Posted on 12/14/2021 5:37:13 AM PST by Red Badger
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.
File CBO Letter.pdf AT LINK..................
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."
West Virginia Democratic Sen. Joe Manchin, a pivotal vote for the Democrats on Biden's bill, called the CBO's latest analysis "very sobering."
"We're going to talk about exactly what happened on Friday with the CBO score and inflation reports and things of that sort," Manchin said, referencing his upcoming meeting with Biden.
Reacting to the CBO score, Wisconsin Republican Sen. Ron Johnson referenced former President Ronald Reagan's quote about new government programs: "Government programs, once launched, never disappear. Actually, a government bureau is the nearest thing to eternal life we'll ever see on this earth!"
Johnson said the score dispels "the lie that BBB is fully paid for and will not add a dime" to the nearly $29 trillion national debt.
"Oops, guess the Democrats forgot to tell the American people that," he said. "This latest example of Democrat governance reveals how dishonest Congressional Democrats are in trying to sell their radical far left socialist agenda to the public."
According to the Committee for a Responsible Budget, $3 trillion of new debt from the Build Back Better Act would increase debt to over 116% of Gross Domestic Product in 2031, up from 107.5 percent under current law."
Despite the CBO's findings, House Speaker Nancy Pelosi predicted that the new federal programs in the legislation will be paid for with new tax revenue.
"Congress and President Biden have made clear: any future extensions of the life-changing provisions of Build Back Better will be fully paid for, as they are today," she said. "Until then, Democrats are forging ahead with the Build Back Better Act to create jobs, lower everyday costs and cut middle-class taxes."
Schumer called the CBO score fake.
"The Republican-requested fake CBO score does not take into account the fact that President Biden and Democrats have committed that any extensions of the Build Back Better Act in the future will be fully offset, therefore ensuring BBBA will not increase the deficit," Schumer said in a statement.
I will bet your double wide trailer, the one down by the river, that Manchin will fold like a cheap suit.
I los money in the economy and my trailer is gone, a van is all I have left...
“I will bet your double wide trailer, the one down by the river, that Manchin will fold like a cheap suit.”
Agreed. The pressure and the payoff money will be too much for Manchin.
Plus, the oil and gas industry will disappear because of the methane tax royalty provisions and new taxes driving investors completely out of US production.
What I wonder is: why do they want to kill the US economy? They must know BBB is a cyanide pill bill.
They’re True Believers in socialism. They do not care about capitalist corporations going broke.
They have no clue about how to make an economy work!
They do not think, they feel....................😡
Schumer trapped like a rat in a room with two cats democrats can’t make the scam of trust us lies work any more.
Manchin may like being the center of attention during this process. However, the BBB Bill will certainly crush the economy and add to inflation and then he will be solely, and I mean solely held responsible. No wiggle room for him to deny he was the deciding vote.
Is that $3,000,000,000,000 the “10% for the Big Guy?”
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.