Democrats got some good news as the CBO’s conservative scoring of Build Back Better means that the bill will be more than fully paid for.
There have been some accurate headlines saying that the CBO found that Build Back Better slightly increases the deficit, but that was without the tax enforcement.
The White House explained why this is good news for Democrats in a statement provided to PolitcusUSA:
- Good news for Democrats – the cost elements came in lower than the White House estimates – in the ballpark of $50bn lower cost.
- The savings from the prescription drug reforms came in $50bn higher – at $300bn compared to the White House’s estimate of $250bn.
- That means that the bill will be more than fully paid for.
- As long understood, CBO’s numbers on tax enforcement are lower than the Treasury’s estimates. Democrats have long known and anticipated this – will not be an issue.
Here is a chart of the updated numbers for Build Back Better:
Democrats Were Preparing For A Bad CBO Score. What They Got Was Very Good.
Democrats have been bracing for weeks for a bad CBO score and making plans for how they would still pass the bill if the numbers were not as good as they expected.
What Democrats got was a score that was a little different from their projections based on the CBO expecting less revenue from tax enforcement.
The news is very good, as the House is going to move forward with passing the bill, and there is no reason why the Senate can’t have it done before Christmas and on President Biden’s desk
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Awards and Professional Memberships
Member of the Society of Professional Journalists and The American Political Science Association
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