CBO Report Reveals House Republicans’ Bill to Provide Aid to Israel Would Cost Government $26 Billion and Increase Deficit by $12 Billion

House Speaker Mike Johnson (R-La.) this week introduced a bill that would provide $14 billion in aid to Israel, with the cost to be offset by cutting the same amount from the IRS. However, the Congressional Budget Office (CBO) has released a report estimating that this bill would actually cause the government to lose out on $26.8 billion in revenue and add $12.5 billion to the deficit over the next decade.

The CBO report has revealed that the bill, which has been met with strong opposition from Democrats, would be a net loss for the government. The CBO estimates that the bill would decrease revenue by $26 billion over the next decade, while also increasing budget deficits by $12 billion.

The CBO report has raised questions about the wisdom of House Republicans’ proposal, as it would both add to the deficit and decrease revenue. The bill has been widely criticized by Democrats, who are strongly opposed to linking aid to Israel with Republicans’ decades-long quest to hobble the IRS.

The CBO report has shed light on the potential consequences of House Republicans’ proposal, and has raised serious questions about the wisdom of the bill. It remains to be seen whether the bill will be passed, and if so, what the long-term implications of the bill will be for the government’s budget.