WASHINGTON, DC – There’s quite a big difference between something being free and something costing billions of dollars – and that happens to be the case with President Biden’s “Build Back Better” plan.
Back on September 30th, a press release from the official Build Back Better website claimed that Biden’s effort “will add zero to the debt” – as in the federal debt. However, recent fact checks find that claim to be completely false.
Ironically, the Congressional Budget Office’s analyses of the Build Back Better plan as it stands (which Biden in 2010 called the CBO the “gold standard”) found that Biden plan could add $367 billion to the national debt over ten years.
The Wall Street Journal referenced the findings by the CBO in a November 19th report but gave some leeway to Democrats backing Build Back Better by claiming that the CBO wasn’t taking into account projected tax revenues from increased IRS enforcement.
“For technical reasons, the CBO’s bottom line doesn’t include $207 billion in revenue that the scorekeeper estimates would result from pouring roughly $80 billion into tax-enforcement efforts at the Internal Revenue Service. Adding that revenue to the CBO’s other estimates would make the bill’s 10-year deficit about $160 billion. The Biden administration says its IRS spending would generate $480 billion, not $207 billion; in its view, that would tip the bill over to reducing the deficit, and many Democrats appear willing to accept that perspective.”
Even the Committee for a Responsible Federal Budget noted in a November 18th report that the Build Back Better plan as it stands could add as much as $160 billion to the federal debt in ten years – again, coming nowhere close to the Biden administration’s claims that this effort will be virtually cost-free.
“The Congressional Budget Office (CBO) has released cost estimates of each title of the House’s Build Back Better Act (H.R. 5376). Before interactions, CBO’s figures show the bill will add about $750 billion to the deficit over the next five years and about $160 billion over ten years as written.”
In short, two entities have pushed back on the Biden administration’s audacious claims that this Build Back Better plan would somehow not add to the national debt – so it’s unclear how the current administration is so confident in their projections.