The Lead: Who's Paying The Bill?
The Congressional Budget Office has concluded that the Build Back Better social stimulus bill will increase the national deficit by $367 billion over the 2022-2031 period. This is not what Democrats have been saying about the bill. Their company line is that it will “pay for itself.”
Still, the House is scheduled to vote the bill through later today, making those numbers no more than a speed bump. If passed, it will head to the Senate.
The CBO score does not account for increased tax revenue, which the Biden administration has promised to obtain by giving the IRS an $80 billion budget increase to police nonpayers. That *could* increase revenues but only by $207 billion.
So let’s do the math.
- Increase in national deficit: $367 billion.
- Possible increase in tax revenue: $207 billion.
- Net increase in national deficit: $160 billion IF tax revenues increase EXACTLY as promised
Oh what’s another $160 billion!? Reminder: The Pentagon asked congress for a $753 billion budget next year and no one is arguing about that and we are supposedly in peace time.
Another reminder: The U.S. will hit its limit on allowed debt in 26 days.