The Congressional Budget Office released its score Friday on the tax plan hammered out between Republicans and President Barack Obama, showing a $893 billion hit on the deficit over the next five years.
The bulk of the deficit increase comes from loss of revenue — $756 billion — with the rest coming from additional direct outlays.
The 13-month extension of unemployment benefits adds less than $57 billion to the deficit.
The highest price item is the extension of the Bush-era tax cuts, which will add more than $400 billion to the deficit, followed by the payroll tax holiday at about $225 billion.
Earlier, Obama enlisted former President Bill Clinton to help sell a compromise tax package negotiated with Republicans to reluctant Democrats.
After meeting with Clinton at the White House, Obama brought him to the briefing room to tout the proposal to reporters, even backing off after a brief introduction to let Clinton do the talking and take questions.
“I personally think this is a good deal, and the best we can get,” Clinton said, arguing that the combination of payroll tax cuts, unemployment insurance benefits and various tax credits would help the economy grow.
Acknowledging that the Republican insistence on extending tax cuts to the wealthy would help him personally, Clinton said the compromise meant that both sides had to accept provisions they disliked.
“There’s never a perfect bipartisan bill in the eyes of a partisan,” Clinton said. “I believe this will be a significant net-plus for the country.”