Tweet
Remember when Nancy used to demand that politicians wait for the CBO to score a bill....
And Biden has been parroting the "won't cost a CENT" spending spree?
Democratic spending bill would add $367 billion to deficit, CBO says
And Biden has been parroting the "won't cost a CENT" spending spree?
Democratic spending bill would add $367 billion to deficit, CBO says
The Congressional Budget Office said on Thursday that the House Democratic version of President Joe Biden's climate and social spending legislation would increase federal deficits by $367 billion over the next decade.
The much-anticipated score could further imperil passage of the legislation as it is currently written, given that some centrist Democrats such as Sen. Joe Manchin of West Virginia have pushed back on the notion of adding to the debt. Still, it is not as bad as some in the Biden administration had reportedly feared, and paved the way for the House of Representatives to move Thursday night to pass the legislation.
Notably, the CBO's bottom-line estimate of the effects of the bill on the deficit does not include revenues from the Democratic proposal to increase funding for IRS enforcement. The budget office separately estimated that the IRS provision would bring in $207 billion in revenues over 10 years. The Treasury Department has said that the provision would yield $400 billion.
"The combination of CBO’s scores over the last week, the Joint Committee on Taxation estimates, and Treasury analysis, make it clear that Build Back Better is fully paid for, and in fact will reduce our nation’s debt over time," Treasury Secretary Janet Yellen said in a statement Thursday evening.
The much-anticipated score could further imperil passage of the legislation as it is currently written, given that some centrist Democrats such as Sen. Joe Manchin of West Virginia have pushed back on the notion of adding to the debt. Still, it is not as bad as some in the Biden administration had reportedly feared, and paved the way for the House of Representatives to move Thursday night to pass the legislation.
Notably, the CBO's bottom-line estimate of the effects of the bill on the deficit does not include revenues from the Democratic proposal to increase funding for IRS enforcement. The budget office separately estimated that the IRS provision would bring in $207 billion in revenues over 10 years. The Treasury Department has said that the provision would yield $400 billion.
"The combination of CBO’s scores over the last week, the Joint Committee on Taxation estimates, and Treasury analysis, make it clear that Build Back Better is fully paid for, and in fact will reduce our nation’s debt over time," Treasury Secretary Janet Yellen said in a statement Thursday evening.
Comment