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The White House is reportedly bracing for disappointment after word leaked out that the nonpartisan Congressional Budget Office will rule that Biden’s Build Back Better monster social spending bill is not fully paid for by taxes.
As the House of Representatives is still bickering over and preparing to vote on the spending bill this week, the White House has begun quietly warning Democrats that the CBO is going to rule that the legislation will not be fully paid for by taxes as the Biden administration previously claimed.
According to The New York Times, the White House “has begun bracing lawmakers for a disappointing estimate from the budget office” and is encouraging them to “disregard” that assessment.
The CBO was expected to release its “score” on the Build Back Better Act on Friday but now it could drag into Thanksgiving week, putting the passage of the legislation in severe doubt. The report will assess whether money generated by increased taxes and other oppressive measures will cover the legislation’s total cost over the next 10 years.
“Timing of consideration of the [Build Back Better Act] in the Senate will largely depend on when the House sends us the bill and when CBO finalizes their scores for all of the committees, which are needed to complete the ‘Byrd Bath’ process,” Senate Majority Leader Chuck Schumer (D-NY) told Senate Democrats on Sunday.
Schumer has previously stated that he wanted the Senate to work on passing the bill this week. That will not happen now. Following Thanksgiving, both chambers will be inundated with a crush of high-stakes issues that could potentially tank Biden’s presidency, crash the economy, and keep lawmakers in the Capitol deep into the holiday season.
“I ask that you please keep your schedule flexible for the remainder of the calendar year. As you can see, we still have much work to do to close out what will be a very successful year of legislative accomplishments,” Schumer requested in a letter, according to Fox Business.
Americans have repeatedly and at length heard Biden and his administration claim that the bill will cost “zero dollars,” asserting that it will be paid for by increased corporate taxes, the closing of tax loopholes for wealthy Americans, and other reforms that will create enough offsets to cover the cost of the legislation. Evidently, that was not correct.
Initial estimates on eight parts of the bill have been released since last week, according to the New York Post. One of the sections would reportedly increase the federal budget deficit by over $150 billion.
Allegedly, senior administration officials are attempting to head the bad news off with the pass claiming that the CBO is “being overly conservative” in its ruling by failing to take into consideration the money that would be raised by the IRS.
A negative report will throw a political wrench into the passage of the bill as Sen. Joe Manchin (D-WV) has said he will not vote for Biden’s legislation until he sees the report proving the bill does not cost anything.
Many believe that the Build Back Better Act will cost much, much more than the touted $1.75 trillion amount touted by Democrats. The U.S. Chamber of Commerce bluntly accused congressional Democrats last week of employing accounting “gimmicks” to hide over $1 trillion in spending.
“We have the highest inflation in 31 years, employers are struggling to fill a record number of job openings, and the current draft of the reconciliation bill uses gimmicks to cover up well over $1 trillion in spending,” the chamber executive vice president and chief policy officer, Neil Bradley, remarked in a statement.
“It would be the height of irresponsibility for Members of Congress to vote on this multi-trillion-dollar tax-and-spend bill with no clear understanding of its true cost or the real-world impact of the policies,” he noted.
The University of Pennsylvania’s Wharton School of Business determined last month that taxes needed to offset the massive spending would miss the mark by about $470 billion.
The White House is claiming that the new and higher taxes would raise $1.995 trillion. Actual economists from Wharton are saying that’s not true and would fall far short of paying for the spending over ten years.
Many are not surprised that the Democrats did not tell the truth about the bill:
Can’t be true, I was reliably told it cost zero dollars.
— Jay C. (@iamthejayc) November 15, 2021
So the administration’s claim that it will cost “nothing” was a lie
— Kemba (@kembageorge) November 16, 2021
We were assured it was paid for.
— Tim Bryant (@TimBryantRadio) November 15, 2021
— Sticky Ricky (@MCR48Car) November 15, 2021
Imagine our shock.
— #ThePersistence (@ScottPresler) November 16, 2021
Even if you take ALL of the assets from ALL 742 billionaires in the U.S. it only comes to 4.4 trillion. We don’t have a tax problem, we have a spending problem.
— John Coffey (@JohnPCoffewhy) November 16, 2021
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