017 1:02PM
8:34AM ( 4 hours ago ) Weather Alert

The Latest: CBO says tax bill would add $259B more to debt

By The Associated Press
Related Articles
  Contact Editor

WASHINGTON (AP) — The Latest on Republican tax overhaul legislation (all times local):

12:13 p.m.

A new government analysis of the House GOP tax bill says its true costs to the nation's debt are at least $259 billion greater over the coming decade.

That's because of the interest costs the government has to absorb to borrow more money to keep the government running. That puts the debt cost of the measure at $1.7 trillion over 10 years.

The Congressional Budget Office study actually understates the measure's true cost since it's based on last week's version of the bill. An amendment added by Ways and Means Committee Republicans on Monday added $161 billion to the cost of the bill, mostly by watering down an international tax provision.

__

11:05 a.m.

House Speaker Paul Ryan says the GOP drubbing in Tuesday night's off-year elections "just puts more pressure on making sure we follow through" on the party's drive to overhaul the tax code.

The Wisconsin Republican, speaking at an event held by the Washington Examiner, added that the GOP tax bill would "bear fruit politically, but most importantly it's going to help people."

He spoke hours after Republicans lost gubernatorial races in Virginia and New Jersey by large margins in off-year elections that appear to be a bad omen for GOP chances in next year's midterms.

The tax rewrite effort has assumed even greater significance in the wake of the GOP failure to repeal the Obama health care law.

____

10:00 a.m.

Congress' nonpartisan budgetary analysts say ending the requirement that most people buy health insurance would save less money than was estimated earlier.

The Congressional Budget Office says repealing the so-called individual mandate would save $338 billion over a decade. The office had estimated $416 billion in savings earlier this year.

Republicans have said they're considering repealing the individual mandate in their tax bill. The savings would give them more room to cut other taxes in their legislation. Wednesday's smaller budget office estimate means they'd have less money to play with.

President Donald Trump wants to include the repeal in tax legislation. Doing so would complicate the tax bill's passage because of GOP divisions over health care, and so far the repeal is not in the House or Senate versions.

____

3:45 a.m.

House Republicans have blocked Democrats' efforts to get bigger tax benefits for the cost of raising or adopting children.

As the House's tax-writing committee feverishly sprints toward a completed bill by week's end, the Senate's tax bill is starting to take shape. That version is expected to completely repeal the federal deduction for state and local taxes but retain the medical expense deduction.

The House GOP plan calls for repealing the adoption tax credit. One of the Democratic proposals defeated Tuesday would have restored that credit.

Another defeated Democratic amendment would have added a $3,600 credit for families with children under age 6.

  • Associated Categories: Associated Press (AP), AP Online Headlines - Washington, AP Online Congress News, AP Business, AP Business - Financial Markets, AP Business - Personal Finance
© Copyright 2017 AccessWDUN.com
All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.
Catalonia strike is muted but protesters block roads, trains
A general strike in Catalonia has been muted, but pro-independence protesters blocked roads and stopped trains in Spain's northeastern region to protest the jailing of ousted Catalan government officials and secessionist activists
12:47PM ( 17 minutes ago )
New Virginia governor: Win sends message against hatred
Democrat Ralph Northam says his victory over Republican Ed Gillespie in the race for Virginia governor sends a message against hatred and bigotry
12:39PM ( 24 minutes ago )
Ex-President Barack Obama shows up in Chicago for jury duty
Former President Barack Obama, free of a job that forced him to move to Washington for eight years, showed up to a downtown Chicago courthouse for jury duty
12:35PM ( 28 minutes ago )
Associated Press (AP)
The Latest: CBO says tax bill would add $259B more to debt
A new government analysis of the House GOP tax bill says its true costs to the nation's debt are at least $259 billion greater over the coming decade
12:23PM ( 41 minutes ago )
FBI again finds itself unable to unlock a gunman's cellphone
The Texas church massacre is providing a familiar frustration for law enforcement: the FBI says it can't unlock the gunman's encrypted cellphone
11:36AM ( 1 hour ago )
Minneapolis elects transgender woman to City Council
Minneapolis has elected a black transgender woman to its city council in what advocacy groups say is a national first
11:16AM ( 1 hour ago )
AP Online Headlines - Washington
The Latest: Hearing for Trump's pick for Homeland Security
President Donald Trump's choice to lead the Department of Homeland Security says cybersecurity will be one of her top priorities
10:58AM ( 2 hours ago )
Former Yahoo CEO says no company or agency immune from hacks
Former Yahoo CEO Marissa Mayer tells federal lawmakers that the threat from state-sponsored hackers has changed the playing field so dramatically that even the best-defended companies can fall victim
10:51AM ( 2 hours ago )
The Latest: CBO sees less savings in health mandate repeal
Congress' nonpartisan budgetary analysts say ending the requirement that most people buy health insurance would save less money than was estimated earlier
10:11AM ( 2 hours ago )
AP Online Congress News
Russian prosecutors show $2 million in cash at Moscow trial
Russian prosecutors have displayed $2 million in cash, which they claim was a bribe, at the corruption trial of a former economic development minister
12:01PM ( 1 hour ago )
Big cruise ships visiting Venice to be re-routed
The Italian government and Venice officials have agreed on a plan to block giant cruise ships from steaming past the lagoon city's iconic St. Mark's Square and instead re-route them to a nearby industrial port
11:01AM ( 2 hours ago )
New looks come to Snapchat and Twitter in bid for more users
A pair of struggling social-media darlings have decided they need new looks if they want to prosper
10:56AM ( 2 hours ago )
AP Business
Global stocks mixed after Wall Street decline
European stocks have risen while Asian markets are mixed after U.S. President Donald Trump delivered a fresh warning to North Korea and China reported weaker but still-robust trade growth
4:06AM ( 8 hours ago )
Asian markets mixed after Wall Street decline
Asian stock markets are mixed after Wall Street declined as President Trump prepared to start his first official visit to China
11:07PM ( 13 hours ago )
The Latest: Panel blocks bigger benefits for raising kids
The House Ways and Means Committee has blocked Democratic efforts to provide bigger tax benefits for parents' costs of raising children and adopting kids
7:14PM ( 17 hours ago )
AP Business - Financial Markets
GOP tax bill would kill deduction for student loan interest
Republican tax bill would eliminate tax deduction for student loan interest
3:41AM ( 9 hours ago )
GOP blocks Dem efforts to boost tax benefits for parents
House Republicans have blocked Democratic efforts to secure bigger tax benefits for parents' costs of raising or adopting children, as they drove toward wrapping up their tax overhaul by week's end
9:02PM ( 16 hours ago )
Repeal of medical deduction prompts tax bill pushback
Groups representing older people and patients push back on repeal of medical deduction
1:23PM ( 23 hours ago )
AP Business - Personal Finance
Catalonia strike is muted but protesters block roads, trains
A general strike in Catalonia has been muted, but pro-independence protesters blocked roads and stopped trains in Spain's northeastern region to protest the jailing of ousted Catalan government officials and secessionist activists
12:47PM ( 17 minutes ago )
New Virginia governor: Win sends message against hatred
Democrat Ralph Northam says his victory over Republican Ed Gillespie in the race for Virginia governor sends a message against hatred and bigotry
12:39PM ( 25 minutes ago )
Ex-President Barack Obama shows up in Chicago for jury duty
Former President Barack Obama, free of a job that forced him to move to Washington for eight years, showed up to a downtown Chicago courthouse for jury duty
12:35PM ( 29 minutes ago )
Texas can pay most for Otani, followed by Yankees and Twins
Texas, the New York Yankees and Minnesota can pay the most to a young international free agent as highly touted pitcher-outfielder Shohei Otani prepares to enter the market
12:28PM ( 36 minutes ago )
Commentary on killings draws strength through repetition
After mass killings, the satirical website the Onion repeats a feature with numbing regularity
12:28PM ( 36 minutes ago )