The GOP-led House of Representatives endorsed a former-stimulus measure on Friday, setting off a firestorm of cries from the Democrats regarding GOP hypocrisy. The measure expired last tax season but renewed twice during the George W. Bush administration.
The HR 4718 bill endorsed on Friday would make permanent bonus depreciation and lead to a $293 billion dollar addition to the deficit in ten years. The cries over hypocrisy came when the GOP stated the dollar amounts did not need to be offset by cutting other spending.
Rep. Pat Tiberi (R-Ohio), the sponsor of the cut, dismissed the objections. “We have had bonus depreciation, this tax policy, temporary, for over 10 years — unpaid for — supported by many on the other side of the aisle. Unpaid for,” Tiberi said. “Yet moving that policy forward for 10 more years, the same way it’s been paid for over 10 years, costs money.”
A White House statement published July 10 states the President will veto the measure.