A recent Congressional Budget Office report found that Dems’ massive legislation agenda would run up to $750 billion over five years. The Build Back better Agenda would increase the deficit by $367 billion with the official price tag for the Dems being $1.75 trillion. President Joe Biden and other Dems have claimed that it would not cost any money.
Nonpartisan organizations have concluded that the spending plan would increase the deficit by $160 billion over 10 years and nearly $750 billion over 5.
Biden’s agenda includes arbitrary measures to lower the cost of legislation and ensure that it conforms with reconciliation rules. The Committee for a Responsible Federal Budget estimated that $4.91 trillion would be needed to pay for the spending plan if all of the programs and policies were not extended. This includes permanent extensions of the Child Tax Credit, the affordable care act, and pre-kindergarten and child care.
The Committee observed that these gimmicks are not necessary to reach deficit neutrality and that a stronger and more fiscally responsible package would not depend on them.
The CBO estimate could cause problems for many moderate Democrats, such as Sen. Joe Manchin, who is concerned about the deficit and inflation. President Biden wants to pass his Build Back Better Agenda and Infrastructure bill. The bipartisan bill would increase the deficit by $256 billion. This would mean that the Infrastructure agenda would increase the deficit by $623 billion, while Americans face rising inflation.
David McIntosh, President of Club Growth, stated that swing districts had broken their promise to not increase the deficit.
Biden’s Build Back Better agenda will increase the deficit by $367 billion over 10 years. Dem reps made promises to their constituents not to increase the deficit, but are betraying their constituents if they vote for this bill. Biden stated that the reconciliation bill would cost zero dollars and called it the gold standard.
It shouldn’t be a surprise that he is abandoning any sense of fiscal responsibility or good judgment. He now wants the Dems to support the bill, which he clearly cannot afford, while his other stimulus bills create massive inflation.
McIntosh said that while American families face failing schools and skyrocketing costs, Dems are on a socialist spending spree and should be held accountable for supporting reckless policies.
The post Build Back Better Act Adds $750 Billion To Deficit Over Five Years appeared first on Political Daily.