CBO: Fiscal cliff deal adds $4 trillion to deficits
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The fiscal cliff deal passed by the Senate Tuesday morning would increase deficits over the next decade by close to $4 trillion, according to the Congressional Budget Office. But that's relative to where deficits would otherwise be if Congress were to let all the Bush tax cuts expire and keep much if not all of the other tax hikes and spending cuts under the fiscal cliff in place. Under that scenario, only $2. 88 trillion would be added to the debt over the next decade. In effect, that's what the law as of Tuesday morning reflects because Congress hasn't enacted a bill to avert the fiscal cliff. Most economists say that such abrupt fiscal tightening would hurt economic growth in the near term.
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CBO: Fiscal cliff deal adds $4 trillion to deficits
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