CBO: House financial regulation reform bill would increase deficit by $19.7B

(By Paul Conner, The Daily Caller) - The House financial regulation reform bill that recently passed the Senate would increase the budget deficits by $19.7 billion over the 2011-2020 period if enacted unchanged, according to a cost estimate released Thursday by the Congressional Budget Office.

The bill, passed May 20, has moved to a bicameral conference to be reconciled with the Senate version of the regulation bill. A May 3 estimate released by the non-partisan CBO predicted that the Senate bill would decrease the federal deficit by $19.5 billion over 2011-2020.

If implemented as-is, the House bill is expected to increase revenues by $33.5 billion and increase direct spending by $53.5 billion over 2011-2020.