WASHINGTON, Dec. 10, 2021 /PRNewswire/ — According to an analysis released today by the nonpartisan Congressional Budget Office (CBO), the costs of making key provisions in the Build Back Better Act (BBBA, H.R.5376) permanent would increase budget deficits by $3 trillion over the 2022-2031 period, including higher net interest payments on the new debt.
“The CBO report is proof that the budget gimmicks in BBBA are grounds for concern.” said Bob Bixby, Executive Director of The Concord Coalition. “This assessment sets up a tough choice for future Congresses and taxpayers —significantly higher deficits or much larger offsets. That choice must be made clear.”
Democrats are intent on making their Build Back Better agenda permanent, but two elements—the high cost of their proposals and President Biden’s promise not to raise taxes on households earning less than $400,000—have resulted in budget gimmicks that hide the legislation’s true costs. Key provisions described as “transformational” are only temporary. For example, the enhanced Child Tax Credit is extended only one year through 2022. What looks like a $185 billion provision in BBBA would actually cost $1,597 billion if made permanent.
“Transformational policies are not temporary policies. If Democrats truly believe the BBBA is transformational, then today’s CBO score is a more accurate reflection of the measure’s cost.” said Bixby.
Our nation’s debt is already on an unsustainable path. Even before COVID, the growing gap between spending and revenues was projected to push federal debt to record levels. As the nation emerges from the shadow of COVID, Washington’s lawmakers must focus on policies that improve, not worsen, our fiscal outlook. Responsible leadership means making tough choices.
The Concord Coalition is a nonpartisan, grassroots organization dedicated to fiscal responsibility. Since 1992, Concord has worked to educate the public about the causes and consequences of the federal deficit and debt, and to develop realistic solutions for sustainable budgets. For more fiscal news and analysis, visit concordcoalition.org and follow us on Facebook @ConcordCoalition and on Twitter: @ConcordC
SOURCE The Concord Coalition