Bill that Biden says pays for itself actually adds $3 trillion to deficit, CBO warns
West Virginia Democratic Sen. Joe Manchin, a pivotal vote for the Democrats on the bill, calls the CBO's latest cost analysis "very sobering."
By Nicholas Ballasy
Updated: December 13, 2021 - 11:44pm
President Joe Biden's sweeping spending bill, the Build Back Better Act, would add $3 trillion to deficits over 10 years if made permanent, according to a new Congressional Budget Office cost analysis.
Republicans requested the CBO analyze Biden's bill based on its policies being made permanent by Congress over 10 years, as opposed to the shorter timelines in the Treasury Department's cost analysis of the bill.
The legislation contains universal pre-K, support for child care, home health care funding, Medicaid expansion, about $550 billion for climate change initiatives and more. The bill contains tax increases on corporations and those in the top income tax bracket. It also extends the expanded child tax credit of up to $3,600 and eliminates the federal cap on state and local tax deduction.
"I very much appreciate CBO scoring Build Back Better without budget gimmicks," said South Carolina GOP Sen. Lindsey Graham, ranking member on the Senate Budget Committee. "We all know that the new provisions will not sunset — they never do."
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https://justthenews.com/government/congress/bidens-build-back-better-act-would-add-3-trillion-deficits-over-10-years-if
