President Biden is urging the Senate to pass the Build Back Better (BBB) massive spending bill that has already passed in the House. Biden claims that the bill will not increase the deficit and will reduce inflation. The Congressional Budget Office (CBO) disagrees.
Biden says the bill will result in government spending increasing by about $1.75 trillion over the next decade. He says all the spending will be financed by raising taxes on the wealthy. Therefore, it will not add to the deficit.
He also says the massive increase in government spending on top of his $1.9-trillion stimulus bill passed in May and the $1.2-trillion infrastructure bill passed in November will reduce inflation.
In its original assessment, the CBO calculated the
ten-year cost of the bill, exactly as it is written, to be $1.635
trillion and the increase in tax revenue to be $1.268 trillion. That
means that the deficit would increase by $367 billion. Recently, the
CBO recalculated those numbers using different assumptions......To Read More....
No comments:
Post a Comment