{"id":1029086,"date":"2021-11-18T19:44:54","date_gmt":"2021-11-19T00:44:54","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1029086"},"modified":"2021-11-18T19:46:13","modified_gmt":"2021-11-19T00:46:13","slug":"build-back-better-will-add-367-billion-to-national-debt-cbo-says","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/build-back-better-will-add-367-billion-to-national-debt-cbo-says\/","title":{"rendered":"Build Back Better Will Add $367 Billion To National Debt, CBO Says"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">24<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fbuild-back-better-will-add-367-billion-to-national-debt-cbo-says%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1029086&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div><\/div>\n<p>The Build Back Better Act will add $367 billion to the national debt over ten years, the Congressional Budget Office (CBO) announced Thursday.<\/p>\n<p>The CBO\u2019s final <a href=\"https:\/\/www.cbo.gov\/publication\/57627\">report<\/a>, published as the House of Representatives begins another round of debate over the social spending package, affirms the thinking of economists who have <a href=\"https:\/\/checkyourfact.com\/2021\/09\/30\/fact-check-joe-biden-build-back-better-agenda-cost-zero-dollars\/\">pushed<\/a> back on the Biden administration\u2019s claim that the bill will be \u201cfully paid for.\u201d<\/p>\n<p>The non-partisan agency\u2019s top-line number does not include potential revenue from increased tax enforcement, which could lower the debt impact by up to $207 billion over the ten-year period. Speaker of the House Nancy Pelosi announced in a Dear Colleague letter that the House would vote on the reconciliation bill as soon as the CBO released its final analysis.<\/p>\n<blockquote class=\"twitter-tweet\" readability=\"11.322580645161\">\n<p dir=\"ltr\" lang=\"en\">CBO estimates enacting H.R. 5376, the Build Back Better Act, would result in a net increase in the deficit of $367 billion over the 2022-2031 period, not counting additional revenue that may be generated by additional funding for tax enforcement. <a href=\"https:\/\/t.co\/cMEHAFqiu4\">https:\/\/t.co\/cMEHAFqiu4<\/a><\/p>\n<p>\u2014 U.S. CBO (@USCBO) <a href=\"https:\/\/twitter.com\/USCBO\/status\/1461470850499158021?ref_src=twsrc%5Etfw\">November 18, 2021<\/a><\/p>\n<\/blockquote>\n<p>The most expensive provisions in the package are a tax credit for daycare and early childhood education, which will cost more than $273 billion, and provisions labeled \u201csocial safety net,\u201d including a child tax credit and an expansion of Obamacare, which will cost more than $268 billion.<\/p>\n<p>The report is a blow to several prominent Democrats, including <a href=\"https:\/\/dailycaller.com\/2021\/09\/29\/joe-biden-build-back-better-agenda-costs-zero-dollars-economists-less-convinced\/\">Biden<\/a>, <a href=\"https:\/\/dailycaller.com\/2021\/09\/29\/pelosi-biden-build-back-better-zero-dollars\/\">Pelosi<\/a>, and White House Chief of Staff Ron Klain, all of whom claimed that offsetting provisions, such as a minimum corporate tax of 15%, funding for the IRS to recover missed taxes and a new surtax on multi-millionaires and billionaires, would prevent Build Back Better from adding to the national debt. <a href=\"https:\/\/dailycaller.com\/2021\/11\/18\/exclusive-par-for-the-course-former-cbo-director-says-white-house-attacks-on-report-are-classic-partisan-pushback\/\"><strong>(RELATED: EXCLUSIVE: \u2018Par For The Course\u2019: Former CBO Director Says White House Attacks On Report Are Classic Partisan Pushback)<\/strong><\/a><\/p>\n<p>Sunset provisions included in the Build Back Better Act prevent some of the programs from being counted through the full ten-year analysis, a policy choice Democratic West Virginia Sen. Joe Manchin <a href=\"https:\/\/dailycaller.com\/2021\/11\/01\/manchin-blasts-build-back-better\/\">derided<\/a> as a \u201cshell game.\u201d If those provisions, including the Child Tax Credit and Earned Income Tax Credit, are made permanent, the package could add up to $2.5 trillion to the national debt, <a href=\"https:\/\/www.crfb.org\/blogs\/build-back-better-cost-would-double-extensions\">according<\/a> to the Committee for a Responsible Federal Budget.<\/p>\n<p>However, the CBO does not issue a score projecting the permanence of the sunset provisions, CRFB Senior Policy Director Marc Goldwein <a href=\"https:\/\/dailycaller.com\/2021\/11\/18\/build-back-better-congressional-budget-office-dynamic-scoring-sunset-provisions\/\">told<\/a> the Daily Caller, leading lawmakers to see the smaller number.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Build Back Better Act will add $367 billion to the national debt over ten years, the Congressional Budget Office (CBO) announced Thursday.The CBO\u2019s final report, published as the House &#8230;<\/p>\n","protected":false},"author":67,"featured_media":2315279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1029086","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1029086","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/67"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1029086"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1029086\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1029086"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1029086"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1029086"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}