NARRATIVE GAAP: CBO Says Biden Spending Bill Will NOT ‘cost $0’
As negotiations over President Biden’s massive pork-filled reconciliation bill slowed, the administration pivoted to attack the estimated costs that caused the delay.
Just as the Obama administration actively promotes known lies; Americans can keep their doctors and families will save $2,500 a year on Obamacare, the Biden administration has insisted its huge trillion-dollar spending bill will actually NOT cost us dollars. la.
Biden doubled down that the $3.5T reconciliation bill would add ZERO to the debt.
Now, the administration of President Joe Biden is facing a “bill-killing” fact check.
The head of the Congressional Budget Office (CBO) said the White House overestimated how much revenue the IRS could gain by fixing tax loopholes.
This is why the left-wing Democrats have been trying to block the passage of the $1.5T infrastructure bill, until the reconciliation bill is also agreed, without Waiting for CBO’s review.
However, CBO chief Phillip Swagel dismissed that claim on Monday, saying that circumventing the tax loophole in the bill would only raise $120 billion, a far cry from the expected $400 billion figure. of the White House, according to The New York Times.
No: Net costs remain zero because we raise enough revenue to cover any investment without raising taxes on anyone making less than $400k. https://t.co/3gKp6H3O5K
– Ronald Klain (@WHCOS) October 28, 2021
The CBO, a nonpartisan organization, will release its official report on Friday. The White House is attacking the CBOS conclusion, urging lawmakers to ignore the report before releasing it.
“In this case, I think we’ve made a very strong case of the CBO not getting the exact score,” said Ben Harris, assistant secretary for economic policy at the Treasury Department. with the NYT. “The question is do they want to go with the CBO knowing the CBO is wrong, or do they want to target the best information they can get?”
Republicans in Congress have mocked the White House statement for months as “totally untrue” and said the president is “confused.”
This is completely wrong. Will the largest spending spree in government history cost “0 dollars”? That defies basic logic and math. Along with massive tax increases, it will add trillions of dollars to the debt. Preaching false stories will not change those facts. https://t.co/vrnxF58LX9
– Representative Steve Womack (@rep_stevewomack) September 26, 2021
Biden thinks his $3.5 trillion reckless spending plan “costs zero dollars”?
He is very confused. https://t.co/aNUyBnq5Up
– Tom Cotton (@TomCottonAR) September 26, 2021
https://smartzune.com/narrative-destroyed-the-cbo-says-bidens-spending-bills-will-not-cost-zero-dollars/ | NARRATIVE GAAP: CBO Says Biden Spending Bill Will NOT ‘cost $0’
