The Democrats will stop at nothing to radically change the country to fit their social justice image. Regardless of the debt they accrue or the damage the oversee, there is no stopping the likes of Chuck Schumer, Nancy Pelosi, and Joe Biden — all of whom are hoping for another legislative win to maintain their hold on power.
The bipartisan U.S. infrastructure bill would add $256 billion to the federal budget deficit over a decade, the Congressional Budget Office said Thursday, breaking from Democrats who contend that the spending would be fully paid for by a variety of funding measures.
The CBO’s release of its so-called score of the $550 billion infrastructure bill is a much-anticipated milestone as senators seek to advance the legislation ahead of Congress’s August recess.
The infrastructure spending forms a key part of President Joe Biden’s economic policy and is expected to be followed by a $3.5 trillion, Democrats-only economic package that includes climate and health care initiatives.
The nonpartisan arm of the legislature estimated that the revenue provisions in the bill would generate close to $50 billion in funds over the decade through 2031.
The CBO’s scoring could cost some support among Republicans opposing deficit spending, although it isn’t expected to lose enough votes to bring down the bill. Senators have been anticipating that the CBO would not give them credit for perhaps as much as half of their so-called pay-fors.
For example, the bipartisan group said their plan would redirect $53 billion in savings from governors who had nixed supplemental $300-a-week unemployment benefits early. The CBO said that it had already included those savings in its budget baseline, so they weren’t included in the infrastructure bill’s score.
The lawmakers also had argued the infrastructure plan would yield substantial revenue by boosting the economy, but the CBO said it did not estimate the macroeconomic impact of the package.
Negotiators have said that, in their own minds, they feel the package is paid for, even if CBO won’t give them full credit.
Author: Sebastian Hayworth