Despite the Democrats’ claim that the so-called infrastructure bill does not grow the deficit, the Congressional Budget Office (CBO) estimated Thursday that the bill would grow the deficit by $256 billion over ten years.
The deficit hit a record $3.1 trillion in 2020, and in FY2021, it grew to $2.2 trillion. Sadly, the national debt is climbing to $29 trillion for the first time in U.S. history.
This week, the CBO said that The Infrastructure Investment and Jobs Act would generate $50 billion in revenue but increase the deficit by four times that much.
“Over the 2021-2031 period, enacting Senate Amendment 2137 to H.R. 3684 would decrease direct spending by $110 billion, increase revenues by $50 billion, and increase discretionary spending by $415 billion,” the CBO report reads. “On net, the legislation would add $256 billion to projected deficits over that period.”
According to Just the News, only $200 billion of the $550 billion in expenditures in the bill will be paid for with offsets. This runs contrary to the claims by Democrats that the whole bill is deficit neutral.
Marc Goldwein, senior vice president and senior policy director for the Committee for a Responsible Federal Budget, warned that the White House and the senators involved in crafting the bill were “significantly overstating” the offsets in the cost estimate of the bill.
“If you look at all COVID relief, yes, unemployment benefits for the American Rescue Plan cost $50 billion less than we thought, but unemployment benefits for the CARES Act cost over $100 billion more,” he said in an interview with Just the News.Advertisement - story continues below
“Basically, if you look at their numbers for offsets, you should remove the $53 billion for repurposing unemployment benefits, $67 billion for spectrum [auction sales], and about $160 billion for repurposing COVID relief,” Goldwein said. “And the reason I removed those three things is all three of them are essentially taking credit for something that’s happened in the past.”
Once again, the Democrats have been caught lying.
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