The Congressional Budget Office on Thursday released its “official” cost estimates for the House tax and entitlement bill, but don’t believe it. The CBO gnomes aren’t lying about a 10-year deficit estimate of $367 billion. They’re obliged to score the bill under rules that Democrats have rigged with multiple tricks that disguise the real cost by trillions of dollars.
Democrats phase out the biggest programs in the bill while paying for them with 10 years of tax increases. They phase-in other programs and off-load costs to the states. The Penn Wharton Budget Model estimates the House bill would cost nearly $4.6 trillion over 10 years if temporary provisions are made permanent, as most will be (WSJ).
President Biden had tweeted, "My Build Back Better Act is going to reduce the deficit by more than $100 billion over ten years. It’s going to lower costs, create jobs, and rebuild our economy. Let’s get this done. (Twitter)"
"He lied about evacuating Americans from Afghanistan. Now President Biden is lying about the cost of his reckless spending plan. His word is no good (Tom Cotton - Twitter)."
"Every page of the Democrats’ Socialist Spending Scam will be paid for by or borrowed from you: America’s hardworking taxpayers. This is the single most reckless and irresponsible spending bill in our nation’s history (Kevin McCarthy - Twitter)."
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