by Bernard P. Lawson, The Chicago Times
November 19, 2921
WASHINGTON — According to a nonpartisan Congressional Budget Office estimate, President Joe Biden’s massive infrastructure and climate spending package would add $367 billion to the country’s budget deficit.
The CBO, which is in charge of estimating the cost of pending legislation, found that Biden’s Build Back Better plan is likely to come at a high cost to the US economy. In a CBO report released on Thursday, it is estimated that if passed by Congress, the Build Back Better plan would add $367 billion to the federal deficit over the next decade.
Many moderates in congress recognize that $367 billion is just the start since nearly all government programs increase spending overtime and rarely see reductions or elimination.
According to the Biden administration, which is desperate of a legislative victory, claimed that it will be able to fund the bill primarily by raising taxes on the wealthy and closing loopholes.
The plan anticipated that $1 trillion would be generated solely through tax reforms aimed at high-income taxpayers.
Regardless of the CBO’s projection, Democrats in the House voted along party lines to approve the plan on Thursday, setting the way for a floor discussion. Before the debate began, Democrats knew they could not afford to lose more than two votes to ensure the bill’s passage.
Bernard P. Lawson, National Political Reporter/Columnist for The Chicago Times. Views and comments expressed by the author do not necessarily reflect the official position of The Chicago Times.