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The Congressional Budget Office kills the fantasy of Biden's spending bill
Posted on 11/17/21 at 7:57 am
Posted on 11/17/21 at 7:57 am
imagine that. no free lunch
The Congressional Budget Office kills the fantasy of Biden's spending bill
Zachary Faria - Yesterday 3:02 PM
© Provided by Washington Examiner
The Biden administration has contended that its “Build Back Better” agenda would cost nothing. The Congressional Budget Office now says that’s at least a few hundred billion dollars off.
The CBO's director estimates that the proposal to amp up the Internal Revenue Service’s crackdown on tax evaders would bring in about $120 billion, well short of the $400 billion the administration was counting on. According to the New York Times, “The White House has begun bracing lawmakers for a disappointing estimate from the budget office, which is likely to find that the cost of the overall package will not be fully paid for with new tax revenue over the coming decade.” (The CBO report is expected to be released Friday.)
It was already absurd that President Joe Biden and his staff were insisting that just because his plan was (ostensibly) paid for, that it then cost $0. After all, you don’t pay for things that cost nothing. But it turns out that, predictably, even that claim wasn’t even true because Biden and his team were overstating how much revenue they were bringing in and low-balling the cost.
West Virginia Sen. Joe Manchin correctly identified this, calling them shell games and noting “budget gimmicks that make the real cost of the so-called $1.75 trillion bill estimated to be almost twice that amount, if the full time is run out, if you extended it permanently.” Some of his fellow Democrats have decided that the Congressional Budget Office just doesn’t know how to budget.
It was evident that this was how this would play out from the start. Centrist Democrats should kill the bill and not let themselves get talked into the "no-cost" fantasy that the Biden administration has been pushing.
LINK
The Congressional Budget Office kills the fantasy of Biden's spending bill
Zachary Faria - Yesterday 3:02 PM
© Provided by Washington Examiner
The Biden administration has contended that its “Build Back Better” agenda would cost nothing. The Congressional Budget Office now says that’s at least a few hundred billion dollars off.
The CBO's director estimates that the proposal to amp up the Internal Revenue Service’s crackdown on tax evaders would bring in about $120 billion, well short of the $400 billion the administration was counting on. According to the New York Times, “The White House has begun bracing lawmakers for a disappointing estimate from the budget office, which is likely to find that the cost of the overall package will not be fully paid for with new tax revenue over the coming decade.” (The CBO report is expected to be released Friday.)
It was already absurd that President Joe Biden and his staff were insisting that just because his plan was (ostensibly) paid for, that it then cost $0. After all, you don’t pay for things that cost nothing. But it turns out that, predictably, even that claim wasn’t even true because Biden and his team were overstating how much revenue they were bringing in and low-balling the cost.
West Virginia Sen. Joe Manchin correctly identified this, calling them shell games and noting “budget gimmicks that make the real cost of the so-called $1.75 trillion bill estimated to be almost twice that amount, if the full time is run out, if you extended it permanently.” Some of his fellow Democrats have decided that the Congressional Budget Office just doesn’t know how to budget.
It was evident that this was how this would play out from the start. Centrist Democrats should kill the bill and not let themselves get talked into the "no-cost" fantasy that the Biden administration has been pushing.
LINK
This post was edited on 11/17/21 at 8:11 am
Posted on 11/17/21 at 7:58 am to djmed
quote:
The CBO's director estimates that the proposal to amp up the Internal Revenue Service’s crackdown on tax evaders would bring in about $120 billion
It would being in nowhere close to this amount.
ETA:
quote:
Some of his fellow Democrats have decided that the Congressional Budget Office just doesn’t know how to budget.
They're right. The CBO always gives the best possible slant toward the Democrat position.
This post was edited on 11/17/21 at 8:00 am
Posted on 11/17/21 at 7:59 am to djmed
quote:
3X-Large
Edit it your post fatty
Posted on 11/17/21 at 7:59 am to djmed
It will cost more than the CBO estimate... Things always cost more than the CBO estimate...
Posted on 11/17/21 at 8:00 am to djmed
quote:
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That aint free!
Posted on 11/17/21 at 8:00 am to djmed
quote:
Magellan Outdoors Men's Camo Grand Pass Coveralls, 3X-Large - Adult Insulated Camo At Academy Sports Ad Academy Sports + Outdoors Magellan Outdoors Men's Camo Grand Pass Coveralls, 3X-Large - Adult Insulated Camo At Academy Sports
Dang baw, how big a fella are you?
Posted on 11/17/21 at 8:02 am to Wtodd
quote:
Edit it your post fatty
Every damn time.
Posted on 11/17/21 at 8:02 am to djmed
If any legislators are actually surprised by this they’re idiots.
Posted on 11/17/21 at 8:05 am to djmed
What's a few hundred billion among friends?
Posted on 11/17/21 at 8:05 am to djmed
Wait, so Biden was suggesting that the spending bill wouldn’t cost taxpayers anything because he was going to ramp up tax collections???
I knew his admin was full of shite but this is a completely different level. Wow. Just wow.
I knew his admin was full of shite but this is a completely different level. Wow. Just wow.
Posted on 11/17/21 at 8:10 am to djmed
Has the CBO ever been right?
If they’re estimating these numbers, it must be so much worse.
If they’re estimating these numbers, it must be so much worse.
Posted on 11/17/21 at 8:12 am to Robin Masters
quote:
because he was going to ramp up tax collections???
Isn't it funny that the estimate will not even cover the ramping up of the IRS to look for tax cheats and such... Simply cannot make this shite up...
Funny how all of their pieces are being put into place and hidden in individual steps all heading to the same outcome...
Posted on 11/17/21 at 8:17 am to djmed
They won't care. That steaming pile will pass at some point.
Posted on 11/17/21 at 8:19 am to Indefatigable
IIRC, the CBO uses static taxation numbers for their calculations as opposed to dynamic ones showing how behavior will alter depending on the changes in taxation.
Which means, yes, this is going to be far worse than what they scored.
Which means, yes, this is going to be far worse than what they scored.
Posted on 11/17/21 at 8:20 am to djmed
quote:
The Biden administration has contended that its “Build Back Better” agenda would cost nothing. The Congressional Budget Office now says that’s at least a few hundred billion dollars off.
No shite!!!
Posted on 11/17/21 at 8:30 am to Indefatigable
quote:I don’t think they have in my lifetime, and I’m old
Has the CBO ever been right?
Posted on 11/17/21 at 8:32 am to djmed
Biden plans to hire 80,000 IRS agents. That means audits will skyrocket.
Posted on 11/17/21 at 8:34 am to The Maj
quote:
It will cost more than the CBO estimate... Things always cost more than the CBO estimate...
Yep. Remember the CBO's role concerning the numbers of Obamacare? We all know how that worked out. I'm still waiting on my $2,500 savings on my medical insurance. Hell, reported this week my Medicare is going up 14.5% in two months. I look for the CBO's numbers to be favorable for the Biden bullshite Bonanza, aka BBB, also.
Posted on 11/17/21 at 8:34 am to djmed
They still haven't scored the overall cost???
That will be the death blow. Biden and goons and lie around this one, however, when they come back that its actually 3-4T instead of the 1.75, that will do it in.
That will be the death blow. Biden and goons and lie around this one, however, when they come back that its actually 3-4T instead of the 1.75, that will do it in.
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