House GOP Releases Extenders Package with Offsets

Today, House Republicans have officially released their plan to extend the current payroll tax holiday for a year, two years of doc fixes, and a year of extended unemployment insurance. Encouragingly, the proposal joins the ranks of other plan presented over the past week or so in that specific offsets are also included to pay for the costs of policy extensions. CBO has also released a cost estimate of the proposal.

Below is a brief overview of the plan's costs and offsets.

  10-Year Costs
One-year extension of current payroll tax holiday $120 billion
Two-year doc fix $39 billion
Extended unemployment benefits (condensed # of weeks) $34 billion
Extend 100% bonus depreciation & other tax provisions $8 billion
Extend expiring Medicare provisions $3 billion
Sub-Total, Gross Costs $204 billion
Increase fees that Fannie/Freddie charge -$36 billion
Raise Medicare premiums for higher-earners -$31 billion
Extend federal civilian pay freeze for another year (through 2013) -$26 billion
Reform federal civilian retirement -$39 billion
Auction spectrum licenses -$16 billion
Reduce child tax credit fraud -$9 billion
Reform national flood insurance $0 billion
Reduce Social Security overpayments -$3 billion
Reduce Medicare payments for bad debts -$22 billion
Reduce Medicare waste, fraud, & abuse in Affordable Care Act -$13 billion
Reduce spending in prevention & public health fund in Affordable Care Act -$8 billion
Eliminate food stamp & unemployment benefits for millionaires, & other provisions <-$1 billion
Sub-Total, Offsets -$205 billion
Total Deficit Impact -$1 billion

Note: Numbers may not add due to rounding.