CBO says Democrat social spending bill to grow deficit by $367 billion, undercutting Biden claim

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(Worthy News) – The Congressional Budget Office estimated on Thursday that President Biden’s Build Back Better Act will increase the nation’s deficit by $367 billion.

The CBO’s cost estimate contradicts President Biden’s claim that the legislation will cost “zero.” House Speaker Nancy Pelosi and Senate Majority Leader Chuck Schumer also have said the bill would be fully paid for with tax hikes on corporations and wealthy Americans.

According to the CBO’s estimate, “enacting this legislation would result in a net increase in the deficit totaling $367 billion over the 2022-2031 period, not counting any additional revenue that may be generated by additional funding for tax enforcement.” [ Source: Just the News (Read More…) ]

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