additional sanctions. this is scary stuff right now, how can what you are saying be avoid? ed unfortunately, carley, we re at the 11th hour, the sanctions policy has been bullish and not grounded in reality. same people crowing russia is masquerading as a country and russian gdp is size of italy somehow expect sanctions will stop putin from executing his master plan he s been hatching for two decades. that is not how it works, the amount sanctioned is miniscule. russia gdp is 1.48 trillion and this is not something that is going to make a difference. besides, putin sanction the economy since first sanction hit russia in 2014.
released an official estimate of the tax provisions of the $1.75 trillion package of the legislation that the democrats plan to pass through the budget reconciliation process that allows them to pass the bill in the senate with a simple majority vote of just democrats, as often happens with these estimates. the joint tax committee does not agree with the biden administration s own estimates of how much money will be raised by the tax provisions. the joint tax committee estimates that the tox provisions will raise $1.48 trillion over ten years. the biden administration issued a statement after the joint tax committee s report came out saying that the treasury department believes that those same tax provisions would generate more than $2 trillion in the next ten years. the joint tax committee s estimate is the only one that can be used by the senate parliamentarian in evaluating
here, if there is is a what the joint tax committee scores as a gap in the funding, they re currently saying you re only pulling in only you re pulling in $1.48 trillion or so in taxation. the bill s cost is 1.75. that s the kind of gap that joe manchin has said he just can t live with, but those gaps are actually quite common in this kind of scoring. is there any discussion of what the solution might be to try to raise more tax revenue to try to close that gap? well, i think there are a cup of things for people to know. one is that there s a difference between how the joint committee and taxation scores things and reality. so you alluded to this, the provisions that would enforce the tax code against the ultrawegty and big corporations that aren t paying their fair share.
between the north and south. right now the united states has nearly 30,000 troops stationed there. all the more important to pay attention to this story. jon: the pentagon is spending millions to include antimissile systems to counter that north korea threat, this as president obama and lawmakers try to deal on the federal budget. overall federal spending continues to spiral into uncharted territory. as part of a new series called what to cut doug abg elway is live in washing tonight. reporter: almost every president in the last 40 years or so has called for shrinking or streamlining the federal bureaucracy but none of them has succeeded. the government is far larger than it ever has pw-rpbgs the deficits are larger, the debt is growing at record rates. reporter: government spending has gone up from an average of $88.2 billion spent every year in the 1980s to 1.48 trillion in
lawmakers battling how to deal with the debt crisis on the hill. this year alone the federal government will run a budget deficit of $845 billion. are there any programs that could be cut to save money? doug mckelway live on the story, live in washington kicking off on what to cut, our new series here. good morning to you. reporter: good morning, bill. almost every president in the last 30 years tried to shrink or make the government more efficient. government is not the solution to our problems, government is the problem. the era of big government is over. reporter: but, the government has just gotten larger. adjusted for inflation government spend has gone up from average of 882 billion spent every year in the 1980s, to 1.48 trillion in the 1990s to 2.44 trillion a year in the first decade of the 21st century. it is estimated government will have spent as much in the first four years of the