Democrats have promoted the “Build Back Better” Act with the absurd claim that it will pay for itself–it costs nothing! So Nancy Pelosi and Joe Biden have been nervously awaiting the Congressional Budget Office’s evaluation of the current version of the bill. The CBO may lean to the left, but it has employees who can add.
Sure enough, earlier today the CBO released an estimate that, as I read it, indicates the bill will increase the federal deficit by over $791 billion between 2022 and 2026, and $367 billion between 2022 and 2031. So much for paying for itself.
Joe Manchin, for one, has been pointing to the forthcoming CBO estimate as an important factor in evaluating the Democrats’ spending spree. We can imagine what he will make of $791 billion. And, given the inflation that has taken off over the past year and that already is being fueled by out of control federal spending, it is hard to imagine who would be so irresponsible as to advocate increasing the national debt by the amounts that the CBO suggests.