Congressional Budget Office Cost Estimate for H.R. 5140, Economic Stimulus Act of 2008, February 11, 2008: “H.R. 5140 would provide a tax rebate to individual tax filers who satisfy specific income requirements and special depreciation allowances to businesses. In addition, the act would raise the loan limit for the Federal Housing Administrations (FHAs) single-family program. The Congressional Budget Office and the Joint Committee on Taxation (JCT) estimate that H.R. 5140 would:
- Decrease revenues by $114 billion in 2008 and by a net amount of $82 billion over the 2008-2018 period; and
- Increase direct spending by $38 billion in 2008 and $42 billion over the 2008-2009 period.
In total, those changes would increase budget deficits (or reduce future surpluses) by $152 billion in 2008 and by a net amount of $124 billion over the 2008-2018 period.”