A recent report by the Congressional Budget Office (CBO) shows that Senate Democrats’ proposed Inflation Reduction Act will raise the budget deficit within the next six years.
In the 10-year period between 2022 and 2031, the Inflation Reduction Act is calculated to reduce the budget deficit by $101.5 billion, according to the CBO report published on Aug. 3. However, in the first six years, between 2022 and 2027, deficits are projected to increase by $24.6 billion.
Except for 2023, the remaining five of the first six years are calculated to see an increase in deficits, with 2025 and 2026 projected to register more than $16 billion and $20 billion, respectively, in deficits.
The $101.5 billion deficit reduction predicted by the CBO is only approximately a third of the $300 billion in deficit reduction projected by the Democrats….