Breaking: Leaving mtg, Rep. Spencer Bachus says deal will “go back to the Senate.”
— Robert Costa (@robertcostaNRO) January 1, 2013
A just-released analysis by the Congressional Budget Office estimates that the bill would increase the nation’s budget deficit by nearly $4 trillion over the next ten years (as compared to allowing the tax cuts to expire and deep spending cuts to take effect).
With House Republican Leader Eric Cantor (R-VA) and other members of his caucus opposing the bipartisan Senate deal, House Republicans are reportedly working to craft an amendment a majority would support. Senate Majority Leader Harry Reid (D-NV) has vowed to block any further changes to the bill.