CBO Releases Estimates On The Impact Of The Debt Ceiling Agreement by taxgirl
The bill claws back money promised as part of the 2022 reconciliation act. Most of those funds were targeted to enforcement and related activities. The CBO"anticipates that rescinding those funds would result in fewer enforcement actions over the next decade and in a reduction in revenue collections." The result? A decrease in outlays by $1.4 billion and a decrease in revenues by $2.
8 billion over the same period, largely offsetting the savings.Under the bill, federal funds previously earmarked for Covid, and still unspent, would be returned. CBO estimates that wouldThe bill would write into law the end to the pause on federal student loan payments, interest accrual, and collections of loans in default, along the late summer timetable previously announced by the Biden Administration.
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