As the negotiations of President Biden’s massive pork-filled reconciliation bill slowed to a crawl, the administration pivoted attacking the estimated costs causing the delay.
Just as the Obama administration aggressively pushed known lies; Americans would be able to keep their doctor and families would save $2,500 per year on Obamacare, the Biden administration has been insisting their massive multi-trillion-dollar spending bill would actually cost ZERO dollars.
Biden doubled down that $3.5T reconciliation bill will add ZERO to the debt.
Now President Joe Biden’s administration is facing a “bill-killing” reality check.
The head of the Congressional Budget Office (CBO) is saying the White House drastically overestimated the revenue the IRS could gain by cracking down on tax loopholes.
This is why the far left of the Democratic party tried to prevent the passage of the $1.5T infrastructure bill, until the reconciliation bill was agreed on too, without waiting for the CBO’s assessment.
CBO chief Phillip Swagel brought that claim down on Monday, however, saying that the tax loophole crackdown in the bill would only garner $120 billion, a far cry from the White House’s projected $400 billion, according to The New York Times.
Nope: The net cost is still zero because we raise more than enough revenue to pay for every investment without raising taxes on anyone making less than $400k. https://t.co/3gKp6H3O5K
— Ronald Klain (@WHCOS) October 28, 2021
The CBO, which is a non-partisan organization, is set to release its official report Friday. The White House is on the offensive challenging the CBOS’s conclusions, urging lawmakers to disregard the report ahead of its release.
“In this one case, I think we’ve made a very strong empirical case for CBO not having an accurate score,” Ben Harris, assistant secretary for economic policy at the Treasury Department, told the NYT. “The question is would they rather go with CBO knowing CBO is wrong, or would they want to target the best information they could possibly have?”
Republican members of Congress have mocked the White House’s claim for months as “completely false,” and saying the president is “confused.”
This is completely false. The largest spending spree in government history will cost “zero dollars”? That defies logic and basic math. Alongside massive tax increases, it will add trillions to the debt. Peddling false narratives won’t change those facts. https://t.co/vrnxF58LX9
— Rep. Steve Womack (@rep_stevewomack) September 26, 2021
Biden thinks his $3.5 trillion reckless spending plan “costs zero dollars”?
He is very confused. https://t.co/aNUyBnq5Up
— Tom Cotton (@TomCottonAR) September 26, 2021