Extender bill could cost $180 billion

Legislation extending several measures that have either expired or are on the cusp of doing so could cost $180 billion, according to several sources close to the matter. 

These sources caution that nothing is yet written in stone. But since the bill could be one of the last pieces of legislation to pass Congress before lawmakers turn their attention to the upcoming election, it will likely be a large proposal with an expensive price tag. 

The legislation is expected to extend several tax breaks that expired last year, resuscitate benefits for the unemployed, address the so called 'doc fix,' and extend Build America Bonds. The bill might also include funds for summer programs. 

Only the tax portion of the bill is expected to be paid for. Offsets are expected to include taxing carried interest at a level above current capital gains rates, which raises between $15 billion and $20 billion; no longer allowing U.S. multinational companies to "split" foreign tax credits, which raises roughly $9.5 billion; and possibly using pensions to raise another $2.7 billion.  

Other offsets might also be needed if tax-writers choose to use the broader tax extender bill created in the Senate.

Democratic leaders in both chambers hope to have the bill on President Obama's desk by the beginning of the Memorial Day recess.