IRS Cuts in Debt Ceiling Deal Will Cost Over $40 Billion in Lost Revenue

Sheldon Whitehouse, chair of the Senate Budget Committee, pointed out that the cuts will add $19 billion to the deficit.Speaker of the House Kevin McCarthy holds a news conference after the House passed the Fiscal Responsibility Act of 2023 in the U.S. Capitol on May 31, 2023, in Washington, D.C.Chip Somodevilla / Getty Images A preliminary analysis from the Congressional Budget Office released Thursday estimates that the $21.4 billion in IRS funding cuts that Republicans and the Biden White House agreed to enact as part of their debt ceiling agreement would result in $40.4 billion in lost tax revenue - adding to the federal budget deficit.

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