“The CBO says (the Build Back Better Act) is $3 trillion of deficit spending.”
"The Build Back Better Act is fiscally responsible," Mr. Biden said in a statement. "It reduces the deficit over the long-term. It's fully paid for by making sure that the wealthiest Americans and biggest corporations begin to pay their fair share in federal taxes. It keeps my commitment that no one earning less than $400,000 a year will pay a penny more in federal taxes. Leading economists and independent experts on Wall Street have confirmed that it will not add to inflationary pressures. Instead, it will boost the capacity of our economy and reduce costs for millions of families." [...] CBO says Build Back Better Act will increase deficit by $367 billion over 10 years The nonpartisan Congressional Budget Office on Thursday released its much anticipated cost estimate of President Biden's signature social spending plan, Build Back Better. The analysis — commonly referred to as the CBO score — said passage of the legislation would increase the deficit by more than $367 billion over ten years. But the estimate does not include the revenue that could be generated from increasing IRS enforcement.