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    Right-wing Democrats who have spent the past several months griping about the cost of the Build Back Better Act—and lopping roughly $2 trillion off the bill's top line—are facing growing pushback from progressive lawmakers and analysts as Congress gets ready to approve a military budget that's far more expensive on an annual basis. Stephen Semler, co-founder of the Security Policy Reform Institute, estimated Monday that projected U.S military budgets over the next decade will cost roughly $8.31 trillion—double the combined price tag of the Biden administration's big-ticket agenda items, which include the $1.9 trillion American Rescue Plan, the $550 billion bipartisan infrastructure law, and the $1.75 trillion reconciliation package. "Social spending bills—despite being more urgent/relevant for everyday security than military spending—will continue to bear the brunt of austerity politics," Semler wrote in a blog post. The Senate is currently debating a sweeping $778 billion military policy bill that would allocate $768 billion to the Pentagon in Fiscal Year 2022, significantly more than the current budget approved under former President Donald Trump. ...
    A new budget projection shows the Democratic climate and social spending bill would add to the deficit, a finding that could further imperil support from centrist Democrats like Sen. Joe Manchin. The Wharton School at the University of Pennsylvania released a report finding that President Joe Biden’s Build Back Better Act, as it currently stands, would generate $1.8 trillion in revenue but cost $2.1 trillion in spending, resulting in a net deficit of $274 billion over the next decade. The report, which was compiled using the school’s budget model, additionally forecast that the spending legislation would result in a 0.2% decrease in gross domestic product through 2050, even when accounting for the positive growth effects from some of the spending mechanisms. COST OF DEMOCRATIC SPENDING BILL WOULD DOUBLE IF TEMPORARY PROVISIONS EXTENDED, BUDGET WATCHDOG SAYS The Democratic bill is chock full of spending provisions that have early sunsets and drive down the headline price of the agenda, a tactic that Republicans and certain outside groups have characterized as gimmickry. The Wharton model found that...
              moreby Bethany Blankley   U.S. Sen. Ted Cruz, R-Texas, says that skyrocketing inflation and long lines at gas stations are a result of President Joe Biden’s policies and are returning the U.S. to the days of high inflation, high cost of living and gas lines under President Jimmy Carter. Eleven months into Biden’s term, inflation reached a 31-year high and gas prices surpassed a seven-year high. “I’ve got to tell you the trillions that are being spent, the trillions in debt that’s being racked up, it is historic and not in a good way,” Cruz told Fox News’ “Sunday Morning Futures.” “You know, it kind of reminds me of the television show ‘That 70s Show,’” he said. “It feels like Joe Biden is Jimmy Carter all over again and we’re seeing skyrocketing inflation, we’ve seen gas lines, we’ve seen a Middle East crisis, we’ve seen hostages, we’ve seen surrender, in this case in Afghanistan – all of these problems are replicating and it turns out cause and effect still operates, that when you spend trillions of dollars, you cause inflation.”...
    The Build Back Better Act would cost $4.91 trillion, not $1.75 trillion as Democrats have claimed, according to a study released Monday. The Committee for a Responsible Federal Budget released their analysis of the Democrats’ reconciliation infrastructure bill, the Build Back Better Act. Democrats initially scaled down the cost of the legislation from $3.5 to $1.75 to placate the concerns of moderate Democrats such as Sen. Joe Manchin (D-WV). However, it would appear that the Democrats’ marquee legislation uses policy sunsets and expirations to mask the official cost of the legislation. The Committee explained: The Build Back Better Act relies on a number of arbitrary sunsets and expirations to lower the official cost of the bill. These include extending the American Rescue Plan’s Child Tax Credit (CTC) increase and Earned Income Tax Credit (EITC) expansion for a year, setting universal pre-K and child care subsidies to expire after six years, making the Affordable Care Act (ACA) expansions available through 2025, delaying the requirement that businesses amortize research and experimentation (R&E) costs until 2026, and setting several other provisions – from targeted tax...
    President Joe Biden’s climate and social spending bill would cost nearly $5 trillion if several temporary provisions are made permanent, a nonpartisan budget think tank estimates. The Committee for a Responsible Federal Budget, a group that advocates for lower deficits, said Monday the current House iteration of the Build Back Better Act relies “on a number of arbitrary sunsets and expirations” to lower its sticker price. Republicans and outside groups have criticized those features of the bill as budget gimmickry. “If the plan's temporary policies were made permanent, we find the cost would increase by as much as $2.5 trillion,” the public policy group said. “As a result, the gross cost of the bill would more than double from $2.4 trillion to $4.9 trillion.” Democratic leadership lowered the headline cost of the legislation to about $2 trillion to appease centrists worried about adding to the debt, particularly Sens. Joe Manchin of West Virginia and Kyrsten Sinema of Arizona. Yet, Monday's estimates indicate the bill would cost far more when future extensions of provisions are taken into account....
    As America's wealth gap continues to widen at an unprecedented rate, the Biden administration is looking to implement strategies and legislation to combat the ongoing problem. According to The Washington Post, new legislation has been proposed by House Financial Services Committee Chairwoman Rep. Maxine Waters (D-Calif.) along with Sens. Elizabeth Warren (D-Mass.) and Kirsten Gillibrand (D-N.Y.). Their newly proposed policies would be focused on addressing racial and ethnic disparities that have created barriers for employment, fair and substantial income, wealth acquisition, and access to credit. So, what is the proposed solution to the problem? It appears to start with acknowledging that there is, in fact, a problem. Speaking to The Post on Tuesday, Chiraag Bains, who serves as deputy director for racial justice and equity under the Biden administration, insisted that resolving the issue begins with recognizing its root. He noted that "the Biden administration recognizes 'the racial wealth gap has direct roots in discriminatory federal, state and local policies.'" Bains also indicated that the president's plan involves using "the administration's vast purchasing power to increase government contracting...
    Vice President Kamala Harris acknowledged the “heavy weight” that surging inflation is placing on Americans on Friday, but told reporters that President Joe Biden’s spending agenda will not make the situation worse. Harris made the statement in response to questions from a pre-approved list of reporters during a Friday press briefing. Harris has spent much of the week in France on a trip widely seen as an attempt from the Biden administration to smooth over relations with French President Emmanuel Macron. Relations with France turned cold earlier this year when Australia cut off a submarine manufacturing deal with France in favor of one with the U.S. and U.K. “Can you tell us a little bit about how you would prevent the new spending in your Build Back Better agenda from exacerbating the problem, and also what else are you going to do to fix this problem with inflation?” a reporter asked. “Let’s start with this: Prices have gone up, and families and individuals are dealing with the realities that bread costs more, that gas costs more. We have to understand what that...
    Vice President Kamala Harris promoted the administration’s $1.75 trillion Build Back Better bill on Friday, claiming it would not cost anything to American taxpayers, despite the bill introducing dramatic tax hikes. “I think it’s important to also stress that it’s not going to cost anything for the American taxpayer,” Harris said. The vice president spoke about the bill and the ongoing inflation concerns of the American people during a press conference in Paris. It is unclear what costs Harris was referring to, as the House version of the Build Back Better bill raises taxes on several income brackets to pay for it. “Build Back Better is not going to cost anything. We are paying for it,” she added. The House version of the bill would raise taxes on roughly 20 percent to 30 percent of middle-income households, according to a recent analysis released by the Tax Policy Center. NEW: Weve released our model estimates of the latest House version of the Build Back Better plan. In 2022, higher-income earners would see a significant tax increase, while the average household in...
    Rep. Jason Smith and Sen. Lindsey Graham claim that Democrats' true 'legislative intent' is to make the Build Back Better plan's temporary programs permanent. Congressional Democrats are waiting on the nonpartisan Congressional Budget Office to confirm that the $1.75 trillion Build Back Better jobs plan is fully paid for. Top House and Senate Republicans are demanding they also evaluate how much it would cost if its temporary programs are made permanent. On Friday, House Democrats took the first steps toward passing their version of the package — which would invest in climate change, clean energy, health care, child care, universal preschool, home care, and child tax credits — and agreed to vote on it in the upcoming days. Although a preliminary estimate by the nonpartisan Joint Committee on Taxation supported President Joe Biden's claim that the package will be more than paid for by spending cuts and additional revenue, they agreed to give the Congressional Budget Office time to confirm that. But rather than wait for the budgetary score, Rep. Jason...
    On Saturday’s broadcast of “CNN Newsroom,” Rep. Sara Jacobs (D-CA) said passing the Build Back Better reconciliation bill “is exactly what we need to be fiscally responsible,” and “is actually the most fiscally responsible thing we can do.” Host Fredricka Whitfield asked, “So, Sen. Joe Manchin of West Virginia is a big obstacle when it comes to getting this spending bill passed. What’s your message to him?” Jacobs responded, “My message is that this bill is actually the most fiscally responsible thing we can do. We lose over $1 trillion in GDP to the cost of child poverty in this country. We lose another $1 trillion to the cost of having women out of the workforce, mostly because they can’t afford or find child care. We know that every dollar we invest in early learning and children actually saves the government $7 down the road, and I’m on the House Foreign Affairs and House Armed Services Committee, and the investments we’re making in the Build Back Better Act are the single most important things we can do to make sure that we are competitive...
    President Joe Biden’s sweeping reconciliation package could cost considerably more than the White House’s $1.85 trillion estimate, according to budget analysts who have pointed to “gimmicks” used to drive down the number. Democrats pledged that their “zero cost” Build Back Better plan would be fully paid for. But the actual cost of the social spending proposals could reach $4 trillion , more than double the White House’s estimate, according to the Committee for a Responsible Federal Budget. ECONOMY BEATS EXPECTATIONS WITH 531,000 JOBS IN OCTOBER, UNEMPLOYMENT DECLINES TO 4.6% “The framework relies heavily on the massive gimmick of arbitrary sunsets to make the numbers work,” CRFB President Maya MacGuineas said in a statement. “Extending these policies could end up costing up to $2 trillion over the decade, or perhaps even more.” To be fully offset, "any extensions would need to be fully paid for as well,” MacGuineas continued. “Unfortunately, such extensions have often been deficit-financed in the past.” After weeks of whittling down proposals, the White House unveiled a framework for a roughly $1.85 trillion agreement, with a preliminary...
                      by Thomas Catenacci  Treasury Secretary Janet Yellen estimated that the world would need to devote $100-150 trillion, more than the entire world’s annual gross domestic product, to fighting climate change over the next three decades. Yellen signaled that the world economy will need to undergo a complete transformation in order to prevent devastating climate change in the future, during a speech Wednesday at the ongoing United Nations climate conference in Glasgow, Scotland. The Treasury secretary delivered the remarks during the summit’s “finance day” opening event. “Rising to this challenge will require the wholesale transformation of our carbon-intensive economies,” Yellen remarked during her speech. “It’s a global transition for which we have an estimated price tag: some have put the global figure between $100 and $150 trillion over the next three decades.” She added that combating climate change is the “greatest economic opportunity of our time.” But the world’s total GDP was estimated to be about $84.6 trillion in 2020. President Joe Biden announced the U.S. would double its commitment for assisting developing nations to...
    The real cost of President Joe Biden’s Build Back Better agenda could be “more than twice what Pelosi says,” the Wall Street Journal reported. In a Penn Wharton Budget Model released on Thursday, analysts found that Democrats’ spending bill will ultimately cost more than $1.75 trillion over 10 years and will not “reduce the federal deficit.” Instead, the spending bill in its current form could cost $1.87 trillion and raise $1.56 trillion in revenue over 10 years, which is more spending and less in taxes than White House projections. “So the entitlement bill doesn’t come close to paying for itself, and that’s before the House restored a program for four weeks of paid family leave. Penn Wharton estimates that it would reduce economic growth by 0.1% by 2050 and add 2% to the federal debt,” according to the report. Penn Wharton further warned that “if all of the provisions of the bill (except green energy tax cuts) are made permanent” spending would be up to $3.98 trillion, and tax revenue would remain around $1.55 million over 10 years, the report...
    In the aftermath of a pandemic marked by even higher levels of deficit spending than usual, Americans are becoming increasingly concerned about rising inflation and debt. Attempt after attempt (after attempt after attempt after attempt) to float half-baked revenue-raising proposals has floundered, but Democrats have stuck to the line that their upcoming reconciliation bill, known as “Build Back Better” (BBB), will be paid-for. Unfortunately for taxpayers, every nonpartisan organizations that has managed to get enough of a hold on what might actually be in the rather amorphous bill, they have reached the same conclusion — BBB won’t pay for itself, you will. For a while, the line out of Democrats was that BBB will “cost zero dollars” because it would be deficit-neutral. That was ridiculous enough — if you suddenly came home with a new sports car, your spouse’s anger probably would not be lessened if you told them it “cost zero dollars” because you paid for it by cashing out your child’s college account. But while that absurd twisting of the English language was silly, it masked a deeper...
    The cost of President Joe Biden's spending package would be more than offset by cost-saving measures and new taxes on corporations and the wealthy, according to a nonpartisan analysis released Thursday. President Joe Biden's Build Back Better wide-ranging spending plan would actually bring in more revenue than it would cost, a nonpartisan analysis of the plan released Thursday found. On Thursday, the nonpartisan Joint Committee on Taxation released an estimate of the new plan's budgetary effects. Its experts reviewed the House version of the plan and found that it would bring in about $1.476 trillion in new tax revenue over the next decade. This would come largely from new revenue from corporations and individuals making over $400,000 annually. As a result, the plan would actually lead to a $945 billion net gain in revenue over the next ten years, the committee's analysis found. The Joint Committee on Taxation is not controlled by either political party. Rather, it is staffed by independent economists, attorneys, and accountants "who assist members of the majority...
    White House principal deputy press secretary Karine Jean-Pierre dodged calls for an official cost analysis of President Joe Biden’s spending plans, which the administration has repeatedly insisted “costs zero dollars.” Jean-Pierre once again argued that the bill is “paid for” in response to questions at Thursday’s press briefing. Reporters pressed her on whether Biden should move forward with the bill even as Democrats in the House call for an official cost analysis. (RELATED: Biden Repeats Whopper That His Multi-Trillion-Dollar Agenda Will Cost $0) “Some House Democrats have demanded that the legislation receive an official cost analysis before the House takes it up for a vote. Does the White House think it’s wise to move forward with a vote before members have a firm understanding of what’s in it and how it will be paid for?” a reporter asked. “First of all, the president has been very clear —He wants to get this moving — there’s an urgency, [and] members of both chambers have been very clear about getting this done,” Jean-Pierre responded. “The Build Back Better Act is paid for...
    Anchors at CNN and MSNBC put the squeeze on Sen. Joe Manchin, D-W.Va., Thursday as they hounded him over his opposition to parts of the Democrat-backed $1.75 trillion social spending bill currently being debated in Congress.  During appearances on the networks, Manchin argued his case for wanting to understand the cost and ramifications of the bill, as well as his desire to address certain aspects of the it individually, such as paid family leave, rather than as part of a larger package.  WHAT HAPPENS IF THE HOUSE VOTES ON THE SOCIAL SPENDING BILL THIS WEEK WITHOUT MANCHIN'S BLESSING "To get to yes [on the spending bill] is first to find out what the real cost is … We’re using ten years of revenue to basically supply one, or two, or five, or six years of services, and that’s not the true cost. The true cost would be ten years to ten years. So if you have ten years of revenue, then you would think that if we put a program in place, that program would last ten years too," Manchin...
    The Wharton School of the University of Pennsylvania will reportedly issue a study Wednesday that reveals President Joe Biden’s reconciliation package will not be free, although the White House has claimed it would cost “zero” dollars. The study reportedly estimates the net cost of the legislation will plague taxpayers with an extra $2.42 trillion in debt. Punchbowl News reported if the package’s provisions became permanent, it “would increase new spending by $3.98 trillion,” and American taxpayers would incur $1.56 trillion in new taxes. Within a ten-year window, the package is expected to cost the taxpayers $1.87 trillion with an additional $1.56 trillion in taxes levied on American workers and families. The estimate of Biden’s package is likely to turn the heads of lawmakers, some of whom are pushing for the Congressional Budget Office (CBO) to score the legislation before a vote is held on the measure this week. “Moderate” Democrats are particularly interested in the scoring of the legislation. Members of Blue Dog Coalition have requested a hold on the passage of the legislation “until we have had a chance to review these scores...
    (CNN)President Joe Biden and congressional Democratic leaders have slashed the size of the party's sweeping spending package in half to woo Sen. Joe Manchin. Yet, the West Virginia lawmaker is still throwing up red flags about the size of the proposal and the measures that would pay for it.Accusing his colleagues of playing "shell games" and including "budget gimmicks," Manchin said Monday that "the real cost" of the $1.75 trillion bill would be almost twice that amount if its provisions were extended or made permanent. And he said he won't support it without knowing how it would "impact our debt and our economy and our country."Manchin is fuming over one of the main ways the Democrats shrunk the package, which originally totaled $3.5 trillion over 10 years. They shortened the duration of several measures, thereby reducing their cost. For instance, the enhanced child tax credit would be extended for only one additional year, instead of four. The beefed-up Affordable Care Act subsidies would continue only through 2025, instead of being made permanent.It's a technique used by both Republicans and Democrats,...
    The Democratic tax plan would fall short of paying for all of President Joe Biden's social spending bill and would decrease America's gross domestic product, according to a new think tank analysis. Democrats are struggling toward agreeing to a spending package, now expected to cost about $1.75 trillion. The Tax Foundation, which generally favors lower taxes, said revenue-raising provisions in the current iteration of the plan would net about $1.2 trillion over the next decade, although after accounting for expanded tax credits, the number comes out to $768 billion. The group said that the combined long-run effects of the updated proposal would slightly reduce gross domestic product by 0.37% and cost the United States about 100,000 full-time equivalent jobs. AFTER FAILING TO TAX BEZOS, DEMOCRATS LOOK TO TAX LEBRON “The proposed 15 percent minimum tax on corporate book income is the most economically damaging provision in the bill, reducing GDP by 0.1 percent and costing about 25,000 jobs,” the report reads. One of the more recent inclusions in the Democratic tax agenda is a...
    Sen. Joe Manchin hit the brakes on a newly touted social welfare spending deal, arguing it needs much more work and consideration before he throws his support behind it. Manchin, a West Virginia Democrat, refused to back the $1.75 trillion measure immediately but said he’s “open” to supporting it, depending on the details of the bill. Manchin's announcement threatens a planned vote on the package later this month in the House, as well as a second vote on a $1.2 trillion infrastructure bill President Joe Biden is eager to sign into law. He accused Democrats of playing “shell games” with the cost estimates of the latest deal, which is half of the initial $3.5 trillion Democrats hoped to spend. Democratic negotiators helped cut down the cost of the measure by shortening the time frame for programs. A child tax credit, for example, would expire after one year instead of becoming permanent. “What I see are shell games, budget gimmicks that make the real cost of the so-called $1.75 trillion bill estimated to be almost twice that...
    President Joe Biden made some false claims at his town hall with moderator Anderson Cooper on Thursday night, prompting the CNN Newsroom to fact check a few of his statements. Responding to concerns about the southern border Biden stated, “I’ve been there before. I know it well.”  Later, he conceded, “I guess I should go down but the whole point of it is I haven’t had a whole lot of time to get down.”  RELATED: ‘An Unmitigated Disaster Of Epic Proportions’: Biden Blasted For Being On Vacation As The Taliban Takes Over Afghanistan CNN fact-checker Daniel Dale pushed back against this claim, stating that he “could not find any evidence that President Biden had ever visited the border at any point in his political career.” He then offered that White House press secretary Jen Psaki clarified Biden’s statement in a press conference Friday. Psaki claimed Biden was referring to a campaign stop he made in 2008 in El Paso, Texas, when his motorcade reportedly passed by the border for only minutes. The president also claimed that only 2 million Americans...
    President Joe Biden repeated the claim that his multi-trillion-dollar agenda in fact costs $0 yet again at CNN’s town hall on Thursday. Numerous high-level Democrats, including Biden and House Speaker Nancy Pelosi have claimed that Biden’s American Jobs Plan will cost nothing. In reality, the price tag on the infrastructure bill and the budget reconcilliation plan would cost more than $4 trillion. Biden repeated the claim to CNN host Anderson Cooper on Tuesday, describing the various programs in his agenda. “By the way, all of it is paid for,” Biden said of the spending plan. “Every single penny. It’s not gonna raise [the debt] one single cent.” WATCH: The Biden administration claims the pay-fors included in the agenda counterbalance every dollar of spending, but watchdog organizations have disagreed. The Committee for a Responsible Federal Budget found that Biden’s agenda will require the U.S. to borrow roughly $2.4 trillion, while the tax hikes included in the bill would only cover for $1.1 trillion. (RELATED: Biden Defends His Administration’s Record Amid Low Approval Numbers, Multiple Crises) The Congressional Budget Office (CBO) has yet...
    Joe Biden repeated his questionable claim Thursday night that his multi-trillion spending plan will not cost anything, which some experts have called 'delusional.' The president made the remark at the top of his town hall meeting on CNN, saying: 'By the way, all this paid for. Every single penny. It's not going to raise one single cent.' Biden also acknowledged that his congressional agenda is hard to understand. He has two pieces of legislation he's pushing: his infrastructure plan that funds traditional projects like roads, bridges and airports and he has a second plan that focuses on social programs. That second plan has been called a budget package, a reconcilitation bill, and his Build Back Better bill. 'We have two plans. One is the infrastructure plan, roads, highway, bridges, buses, trains, et cetera. And the other one is what I call the care economy,' he said. 'So there's a lot of pieces in there. There's a lot that people don't understand.' Joe Biden repeated his questionable claim Thursday night that his multi-trillion spending plan will not cost anything, making it at the top of...
    Joe Biden's argument that his multi-trillion dollar spending program will cost 'zero' is 'delusional,' some analysts warn, pointing out that everything has its price.  The president has repeatedly argued his multi-trillion social program - which increase funding for numerous fuderal programs involving education, healthcare and climate - will have no cost.  The cost of the Build Back Better bill, in terms of adding to the deficit, is zero because we're going to pay for it all. In addition to that, half of it is a tax cut. It's not spending money; it's a tax cut for working-class people,' Biden said Wednesday during a speech in Scranton. But some experts counter a price must be paid even if it's indirectly through a rise in goods and services instead of a hike in individual taxes.  'Everything gets paid for somehow. Of course if there's, if there's higher tax rates, somebody's going to pay for. So it's either going to be the companies are going to lower profits or they're gonna pass it on to consumers. That's called the market,' Joshua Sewell, a senior policy...
    "It's a tough thing to prove," laughed Larry Kudlow, former Trump admin. economic advisor, "you might even call it a falsehood, alright?" Kudlow went on to say that by the accounting by the House Budget Committee, the proposed spending of former President Joe Biden's Build Back Better plan would cost about $4.3 trillion, while raising only $2 trillion in taxes according to the Ways and Means Committee. "Save America, kill the bill, kill all of it!" Kudlow continued. "This is totally unnecessary and do great damage to the country." Here's Kudlow's comments on the zero cost Biden budget: Kudlow: Biden claiming spending plan 'costs zero dollars' a falsehood www.youtube.com
    President Biden is sticking to his claim that his Build Back Better agenda will cost the average American taxpayer nothing. "The cost of the Build Back Better Agenda is $0," the White House tweeted Sunday.  "The President's plan won't add to our national deficit and no one making under $400,000 per year will see their taxes go up a single penny," the tweet read. "It's fully paid for by ensuring big corporations and the very wealthy pay their fair share." TEAM BIDEN CLINGS TO RECONCILIATION BILL ZERO-COST CLAIM SHOT DOWN BY WASHINGTON POST FACT-CHECKERS Biden and his administration have repeatedly claimed that Build Back Better, a $3.5 trillion reconciliation package, will cost zero dollars, despite multiple analysts rebutting the claim from both sides of the political aisle. The president bases the zero-cost claim on the idea that the package will add nothing to the federal deficit because the cost will be offset by tax increases and other revenue-generating schemes. Congress' Joint Committee on Taxation estimated that the reconciliation bill will only raise $2.1 trillion through taxes over 10 years, falling far short...
    Speaker Nancy PelosiNancy PelosiOvernight Health Care — Presented by The National Council on Mental Wellbeing — Merck asks FDA to authorize five-day COVID-19 treatment On The Money — Democrats set up chaotic end-of-year stretch One-quarter of critical infrastructure at risk of failure from flooding: research MORE (D-Calif.) on Tuesday lamented that centrist Democrats have forced party leaders to reduce the cost of President BidenJoe BidenGruden out as Raiders coach after further emails reveal homophobic, sexist comments Abbott bans vaccine mandates from any 'entity in Texas' Jill Biden to campaign with McAuliffe on Friday MORE's $3.5 trillion social benefits package, saying it will force lawmakers to make some tough choices about what provisions to eliminate in the coming weeks. "I'm very disappointed that we're not going with the original $3.5 trillion, which was very transformative," Pelosi told reporters in the Capitol, forecasting "some difficult decisions because we have fewer resources." "But whatever we do, we'll make decisions that will continue to be transformative," she added.  Biden had initially proposed $3.5 trillion in new social spending — a massive package featuring provisions...
    On Thursday’s broadcast of the Fox Business Network’s “Kudlow,” Sen. Bill Hagerty (R-TN) argued that whatever the final dollar amount of the budget reconciliation bill is, the bill is “broadening social programs to an extent that they’ll never be cut back” and will “be denominated in the tens of trillions of dollars by the time this is moved through the system.” Hagerty said, [relevant remarks begin around 1:20] “[W]hether the number is five trillion, three trillion, or two trillion that they come up with, that’s only the beginning of this. Because what they’re talking about doing is broadening social programs to an extent that they’ll never be cut back. This is going to burden our children and our grandchildren. It’s going to be inherently more inflationary. And this is something that’s going to be denominated in the tens of trillions of dollars by the time this is moved through the system.” Follow Ian Hanchett on Twitter @IanHanchett
    WASHINGTON (AP) — President Joe Biden and congressional Democrats’ push for a 10-year, $3.5 trillion package of social and environmental initiatives has reached a turning point, with the president repeatedly conceding that the measure will be considerably smaller and pivotal lawmakers flashing potential signs of flexibility. In virtual meetings Monday and Tuesday with small groups of House Democrats, Biden said he reluctantly expected the legislation’s final version to weigh in between $1.9 trillion and $2.3 trillion, a Democrat familiar with the sessions said Tuesday. He told them he didn’t think he could do better than that, the person said, reflecting demands from some of the party’s more conservative lawmakers. Biden used those same figures during a Friday meeting in the Capitol with nearly all House Democrats, according to that person and a second Democrat familiar with the gathering. Both Democrats would describe the meetings only on condition of anonymity. There has been no agreement on a final figure, and plenty of other unanswered questions — plus the possibility of failure — remain. Crucial unresolved matters include how to...
    (CNN)Free community college. Universal pre-K. Dental benefits for senior citizens. Paid family leave. Which ones will survive?President Joe Biden and congressional Democrats now face the daunting task of paring their $3.5 trillion budget reconciliation plan, which contains all these measures and more, to appease the moderate wing of their party.Just how deep the cuts will have to be isn't known. Sen. Joe Manchin of West Virginia has said $1.5 trillion is his limit, though he acknowledged Tuesday that he wouldn't rule out going as high as $1.9 trillion to $2.2 trillion. Biden is now aiming for that range.RELATED: Biden tells House progressives spending package needs to be between $1.9 trillion and $2.2 trillionRead MoreBut that's still too low for House Progressive Caucus Chair Pramila Jayapal of Washington state, who wants a price tag in the range of $2.5 trillion to $2.9 trillion. Whatever the top-line figure ends up being, there are three main ways that Democrats can reduce the cost of the package: Remove items from their massive wish list, delay the start date of measures or end them after...
    Sen. Joe Manchin, a centrist Democrat who is blocking a massive social welfare spending passage, said he would consider raising the cost of the measure from his proclaimed limit of $1.5 trillion to as high as $2.2 trillion in order to reach a compromise that can satisfy party lawmakers in both chambers. Manchin told reporters in the Capitol he won’t rule out a measure that costs between $1.9 trillion and $2.2 trillion, which is the range President Joe Biden recommended to House Democrats in a closed-door session last week. VETERANS AFFAIRS SUICIDE HOTLINE RECEIVED MORE THAN 35,000 CALLS DURING AFGHANISTAN EVACUATION Last week, Manchin, a Democrat from West Virginia, announced he would not support a bill that costs more than $1.5 trillion, but he also suggested he’d be willing to compromise. He called a plan by House Democrats to spend $3.5 trillion on a host of new government programs “fiscal insanity” and said the tax hikes they plan to use to pay for the programs would be “vindictive.” Manchin did not specifically pledge to raise...
    President Biden and his team have tripled down on the claim that his Build Back Better agenda "costs zero dollars" despite loud condemnations from the Washington Post fact-checker, budget analysts and at least one columnist who supports the infrastructure bills associated with the agenda. "My Build Back Better Agenda costs zero dollars," Biden's Twitter account tweeted last week, claiming that the agenda "adds zero dollars to the national debt." White House Press Secretary Jen Psaki repeated the claim in a news conference the following Monday, saying, "This reconciliation package would cost zero dollars." House Speaker Nancy Pelosi, D-Calif., also insisted that the cost is "zero." Cedric Richmond, Biden's senior adviser, repeated the claim on Sunday, saying the $3.5 trillion budget reconciliation bill – which Sens. Joe Manchin, D-W.Va., and Kyrsten Sinema, D-Ariz., have stalled – will cost nothing. "I think what's important for people to understand is that this piece of legislation costs zero," Richmond said. "We're going to pay for it all by raising taxes on the very wealthy and big corporations." BIDEN SENIOR ADVISER INSISTS $3.5T BUDGET PLAN...
    In response, Richmond repeated his debunked claim — and even found a way to take a shot at former President Donald Trump. "At the end of the day, it will cost zero because we're going to pay for it. Now, if you go back and look at the Trump tax cuts, which weren't paid for, they cost billions and billions," Richmond said. "But we're going to pay for everything we spend here. And that is not including the economic benefits and gains that we will get from it." After Richmond repeated more talking points, Wallace fact checked him again. "But again, I just want to press down on this, because— I can understand the argument, a lot of people say that your math is wrong and even that it won't add zero to the debt," Wallace said. "You could make the argument if you pay for it that you add zero to the debt, but that doesn't mean that it costs zero. I mean, the fact that you're raising people's taxes is a cost." Wallace explained, once more, that just...
    Sen. Chuck Schumer (D-NY) on a signed piece of paper in July promised Sen. Joe Manchin (D-WV) the reconciliation package would only cost $1.5 trillion, not the $3.5 trillion President Biden proposed and the number House Democrats are demanding. The signed document by both men, confirmed by Fox News, says the “topline” number for the reconciliation package would be $1.5 trillion with debate on the package beginning no later than October 1. “Senator Manchin does not guarantee that he will vote for the final reconciliation legislation if it exceeds the conditions outlined in this agreement,” the paper reads, pinning the deal down to Manchin’s demands on paper. The document also reveals the two men agreed the package will include terminating the Federal Reserve’s quantitative easing, which means the FED will stop pumping money into the economy willy-nilly. this document reads to me like a sign of lack of trust on the Hill, a far cry from a time when a handshake was enough pic.twitter.com/K5G2HZLvSq — Tara Palmeri (@tarapalmeri) September 30, 2021 The signed document also proposes raising the corporate tax rate...
                      by Casey Harper  President Joe Biden is taking fire for comments he made about his $3.5 trillion legislation just as the bill faces a deeply split Congress. Biden made headlines for claiming the bill would cost “zero dollars,” despite media reports and members of both parties commonly naming the bill’s cost at $3.5 trillion for the last several months. “My Build Back Better Agenda costs zero dollars,” Biden wrote on Twitter. “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. And it adds zero dollars to the national debt.” The administration argues tax increases will offset the bill’s expenses, something that is very much in flux given Democrats’ hesitancy about parts of the bill, and the taxes to pay for it. Even still, critics took issue with the claim of a zero cost, even if Biden does manage to include enough tax increases to fund the legislation. “The $3.5 trillion in spending and...
    Speaker of the House Nancy Pelosi doubled down on President Joe Biden’s claim that the $3.5 trillion Build Back Better Act will cost “zero” dollars. “It’s not about a dollar amount,” Pelosi told reporters Wednesday morning about intra-party negotiations over the social spending package. “The dollar amount, as the president has said, is zero. This bill will be paid for.” Her comments echo Biden’s Sept. 25 claim that the Build Back Better Act “adds zero dollars to the national debt.” “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,” he tweeted. My Build Back Better Agenda costs zero dollars. 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. And it adds zero dollars to the national debt. — President Biden (@POTUS) September 26, 2021 The Congressional Budget Office (CBO) has not scored the Build Back Better Act, so Congress has not been provided with...
    Speaker Nancy Pelosi, D-Calif., became the latest prominent Democrat on Wednesday to declare the $3.5-trillion spending plan pushed by the Biden White House would cost "zero" dollars. "It's not about a dollar amount," she told reporters. "The dollar amount, as the president said, is zero. This bill will be paid for." Republicans have ripped Build Back Better, a $3.5 trillion reconciliation package, as a massive social policy bill that "ultimately provides benefits to wealthy liberal elites at the expense of working-class families." Moderate Democrats, like Sens. Kyrsten Sinema, D-Ariz., and Joe Manchin, D-W.Va., and Rep. Stephanie Murphy, D-Fla., have also raised concerns about the reconciliation package. Yet President Joe Biden has insisted it will cost "zero dollars" while being a "once-in-a-generation investment in working America, and that claim has taken hold with some media allies as well. BIDEN TEAM RIPPED AS ‘ECONOMICALLY ILLITERATE’ FOR CLAIM BUILD BACK BETTER 'COSTS ZERO DOLLARS' Pelosi's claim drew swift mockery online. "New math," reporter Emily Zanotti quipped. Sen. Tom Cotton, R-Ark., weighed in as well, writing she was "as delusional as President Biden" if...
    Fox Business Network host Larry Kudlow torched the Democrats over their $6 trillion worth of spending plans, saying Americans "don't want it" or need it, despite its advocates claiming it will cost nothing. The host of "Kudlow" warned on "America's Newsroom" on Tuesday the massive spending will significantly damage the economy and the workforce if passed.  PSAKI ACKNOWLEDGES BIDEN SPENDING CARRIES A COST, SAYS WEALTHY TO ‘PAY MORE’ TO COVER EXPENSE LARRY KUDLOW: Here's the point so far, what we know about this bill, which is a terrible bill, save America kill the bill, but so far what we know is that the House Budget Committee mark, is 4.3 trillion in new spending. The House Ways and Means Committee tax increase mark scored by the Joint Tax Committee is two trillion. I think it's unassailable logic that 4.3 trillion in spending is higher than two trillion in taxes by 2.3 trillion. It's not free. It's not cost-free, and by the way, it will do great damage to the economy, to the workforce, to basically a new big government, socialism, welfare...
    Democrats are hanging a $0 price tag on their $3.5 trillion social and climate spending spree ahead of Thursday's crucial vote on President Joe Biden's legislative agenda. Liberal Democrats have joined the White House in contending the expansive partisan reconciliation package is deficit-neutral in the hope it will entice centrist members of their party to support it. The liberals are threatening to withhold their support for the separate Senate-passed $1.2 trillion bipartisan infrastructure deal, potentially dooming it in the House, unless the reconciliation bill passes first. BIDEN'S COVID RESPONSE STRENGTH AT RISK OF TURNING INTO A WEAKNESS Bill Hoagland, a former Republican Senate budget and appropriations expert, believed the "$0" messaging strategy was deployed to help Democrats as Congress grapples with infrastructure reform, a possible federal government shutdown, and debt ceiling crisis. But the Bipartisan Policy Center senior vice president said the legislative package being considered by Congress was likely not deficit-neutral. The House Ways and Means Committee projects it can raise $2.3 trillion in revenue over the next decade to fund $1.3 trillion in "Child Tax Credit extensions,...
    Jen Psaki: It’s “unfair and absurd” that companies would increase costs for consumers in response to us taxing them… https://t.co/eNCAknLqTq — Jason Rantz on KTTH Radio (@Jason Rantz on KTTH Radio) 1632790465.0 What is the truth? Basic economics demonstrate that corporations often increase prices to cover higher taxes or forced wage increases. In fact, contrary to the White House's claims, someone is always on the hook for increased corporate taxes. "It is important to remember that corporate taxes must be paid by people. Any corporate tax increase will be paid by either shareholders/owners, employees in the form of lower wages, or customers in the form of higher prices," Forbes reported. That fact aside, the Wall Street Journal explained why the $3.5 trillion spending bill neither "costs zero dollars," nor raises enough revenue via tax increases to cover its cost. From the WSJ:In the real world, Congress's Joint Committee on Taxation says the bill raises $2.1 trillion over 10 years. Somebody must be paying more. Among the tax hikes are a 5.5 percentage point increase in the corporate income tax rate...
    On Monday’s broadcast of “Fox News Primetime,” Rep. Dan Crenshaw (R-TX) stated that President Joe Biden’s claim that the $3.5 trillion spending bill doesn’t cost anything shows a “lack of understanding about basic economics” and is like saying that when you buy something, if you pay for it, then it doesn’t cost anything. Crenshaw said, “It’s not free. Nothing is free, Brian, and I’m sorry, but I can’t give you a good explanation for this. Because there isn’t one. And I’ll tell you what, it’s also well above $3 trillion. I mean, the new estimates on it, based on actually going through it in the Budget Committee are almost $4.5 trillion, and there’s only about $2 trillion in tax increases. So, I know math is hard for Democrats and especially so for the ones who govern, but this math doesn’t work out. The other really interesting thing about this is their lack of understanding about basic economics. Biden said it cost zero dollars. That’s like saying when I go buy a cup of coffee, just because I pay for it,...
    After President Biden claimed his Build Back Better agenda's $3.5 trillion economic bill will cost "zero dollars", Fox News host Dana Perino said as a former White House spokesperson, she would have refused to make that claim in public if instructed. Perino, who served as White House press secretary for President George W. Bush in 2007, said Biden's claim was a ridiculous way to sell the exorbitant bill to the American public. "I would have said ‘I absolutely refuse to say that’," the cohost of "The Five" said. "I would never have said that – I have self respect, and I would never have said something so ridiculous – and they should stop." VideoPresident Biden in a Saturday tweet, claimed his "Build Back Better Agenda" would cost zero dollars because it wouldn't add to the national debt.  "This is a terrible way to run the government," Perino continued, adding that Democrats tend to increase government spending on everything when they are in power. On the other side of the aisle, Republicans seem too distracted by "symbolic issues" to mount...
    President Joe Biden claimed on Saturday that his Build Back Better agenda costs 'zero dollars' Republican lawmakers and groups have been tearing into President Joe Biden over the weekend into Monday after the 78-year-old commander-in-chief claimed his Build Back Better agenda will cost 'zero dollars.'  On Saturday night the president tweeted in support of his Build Back Better plan, claiming it adds nothing to the national debt. But an analysis by the Committee for a Responsible Federal Budget (CRFB) found the proposals in the agenda would require the US to directly borrow $1 trillion, projecting that nearly $3 trillion would be added to the national debt over the next 10 years. Biden's progressive agenda is comprised of a $550 billion bipartisan infrastructure deal, and Democrats' $3.5 trillion reconciliation package which has no Republican support.  The former measure, which passed the Senate in August, would only offset its own costs by about $200 billion according to the CRFB. That leaves $350 billion to be paid.  'My Build Back Better Agenda costs zero dollars,' Biden said Saturday.  'Instead of wasting money on...
    President Biden’s big government legislative agenda will kill 5.3 million jobs and generate $4.5 trillion in debt, according to a Monday study by the Texas Public Policy Foundation. The study also suggests the United States’ gross domestic product (GDP) will be reduced by $3.7 trillion, nearly the cost of the massive $3.5 trillion reconciliation package. Biden’s legislative agenda will additionally cost American families a combined $1.2 trillion in reduced income via tax increases to pay for the costly package, the study reveals. The study also broke down the costs of Biden’s social welfare spending by state, analyzing Texas, Arizona, and West Virginia. Arizona, where Sen. Kyrsten Sinema (D-AZ) resides and who is opposed to much of Biden’s massive tax and spending, will absorb $97 billion of the cost and the destruction of 115,000 jobs. West Virginia will absorb $24 billion of the cost and the destruction of 29,000 jobs. Those costs are set to effect the state of Sen. Joe Manchin (D-WV), who has also suggested he is opposed to the expense and a few radical left provisions of the reconciliation package....
    "The bill itself will not cost $3.5T in the sense it will be entirely, or at least partly, paid for. So the actual cost, in terms of deficits, will be smaller than that, perhaps even zero, although I think that's unlikely," Rampell claimed.What is the truth?As CBS News host Margaret Brennan told Jayapal, the massive spending package that Democrats want to pass, hardly knowing everything that is in it, does not cost zero dollars. "The joint committee on taxation says actually that, in raising this revenue, taxes could go up at least 2% on those making between $200,000 and $500,000 a year," Brennan explained. "It also will raise taxes for corporations and those who are wealthier. So it's not no cost." The Wall Street Journal aptly characterized Democrats' new talking point as the "the largest tax increase as a share of GDP and the largest entitlement expansion since the 1960s costs nothing. And money grows on trees." In fact, according to the WSJ, the proposed tax increase does not even cover the spending Democrats have proposed.In the real world, Congress's...
    WASHINGTON (AP) — What will it cost to enact President Joe Biden’s massive expansion of social programs? Congress has authorized spending up to $3.5 trillion over a decade, but Biden is prodding Democrats to fully cover the cost of the legislation — by raising taxes on corporations and the wealthy, negotiating the price of prescription drugs and dialing up other sources of federal revenue such as increased IRS funding. The idea is that entire package should pay for itself. Defending a bill not yet fully drafted, Democrats are determined to avoid a deficit financed spending spree. They are growing frustrated by the focus on the proposed $3.5 trillion spending total, arguing far too little attention is being paid to the work they are doing to balance the books. Biden on Friday said he would prefer the price tag described as “zero.” “We pay for everything we spend,” Biden said at the White House. “It’s going to be zero. Zero.” But the revenue side of the equation is vexing, and it’s emerged as a core challenge for...
    White House Chief of Staff Ron Klain claimed Wednesday the $3.5 trillion infrastructure package would “cost zero.” “We have found a way to pay for every part of the spending with taxes,” Klain told finance specialists at the Annual Salt Conference in New York, the New York Post reported. “The net cost of ‘Build Back Better’ is zero,” he said of President Joe Biden’s “human infrastructure” package. Klain’s assertion a $3.5 trillion bill won’t cost anything ignores the tax increase Biden intends to levy on Americans. For example, the “human infrastructure” package contains raising taxes, including the corporate tax rate from 21 percent to 26.5 percent, the capital gains tax rate from 20 percent to 25 percent, and the income tax rate rate from 37 percent to 39.6 percent. “These are reasonable provisions to rebalance the tax code,” Klain said about Biden’s massive tax and spend plan. Klain also told the financial chiefs the zero cost $3.5 trillion package is intended to create “fairness” while noting the elites “at the top will still do very well.” White House Chief of Staff Ron Klain, White House Press...
    (CNN)Here's what Joe Manchin knows: There's no way, no how, that he is voting for the proposed $3.5 trillion reconciliation bill being pushed by Senate Democrats.Here's what Joe Manchin appears to have no clue about: What size spending bill he would vote for.This exchange, which is long but worth it, between CNN's Dana Bash and the West Virginia Democratic Senator on Sunday is illustrative of both of those points: Bash: Do you have a specific number in mind? Manchin: Here's a number you should be getting to. First of all, I have agreed to get onto the reconciliation, because that's the time for us to make financial adjustments and changes. I thought the 2017 tax code and tax law, the way it was changed, was barely -- very, very unfair. And it was weighted to the heavy -- to the wealthy.Read MoreBash: So what's the number?Manchin: And bottom line is, what's -- the number would be what's going to be competitive in our tax code.I believe the corporate rate should be at 25, not 21.Bash: But what's the overall number...
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