CBO releases cost estimate of Biden plan

[mystery-ak]

CBO releases cost estimate of Biden plan
By Naomi Jagoda - 11/18/21 06:34 PM EST

The Congressional Budget Office (CBO) on Thursday released its full cost estimate of the Build Back Better Act, House Democrats' social spending package, hours before lawmakers were expected to vote on the bill.

The nonpartisan budget scorekeeper said that the massive bill put forward to advance President Biden's agenda would increase the deficit by $367 billion over 10 years.

However, that number does not take into account $207 billion in revenue that the CBO estimates would be raised by providing the IRS with more money for enforcement.


A group of House moderates had sought information about the bill's cost prior to a vote on the legislation, which advances Biden's economic agenda and includes spending and tax cuts in areas such as health care, climate and education. Moderates are expected to be satisfied by the CBO's estimate.

The Treasury Department has estimated that the IRS funding provision would raise significantly more revenue than the budget office estimated, and some moderates have expressed support for Treasury's larger estimate.

The CBO score set off a debate over whether the bill is paid for.

Treasury Secretary Janet Yellen said in a statement Thursday that the bill is fully paid for when looking at multiple analyses.


"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 by generating more than $2 trillion through reforms that ask the wealthiest Americans and large corporations to pay their fair share," she said.

Republicans, who oppose the bill, attacked Democrats over the CBO estimate.

"The economists at the nonpartisan Congressional Budget Office just issued a warning to House Democrats," Sen. Ben Sasse (R-Neb.) said in a statement. "This bill is a craptacular mess that will grow the deficit and lead to a million more annual IRS audits."

https://thehill.com/policy/finance/582266-cbo-releases-cost-estimate-of-biden-plan

[Kamaji]

The CBO's estimates are almost certainly low by an order of magnitude, particularly since they use static scoring rather than dynamic scoring.

[mystery-ak]

Clyburn: I’m ‘Much More Comfortable’ with W.H. Numbers on Spending Bill, CBO Doesn’t Account for Revenue from Increased IRS Funding

Ian Hanchett 18 Nov 2021

On Thursday’s broadcast of CNN’s “OutFront,” House Majority Whip James Clyburn (D-SC) said he is “much more comfortable” with the White House’s numbers on the Build Back Better reconciliation bill than the Congressional Budget Office’s numbers, and that the CBO’s numbers don’t take into account all of the amount of money that would be raised from greater IRS funding.

Clyburn stated, “The fact of the matter is, not only are those numbers different from the White House, there are some other rating houses as well that seem to feel that those numbers are really, really on the conservative side. But I think that we’ll have all of these discussions, we’ll see where people are comfortable. Some people are — I am much more comfortable with the White House numbers, and maybe they are more comfortable with CBO. But as you said earlier, these are estimates. I have seen people say that if the IRS is fully funded, they would save — would earn another $1.2 trillion. I’ve seen that, and I think that’s a pretty reputable group saying that. I have not seen that anywhere with CBO. You just mentioned the numbers that they say we would earn and it’s far less than that. Who’s right? I don’t know. All of them are creditable.”

more
https://www.breitbart.com/clips/2021/11/18/clyburn-im-much-more-comfortable-with-w-h-numbers-on-spending-bill-cbo-doesnt-account-for-revenue-from-increased-irs-funding/

[mystery-ak]

The rats are planning on more $$ from all the audits the IRS are going to do...

[mystery-ak]

J.P. Freire
@JPFreire
·
3h
So far:

CBO shows that Dems’ reconciliation bill adds billions to deficit.

CBO confirms Dems’ drug pricing scheme kills cures.

CBO corrects White House’s rosy estimates and shows spending $80B on IRS enforcement will only result in $127 billion revenue NOT $400 billion.

[mystery-ak]

Rep. Elise Stefanik
@RepStefanik
·
5m
$367 BILLION

This price tag of Democrats' Far-Left Socialist Spending Scam STILL isn't stopping Nancy Pelosi from ramming through their radical legislation.

[mystery-ak]

Tom Cotton
@TomCottonAR
·
58m
Inflation is crushing Americans.

Democrats are about to vote on a budget-busting bill to make it much worse.

This inflation is by design.

[mystery-ak]

Matt Fuller
@MEPFuller
·
13m
Kevin McCarthy claiming this is "the single most reckless and irresponsible spending bill in our nation's history" is a real trip, given that the CBO says this bill cost $160 billion, which is almost 1/10th of what the GOP tax bill actually cost.

[mystery-ak]

Tom Cotton
@TomCottonAR
·
55m
A lot of House Democrats are going to end their careers voting for a bill that is dead in the Senate and spends $2.5 billion on "tree equity."

[mystery-ak]

Murray Flag of United States
@Rothbard1776
·
Nov 17
Patriot Act = Surveillance Act

Affordable Care Act = Unaffordable Care Act

Citizens United = Corporations United

No Child Left Behind = Every Child Left Behind

Voting Rights Act = Steal Elections Act

Build Back Better = Tear Down America

Murray Flag of United States
@Rothbard1776
·
Nov 17
Patriot Act = Surveillance Act

Affordable Care Act = Unaffordable Care Act

Citizens United = Corporations United

No Child Left Behind = Every Child Left Behind

Voting Rights Act = Steal Elections Act

Build Back Better = Tear Down America

Noticing a trend?

[mystery-ak]

Rep. Jody Hice
@CongressmanHice
·
1h
President Biden claimed his reconciliation package costs $0.

The CBO exposed this outrageous lie!

CBO estimates this socialist gravy train actually adds $367 billion to the deficit... and that's just the portion of BBB that's been graded, the full score is not yet available!

[mystery-ak]

CBO: Build Back Better Act Adds $750 Billion to Deficit over Five Years

The Congressional Budget Office (CBO) found Thursday that the Democrats’ mammoth legislation would cost $750 billion over five years.

https://www.breitbart.com/politics/2021/11/18/cbo-build-back-better-act-adds-750-billion-to-deficit-over-five-years/

[mystery-ak]

CBO: IRS Tax Enforcement Raises Half of White House Estimate

The Congressional Budget Office (CBO) found Thursday that increased IRS enforcement funding in the Build Back Better Act would raise only half of the tax revenue the Joe Biden White House estimated.

https://www.breitbart.com/politics/2021/11/18/cbo-irs-tax-enforcement-raises-half-of-white-house-estimate/

[LMAO]

I don’t know what you people are worried about. We can print all the currency we need to have everything we want./s

[catfish1957]

The CBO's estimates are almost certainly low by an order of magnitude, particularly since they use static scoring rather than dynamic scoring.

Exactly.  It does not take in account the upcoming inflationary spiral, and the fact incoming federal funds are going to drop due to anti-business measures.  This thing has Trillions written all over it....   And not in 10 years.  Try 3 or 4.

[DefiantMassRINO]

Creative accounting ... for the childrens ...