The tax deal the White House and Senate Republicans struck Monday night runs to 157 pages, and as of the time senators voted at 2 a.m. Tuesday morning, there was no final official score available on how much the bill would cost.
Some preliminary calculations were available, showing the bill cuts taxes by $3.9 trillion over the next decade, compared with what was supposed to happen under current law. And that number could grow even deeper — some of the tax breaks, such as President Obama’s green-energy stimulus tax credits, were only extended for a year in the deal, which means Congress could come back and extend them again.
Lawmakers, though, chose to view the deal as a tax increase because rates will rise on individuals making more than $400,000 and households making more than $450,000.
Looked at that way, the tax increase amounts to $620 billion, or $4 billion per page.
Senate Majority Leader Harry Reid, Nevada Democrat, said on the Senate floor early Tuesday morning that the bill did include some spending cuts, but it was unclear what those cuts were since the Congressional Budget Office score was not yet available.
The bill did delay the sequesters, slated to start on Wednesday, for two more months.