Report: Biden spending plan pushes deficit up by $3 trillion

When the control-centric and expensive Obamacare was being shoved through Congress a decade ago, Rep. Nancy Pelosi infamously told Americans Congress would have to adopt the extravagant plan in order for them to know what’s in it.

Now, it appears they will be finding out at least a bit of what’s in the latest Democrats’ spending spree, Joe Biden’s latest proposal, before it can become the law.

The Washington Examiner, in fact, cited the Congressional Budget Office over its reporting that if Biden’s temporary measures in the plan are made permanent, it would push the deficit up another $3 trillion.

The Examiner explained, “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 described the information as “a blow” to Biden’s attempts to shove the spending spree through Congress.

Those efforts have been stymied so far by Sen. Joe Manchin, D-W.Va., and others who have raised alarms about the costs.

The Examiner reported, “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.”

But the Joint Committee on Taxation has charged that the Democrats’ child tax credit alone could end up costing $1.6 trillion over the next decade after the party expanded those cash handouts.

That there is concern about the costs became evident when Treasury Secretary Janet Yellen sent out a statement late Thursday, trying to minimize the impact of the looming estimate.

“She said President Joe Biden has vowed to pay for any extensions of the legislation’s provisions and that ‘it is inappropriate to judge this legislation based on an assumption that future acts of Congress won’t be paid for,'” the report said.

She wrote, “The Congressional Budget Office is expected to release its analysis. … This should not be confused with a score of the Build Back Better Act, which was already released. Instead, this analysis is of a bill that the House did not pass, the Senate is not considering, and the president — who has committed to paying for permanent investment — would not sign.”

But the Committee for a Responsible Federal Budget has confirmed that the actual costs of the Democrats’ spending plans would be about $4.9 trillion – far higher that the Democrats’ party estimates of under $2 trillion.

The Examiner said, “The new scoring will make passing the spending legislation ever the more difficult.”

Content created by the WND News Center is available for re-publication without charge to any eligible news publisher that can provide a large audience. For licensing opportunities of our original content, please contact [email protected].


This article was originally published by the WND News Center.

Related Posts