IRS Cuts in Debt Ceiling Deal Will Cost Over $40 Billion in Lost Revenue
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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. The CBO provided its estimate to Sen. Sheldon Whitehouse (D-R.I.), who said in a...