On Thursday, The Congressional Budget Office (CBO) revealed Biden’s social spending plan would cost $750 billion over five years.
The CBO found that the Build Back Better Act would add $367 billion to the deficit; the official price tag is $1.75 trillion. However, President Joe Biden and other Democrats have claimed the bill would cost zero dollars.
The nonpartisan CBO also found $160 billion would be added to the deficit over ten years and almost $750 billion over five years.
Arbitrary policy sunsets and expirations are contained in the Build Back Better Act, making the legislation cost appear lower while allowing the legislation to comply with the rules for budgetary reconciliation.
The Committee for a Responsible Federal Budget found that the legislation would cost $4.91 trillion if many of the policies and programs with sunsets did not expire.
Permanent extensions included for:
- Extending the increase in the Child Tax Credit (CTC)
- Earned Income Tax Credit (EITC)
- universal pre-kfngarten and child care subsidies
- Affordable Care Act increased subsidies
The Committee noted:
The Build Back Better Act relies on a substantial amount of short-term policies and arbitrary sunsets to reduce its cost, raising the possibility of deficit-financed extensions in future years. A more robust and fiscally responsible package would not rely on these gimmicks to achieve deficit neutrality.
The CBO estimate may cause complications for the Democrats; many moderate Democrats, including Sen. Joe Manchin (D-WV), worry about the bill’s impact on the deficit and inflation.
President Joe Biden hopes to pass his legislative agenda through the Build Back Better Act and the so-called bipartisan infrastructure bill, otherwise known as the Infrastructure Investment and Jobs Act.
The CBO found $256 billion would be added to the deficit from the bipartisan bill.
Meaning, the Build Back Better infrastructure plan is set to add $623 billion to the deficit, as Americans already face soaring inflation.
Club Growth President David McIntosh released a statement Thursday, noting that swing districts broke their promise not to raise the deficit: The CBO has spoken: Biden’s so-called “Build Back Better” Bill will add $367 billion to the deficit over ten years. Representatives Josh Gottheimer (NJ-05), Ed Case (HI-01), Stephanie Murphy (FL-07), Kurt Schrader (OR-05), and Kathleen Rice (NY-04) promised their constituents that they would not raise the deficit. If they break their word and vote for this bill, they’re betraying their constituents. In September, Biden said the reconciliation bill would cost ‘zero,’ and Biden has called the CBO the ‘gold standard.’ But with his embrace of the radical left, it should come to no surprise that he’s walking away from any semblance of good judgment or fiscal responsibility. Now he is asking the Democrats in the House to support a bill that we clearly can’t afford while his other stimulus bills cause massive inflation.
McIntosh continued, “While American families are facing failing schools and skyrocketing prices, Democrats are going on a socialist spending spree, and they should expect their constituents to hold them accountable for their support of these reckless policies.”