{"id":1107097,"date":"2021-12-10T18:44:01","date_gmt":"2021-12-10T23:44:01","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1107097"},"modified":"2021-12-10T18:44:03","modified_gmt":"2021-12-10T23:44:03","slug":"rep-jason-smith-build-back-better-act-will-bankrupt-the-economy","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/rep-jason-smith-build-back-better-act-will-bankrupt-the-economy\/","title":{"rendered":"Rep. Jason Smith: Build Back Better Act Will &#039;Bankrupt the Economy&#039;"},"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\">22<\/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%2Frep-jason-smith-build-back-better-act-will-bankrupt-the-economy%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=1107097&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><img decoding=\"async\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2021\/11\/joe-biden-build-back-better-point-oct25-21-getty-640x335-1.jpg\" class=\"ff-og-image-inserted\" \/><\/div>\n<p class=\"subheading\">Rep. Jason Smith (R-MO), the ranking member of the House Budget Committee, said in a statement on Friday that the $4.9 trillion Build Back Better Act will \u201cbankrupt the economy\u201d while Americans continue to suffer from soaring inflation.<\/p>\n<p>The Congressional Budget Office (CBO) <a href=\"https:\/\/www.cbo.gov\/system\/files\/2021-12\/57673-BBBA-GrahamSmith-Letter.pdf\">found<\/a> that the Build Back Better Act would add $3 trillion to the deficit over ten years and the true cost of the bill would be $4.9 trillion, which is more than double the bill\u2019s $1.75 trillion official price tag.<\/p>\n<figure id=\"D-ROS-B1\" class=\"a8d\"><\/figure>\n<figure id=\"M-ROS-B1\" class=\"a8d\"><\/figure>\n<figure id=\"gmxrevmore\" class=\"H\"><\/figure>\n<p>Smith contended that the bill would devastate the American economy while consumer prices rise at levels not seen since 1982. He said:<\/p>\n<figure id=\"M-ROS-B2\" class=\"a8d\"><\/figure>\n<blockquote readability=\"14\">\n<p>This analysis from the nonpartisan Congressional Budget Office confirms that Washington Democrats are misleading the public about the true cost and impact of their tax and spending agenda.&nbsp;For weeks, Democrats have ignored independent analyses that showed what CBO today has now confirmed \u2013 their reckless reconciliation bill will ultimately cost $4.9 trillion and add $3 trillion to the debt. In the past, Democrats heralded the CBO as the \u2018gold standard.\u2019 It is irresponsible and disrespectful to American taxpayers that Democrats remain in denial about the true impact of their agenda while at the same time they are doing nothing to tackle the highest spike in consumer prices since 1982, as confirmed by the Department of Labor this morning. In fact, their proposal will only make the recent spike in prices worse. Democrats are wasting precious time attempting to ram through an agenda that will bankrupt the economy, benefit the wealthy, and build the Washington bureaucracy.<\/p>\n<\/blockquote>\n<p>The CBO found that the bill would cost far more than the bill\u2019s projected cost if the nonpartisan were to assume that if many of the bill\u2019s programs were made permanent. Democrats set arbitrary policy sunsets for many of the bill\u2019s most expensive programs to make the bill appear less expensive.<\/p>\n<p>Senate Budget Committee Ranking Member Lindsey Graham (R-SC) said in a statement Friday:<\/p>\n<blockquote readability=\"8\">\n<p>CBO has provided a true cost of the bill over ten years \u2013 assuming the programs never go away \u2013 which they will not.&nbsp; Their analysis is stunning.&nbsp;The true cost of the bill has more than doubled and the effect on the deficit is eightfold. This score should stop the effort to pass Build Back Better in its tracks because it will dramatically expand government and do great harm to energy production. We\u2019re calling on the Democratic Party to shelve Build Back Better to give the American consumer and economy breathing room to recover.<\/p>\n<\/blockquote>\n<p>He added, \u201cI very much appreciate CBO scoring Build Back Better without budget gimmicks. We all know that the new provisions will not sunset \u2013 they never do.\u201d<\/p>\n<p><i>Sean Moran is a congressional reporter for Breitbart News. Follow him on Twitter&nbsp;<\/i><a href=\"https:\/\/twitter.com\/SeanMoran3\"><i>@SeanMoran3<\/i><\/a><i>.<\/i><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Rep. Jason Smith (R-MO), the ranking member of the House Budget Committee, said in a statement on Friday that the $4.9 trillion Build Back Better Act will \u201cbankrupt the economy\u201d &#8230;<\/p>\n","protected":false},"author":38,"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-1107097","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\/1107097","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\/38"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1107097"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1107097\/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=1107097"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1107097"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1107097"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}