12.01.21

CBO Commits to Provide “True Cost” Analysis of Reckless Tax and Spend Bill Over Ten Years

Penn Wharton Budget Model, Committee for a Responsible Federal Budget Previously Released Similar Estimates

WASHINGTON – Senate Budget Committee Ranking Member U.S. Senator Lindsey Graham (R-South Carolina) today issued a statement after the Congressional Budget Office (CBO) committed to providing an extended ten-year analysis of the provisions in the Democrats’ Reckless Tax and Spend bill.

“I’m very pleased CBO will be scoring Build Back Better on the premise that spending programs and other new programs do not sunset as written.  It would be totally irresponsible to debate this bill before CBO’s new analysis is done.

“When this analysis was applied by the Penn Wharton Budget Model and the Committee for a Responsible Federal Budget, they each concluded that a ten-year score in terms of cost of the bill – if you do not allow for sunsetting – is over $4.5 trillion rather than $1.75 trillion as Democrats claim.

“Also, according to these two groups, over an entire ten-year period the effect on the deficit grows from CBO’s initial $367 billion estimate to nearly $3 trillion if spending programs do not sunset.

“The truth of the matter is sunsetting these programs is a budget gimmick by Democrats. Once the gimmick is removed, the cost of the bill more than doubles.  The effect on the deficit is almost tenfold.  The Democrats’ plan is not based on reality.

“I look forward to CBO’s analysis.  I believe this can be done in days, not months.

“The bill as written is a fraud.  If the sunset gimmick is set aside, Build Back Better costs the American public over $4.5 trillion and will increase the deficit by nearly $3 trillion.”

Background:

November 30, 2021: Graham: Dems’ Reckless Tax and Spend Bill is a Fraud

November 9, 2021: Smith, Graham Call for CBO Score on True Cost of Democrat Tax & Spending Bill

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