The Congressional Budget Office estimated on Thursday that President Biden's Build Back Better Act will increase the nation's deficit by $367 billion.
The CBO's cost estimate contradicts President Biden's claim that the legislation will cost "zero." House Speaker Nancy Pelosi and Senate Majority Leader Chuck Schumer also have said the bill would be fully paid for with tax hikes on corporations and wealthy Americans.
According to the CBO's estimate, "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."
Biden and the Democrats' reconciliation bill includes additional funding to hire about 87,000 IRS agents to increase tax enforcement. In a report released on Thursday, the CBO projected that the additional support for the IRS, if enacted by Congress, would increase "outlays by $80 billion and revenues by $207 billion, thus decreasing the deficit by $127 billion, through 2031."
The deficit for FY2021 was $2.8 trillion. In FY2020, the year the coronavirus pandemic hit, the deficit reached $3 trillion. In FY2019, it was $984 billion. The national debt is near $29 trillion.
Replies
It's our new Communist Constitution incognito. Schumer said they were going to CHANGE our country. Still don't believe the Totalitarian Ass Hole?
Idiots! That is all I can say!
What's 367 Billion when we owe 28.9 Trillion in total debt...
We are all mature and sane enough to know "there is NO free lunch", beside that, when did we ever start believing anything a democommie said?
There is only one word to describe anyone who actually believes anything Biden says, "IDIOT!"
Lynn Bryant DeSpain
AMEN
They are all wealthy Americans making this decision, they will never do anything that will cost them personally!
The wealthy BELIEVE they can negotiate their way out.... they believe their wealth insulates them from LEAD and the Chaos coming... I Have news for them it doesn't and in fact, their wealth makes them a prime target for elimination. Marxism is not the friend of the wealthy no mater what they think history proves they will lose it all... from the neck down.