Yesterday, the Congressional Budget Office (CBO)––Congress’ nonpartisan fiscal watchdog––released the true numbers for Biden’s multi-trillion Build Back Broke bill.
Over 10 years, it spends $4.9 trillion and will add over $3 trillion to the debt.
Democrats have used budget gimmicks to obscure the overall effects of this bill and are publicly claiming a much smaller debt figure. What are the gimmicks?
Answer: Democrats are raising taxes over a 10 year period while only funding many of their new liberal programs temporarily. But––everyone knows that in Washington, once you start a federal program, it’s nearly impossible to dismantle it. If you assume the programs run for 10 years, then it will be over $3 trillion in new debt.
All this spending in the “Build Back Broke” bill could not come at a WORSE time.
Inflation is now at 6.8%—a near 40 year high!