CBO score says Biden spending bill will add $367B to deficit, without counting IRS tax enforcement
Category: News & PoliticsVia: vic-eldred • 3 weeks ago • 14 comments
By: Thomas Barrabi
The CBO released its full cost estimate on Thursday for President Biden’s social spending bill, dubbed the “Build Back Better Act,” fulfilling a demand from moderate Democrats who wanted more information about the legislation’s long-term financial implications.
"CBO estimates that enacting this legislation would result in a net increase in the deficit totaling $367 billion over the 2022-2031 period, not counting any additional revenue that may be generated by additional funding for tax enforcement," the CBO said in a release.
The Biden administration has argued the cost of the bill’s expansive social and climate programs is fully covered by offsets such as tax hikes on the wealthy and enhanced IRS tax enforcement. The CBO score undermines that position.
The White House has argued its plan for enhanced IRS tax enforcement will generate $400 billion over 10 years, while the CBO previously estimated it would generate about $120 billion in net income.
The score could impact the planned vote on the Democrat-backed bill, which could be brought to the House floor for a vote as soon as Thursday evening.
Pelosi details procedure for Biden spending bill vote
House Speaker Nancy Pelosi sent a letter to Democratic lawmakers detailing what will occur ahead of tonight's planned vote on the spending bill.
Read Pelosi's full message below.
Dear Democratic Colleague,
This afternoon, work was completed on the Senate privilege scrub, enabling the Rules Committee to call a meeting for 5:30 p.m. to advance the revised Rule with the Manager’s Amendment, which can be viewed here. Its summary states that it “makes technical changes to narrow U.S. Code citations and references to comply with Senate procedural requirements.”
At the same time, the Congressional Budget Office has released its figures on the remaining titles of the bill. An updated chart from the White House, reflecting the revised numbers, will be released, which I will send to you shortly.
When the Rules Committee reports out the Rule, we will go to the Floor for one hour of debate. After the vote on the Rule, the remaining 20 minutes of debate on the Build Back Better Act will commence.
At the close of the debate, all that remains is to take up the vote – so that we can pass this legislation and achieve President Biden’s vision to Build Back Better!
Build Back Better is a spectacular agenda for the future, with transformational action on health care, family care and climate that will make a significant difference in the lives of millions of Americans, and it is possible because of the leadership of the President. I am grateful for the outstanding work of the Chairs, Members and staff of our House Democratic Caucus. Thank you for your leadership For The People.
House Rules Committee to meet at 5:30 p.m. ET
The Rules Committee meeting is a key step before a potential vote on Biden's social spending bill, dubbed the "Build Back Better Act."
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