It’s been expected for a few days that the Congressional Budget Office wouldn’t exactly agree with the Biden administration that his spending plans would add nothing to the deficit and cost “zero.”
CBO estimates that enhanced IRS enforcement will bring in $207B.
That's more than folks were expecting, but still only half of the $400B that the WH projected. https://t.co/f68TxgVHNZ
— Ylan Q. Mui (@ylanmui) November 18, 2021
Worth noting, the Dems' BBB plan frontloads all of the spending in the first five years, adding $791 billion to the deficit from 2022-2026. Only in the "out years" does the CBO project it will rein that back to just $367 billion. pic.twitter.com/5YvqkeTyJf
— Tom Bevan (@TomBevanRCP) November 19, 2021
It will cost zero dollars didn’t age well. And this doesn’t include the BIF CBO score of hundreds of billions more being added to the deficit on top of this. https://t.co/7cfbrk8YZi
— Joe Concha (@JoeConchaTV) November 19, 2021
This shows the accounting gimmicks underlying the BBB bill, per CBO estimates. The bill cuts the deficit in later years because spending programs phase out (with the goal of future congresses extending them). If all programs were extended, there's a $2.75 trillion shortfall pic.twitter.com/Rj8lZle0P4
— Scott Ruesterholz (@Read_N_Learn) November 18, 2021
Gimmicks like those aren’t uncommon in government budgeting, because they push off all the really bad effects until a time they think they might no longer be in office without taking into account any subsequent spending that will be added.
But fortunately for this administration, the reality is no obstacle, as Biden chief of staff Ron Klain has helped demonstrate:
Fully paid for — by making big corps and the top 1% — pay their fair share.
If you make less than $400k, it will cut your costs; it will cut the deficit; and it will cut taxes for most families.
— Ronald Klain (@WHCOS) November 19, 2021
Is anybody really buying this crap anymore? Nevertheless, Klain will now await water-carrying media takes to spend the night retweeting.
He tweeted this 6 minutes ago despite the CBO score coming out hours ago saying it’s AT BEST going to cost $160 Billion.
And that’s assuming the accounting tricks come close to working. https://t.co/87B99unDfz
— RBe (@RBPundit) November 19, 2021
And the accounting tricks never come close to working.
The IRS enforcement is an estimate, not an actual, so no. https://t.co/vWMEwc46Nc
— kaitlin believes taiwan is a country (@thefactualprep) November 19, 2021
Guess he hasn't seen the CBO score yet. https://t.co/YGEAtlzrlQ
— Greenbrier (@greenbrier_n) November 19, 2021
— The🐰FOO (@PolitiBunny) November 19, 2021
And then big corporations will pass that cost onto us, the consumers…
Is Ron stupid? Or does he just like lying? https://t.co/ERQokteIZG
— Frosty (@FrostyTakes) November 19, 2021
“Yes on both counts” is an acceptable answer.
It will cut costs like gasoline and food? Sure Bubba https://t.co/q5iJo97a1L
— Peej (@PeteinWI) November 19, 2021
Also, if you like your Dr. you can keep your Dr. https://t.co/jzXD4GzCwR
— Homer (@Spoken_Easy) November 19, 2021
No one believes this. https://t.co/6lA51IGlSd
— Chad Felix Greene 🇮🇱 (@chadfelixg) November 19, 2021
We doubt even those working at the Biden White House believe it, but they sure would like you to.