For months now, Joe Biden and the rest of the Democrats have insisted that their massive spending bill is paid for with taxes on the rich.
This simply isn’t true. The Democrats are using tricks based on the number of years the spending happens to play with the numbers and make it seem more acceptable.
Now the Congressional Budget Office is saying that if the provisions of the bill are permanent, it will add three trillion to the deficit. In other words, it’s not paid for.
The Washington Examiner reports:
Democratic spending bill would add $3 trillion to deficits if provisions made permanent, CBO says
The House version of the Democratic climate and social spending bill would increase federal deficits by $3 trillion over the next decade if temporary provisions are made permanent, the Congressional Budget Office estimated Friday.
The numbers were requested by Republicans, who have criticized the Democratic plan as being riddled with budgetary gimmicks to make it appear to cost less. The legislation has several spending items that sunset early that, if made permanent as Democrats intend them to be, would balloon the cost of the bill.
The report from the budget office released Friday is a blow to President Joe Biden’s efforts to push the bill through Congress, as it will add to fears that the spending measure would push the government further into debt and stoke inflation. Democratic Sen. Joe Manchin of West Virginia, in particular, whose vote Biden is counting on, has expressed such worries .
The initial scoring from the CBO only accounted for the legislation as written, sunsets included. The CBO first said the legislation would increase federal deficits by $367 billion over the next 10 years.
Everything the Democrats have been pushing about their spending bill is a lie.
The CBO just found that Biden’s Build Back Broke Act would increase the deficit by $3 TRILLION by 2031 when you strip out the Dems’ budget gimmicks!
So much for “fully paid for”!
— Ronna McDaniel (@GOPChairwoman) December 10, 2021
They should scrap the whole thing.