Joe Biden boldly told the American people that his massive spending bill will “cost zero dollars.”
“My Build Back Better Agenda costs zero dollars,” Biden posted to Twitter.
“And it adds zero dollars to the national debt,” Biden said.
“Instead of wasting money on tax breaks, loopholes, and tax evasion for big corporations and the wealthy, we can make a once-in-a-generation investment in working America,” Biden explained.
The head of the Congressional Budget Office (CBO) has confirmed that Joe Biden is dead wrong.
The White House has severely overestimated the revenue the IRS could gain by cracking down on tax loopholes.
CBO chief Phillip Swagel said that the tax loophole crackdown in the bill would only garner $120 billion.
This action won’t cover the trillions needed for Biden’s spending agenda.
The White House was projecting $400 billion.
Ben Harris, assistant secretary for economic policy at the Treasury Department, said, “In this one case, I think we’ve made a very strong empirical case for CBO not having an accurate score.”
“The question is would they rather go with CBO knowing CBO is wrong, or would they want to target the best information they could possibly have?”
Nope: The net cost is still zero because we raise more than enough revenue to pay for every investment without raising taxes on anyone making less than $400k. https://t.co/3gKp6H3O5K
— Ronald Klain (@WHCOS) October 28, 2021
From Trending Politics:
As the negotiations of President Biden’s massive pork-filled reconciliation bill slowed to a crawl, the administration pivoted attacking the estimated costs causing the delay.
Just as the Obama administration aggressively pushed known lies; Americans would be able to keep their doctor and families would save $2,500 per year on Obamacare, the Biden administration has been insisting their massive multi-trillion-dollar spending bill would actually cost ZERO dollars.
Biden doubled down that $3.5T reconciliation bill will add ZERO to the debt.
This is completely false. The largest spending spree in government history will cost “zero dollars”? That defies logic and basic math. Alongside massive tax increases, it will add trillions to the debt. Peddling false narratives won’t change those facts. https://t.co/vrnxF58LX9
— Rep. Steve Womack (@rep_stevewomack) September 26, 2021
The CBO, which is a non-partisan organization, is set to release its official report Friday. The White House is on the offensive challenging the CBOS’s conclusions, urging lawmakers to disregard the report ahead of its release…
Republican members of Congress have mocked the White House’s claim for months as “completely false,” and saying the president is “confused.”
Biden thinks his $3.5 trillion reckless spending plan "costs zero dollars"?
He is very confused. https://t.co/aNUyBnq5Up
— Tom Cotton (@TomCottonAR) September 26, 2021