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Reality check puts real deficit in Biden’s bill at $3 trillion

The true cost of President Biden’s “Build Back Better” plan is emerging, and it isn’t pretty. Nor is it fully paid for, as the president and Democrats contend.

Which helps explain why Sen. Joe Manchin, D-W.Va., who has long voiced concerns about the bill, finally said Sunday that he won’t be voting for it.

“I have always said, ‘If I can’t go back home and explain it, I can’t vote for it.’ Despite my best efforts, I cannot explain the sweeping Build Back Better Act in West Virginia and I cannot vote to move forward on this mammoth piece of legislation,” he said in the statement.

The Congressional Budget Office last month issued a scoring on the plan that concluded it would add $367 billion to the federal budget deficit over 10 years.

While certainly a lot of money, it wasn’t horrible for a roughly $2 trillion spending package.

But then Republicans asked for a redo. They wanted the CBO to score the bill under the assumption the myriad social spending programs it contains will require funding for the full 10-year life of the package.

The original scoring accepted the Democratic gimmick of funding certain programs for only a few years, and then assuming they will sunset.

Republicans, using history as their guide, contend the likelihood of entitlement programs going away is quite slim — it almost never happens. So they wanted the cost estimate to assume the reality that taxpayers will have to cover the costs for at least a decade, and likely forever.

Using that more realistic assessment, the CBO pegged the amount of deficit spending over 10 years at $3 trillion, and the true cost of Build Back Better at more than $5 trillion.

Build Back Better would destroy the budget, greatly expand the national debt and, given its newly defined size, fuel an already soaring inflation rate.

The White House quickly dubbed the revised scoring as “fake.” It contends the CBO did not factor in revenue the administration hopes to raise by expanding the size and power of the Internal Revenue Service so it can crack down on fraud.

Manchin took issue with several aspects of the Build Back Better act, from paid family leave, to climate provisions and the county’s electric grid, as CNN reported.

“If enacted, the bill will also risk the reliability of our electric grid and increase our dependence on foreign supply chains,” he said in his statement. Manchin also was concerned about what the legislation would do to the nation’s rising debt and soaring inflation.

House Democrats enthusiastically approved Build Back Better on a straight party-line vote before seeing the revised deficit numbers.

Democrats attempted to deceive the American people into accepting this huge step toward socialism with the big lie that it’s “free” because it wouldn’t add to the deficit.

Manchin is already being excoriated by his fellow Dems for breaking with the party.

Rep. Ayanna Pressley said she supports a call by Sen. Bernie Sanders’ to take the…

Read More: Reality check puts real deficit in Biden’s bill at $3 trillion

2021-12-19 23:14:14

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