Speaker Mike Johnson didn’t seem to be handling it well after a CBO analysis found that his aid to Israel bill that would help wealthy people avoid taxes would increase the deficit by $14 billion.
The CBO found:
Per the CBO, the Republicans’ proposed cut to IRS funding would cost the US $26B in revenues, leading to a net deficit increase of $14B over the next decade.
Hamstringing the IRS makes it easier for tax cheats to get away with evasion, increasing the burden on everyone else. https://t.co/DXQ8Dm8nrb pic.twitter.com/FtJfRu8uI0
— Steven Rattner (@SteveRattner) November 1, 2023
Johnson replied to the CBO score, “Only in Washington when you cut spending do they call it an increase in the deficit.”
— Kelly Phares (@kellyfphares) November 1, 2023
The clip above was not the look of a happy camper.
Of course, Speaker Johnson knows that his bill also decreases revenues by getting rid of IRS agents who are trying to get the wealthiest Americans to pay their fair share in taxes.
The blame Washington for the mythology that tax cuts or lack of tax enforcement pays for itself being debunking again card is getting very stale.
MAGA Mike is getting some hard lessons in governing. Magic thinking is not going to make cutting revenues by helping rich people dodge their taxes and make the books balance.
Mike Johnson’s bill blows up the deficit and doesn’t seem happy to have the CBO expose his fiscally conservative persona as a fraud.
Jason is the managing editor. He is also a White House Press Pool and a Congressional correspondent for PoliticusUSA. Jason has a Bachelor’s Degree in Political Science. His graduate work focused on public policy, with a specialization in social reform movements.
Awards and Professional Memberships
Member of the Society of Professional Journalists and The American Political Science Association