A new report from the House Joint Committee On Taxation found that Build Back Better is fully paid for and reduces the deficit.
Build Back Better Is Paid For And Would Lower The Deficit
Speaker Pelosi wrote in a dear colleague letter provided to PoliticusUSA:
Also this morning, the nonpartisan Joint Committee on Taxation issued their report which shows that Build Back Better is solidly paid for. Specifically, the report finds that the tax-increase provisions in the bill would raise $1.5 trillion over 10 years. This analysis does not include the legislation’s other pay-fors, including prescription drug pricing savings and IRS enforcement. Estimates suggest that these two pay-fors together will raise approximately $650 billion, putting the total revenue above $2 trillion. It is essential that the legislation is fully paid for and reduces the debt.
Previous reports, including from the nonpartisan Moody’s Analytics and 17 Nobel Prize-winning economists, have affirmed that Build Back Better will grow the economy without increasing inflation because it is fully paid for. As the Moody’s report concluded, “Concerns that the plan will ignite undesirably high inflation and an overheating economy are overdone.” The Nobel economists similarly found, “Because this agenda invests in long-term economic capacity and will enhance the ability of more Americans to participate productively in the economy, it will ease longer-term inflationary pressures.”
Sen. Joe Manchin Is Out Of Excuses
Democrats have made changes to the bill that make it both paid for and deficit-friendly. There is no reason for Sen. Manchin to keep dragging his feet on supporting the bill. Sen. Manchin will likely want to see more data, but if the CBO score matches up with the Taxation Committee’s report, there will be no reason for Manchin to continue to hold up Build Back Better (BBB).
It looks like the BBB train is leaving the station, and it is time for Manchin to decide if he is going to get on board.
Mr. Easley is the managing editor. He is also a White House Press Pool and a Congressional correspondent for PoliticusUSA. Jason has a Bachelor’s Degree in Political Science. His graduate work focused on public policy, with a specialization in social reform movements.
Awards and Professional Memberships
Member of the Society of Professional Journalists and The American Political Science Association