The Wharton School of the University of Pennsylvania study is set to reveal President Biden’s reconciliation package will not be free, even though Joe Biden claims it would cost “zero” dollars.
Reportedly, the study estimates the legislation’s net cost will burden taxpayers with $2.42 trillion extra in debt.
Punchbowl News reported if the package’s provisions became permanent, it “would increase new spending by $3.98 trillion,” and American taxpayers would incur $1.56 trillion in new taxes.
The package is expected to cost taxpayers $1.87 trillion with $1.56 trillion extra in taxes to American workers and families within a ten-year window.
Likely, the Biden package estimate will turn lawmakers heads; some are pushing for the Congressional Budget Office (CBO) to score the legislation before the vote on the measure this week.
“Moderate” Democrats are particularly interested in the scoring of the legislation. Members of Blue Dog Coalition have requested a hold on the passage of the legislation “until we have had a chance to review these scores which provide the true cost of the legislation.”
“I believe that we need to take a vote on the infrastructure bill as soon as possible. And I think when it comes to the BBB, we need to have some time to be able to review it — the CBO and JCT tables — to understand how much spending and how much revenue is in the package,” stated Rep. Stephanie Murphy (D-FL) on Wednesday, all while she is facing a tough re-election race in 2022.
“And there needs to be some level of understanding as to whether or not this bill as written can survive the Senate procedural process,” she added.
The White House has claimed more than once; the legislation would cost nothing.
The Washington Post reported on September 28, Biden claimed his package would cost zero dollars. “We talk about price tags. It is zero price tag on the debt. We’re paying — we’re going to pay for everything we spend,” Biden said:
A reporter questioned the White House about Biden’s claim in October.” Does the president still believe that Build Back Better will not add a dime to the national debt?” the reporter asked Psaki in a briefing.
“Correct. It won’t,” Psaki claimed.
“Why should Americans believe that?” the reporter asked.
“Because it won’t,” Psaki said flatly.