Portman, Sinema Statement on CBO Score for Bipartisan Infrastructure Investment & Jobs Act

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August 5, 2021

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Press releases

WASHINGTON, DC – The US Senators Rob Portman (R-OH) and Kyrsten Sinema (D-AZ) today issued the following statement on the cost estimate of the Congressional Budget Office (CBO) on the final text of the bipartisan Infrastructure Investment & Jobs Act:

“The bipartisan legislation the Senate is now considering is a historic investment in our country’s major infrastructure needs – including roads and bridges, railways, transit, ports, airports, power lines, broadband, and more. This investment is made without any new tax increases for everyday families. Independent studies have shown that long-term investments in fixed assets under this measure improve economic efficiency and productivity, increase GDP, generate additional revenue and do not increase inflation.

“The CBO score states that the cost of the bill is $ 228 billion over five years and $ 415 billion over 10 years, and the compensation amounts we identified are $ 519 billion. The new spending under the bill will be offset by a combination of new revenue and savings, some of which is reflected in the formal CBO score and others in other savings and additional revenue identified in estimates as the CBO is limited in its performance is included in its formal score. The American people strongly support this bipartisan law and we look forward to working with our colleagues on both sides of the aisle and President Biden to get it passed through Congress and signed into law. “

New spending pay forums

  • $ 53 billion from unused federal enhanced UI supplements (Source: CBO estimate)
  • $ 67 billion in unused savings from the COVID-19 tax credit for employer withholding that would be forecast by CBO and would not be used, minus the impact of discontinuing the credit (CBO Letter)
  • $ 106 billion in unused savings from paid COVID-19 tax credits and family vacation tax credits that CBO predicts would and would not be used (CBO Letter)
  • $ 51 billion due to the delay in the Medicare Part D rebate scheme (Source: CBO Score)
  • $ 21.4 billion in cancellations of unused funds from the 2020 COVID bills (Source: CBO Score)
  • $ 10.2 billion from the sale of future frequency auctions (source: CBO Score)
  • $ 67 billion from the proceeds of the C-band auction in February 2021 (Source: CBO estimate)
  • $ 53 billion economic growth due to a 33 percent return on investment in these long-term infrastructure projects (source: CBO analysis)
  • $ 28 billion from clarifying the application of information reporting requirements for cryptocurrencies (source: JCT score)
  • $ 21 billion from the increase in fees for GSEs (Source: CBO Score)
  • $ 14.5 billion through reinstatement of certain Superfund fees (Source: JCT score)
  • $ 8.7 billion from the mandatory sequestration extension (Source: CBO Score)
  • $ 6.1 billion in sales from the Strategic Petroleum Reserve (Source: CBO Score)
  • $ 6.1 billion from the expansion of customs fees (Source: CBO Score)
  • $ 3.2 billion in savings of Reduced Medicare Spending on Disposable Drugs from Large Disposable Vials (Source: CBO Score)
  • $ 2.9 billion from expanding available interest rate smoothing options for defined benefit plans (source: JCT score)

TOTAL OFFSETS = $ 519 billion

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