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Democrats’ $1.8 Trillion Spending Plan Could Add $367 Billion To Budget Deficit In 10 Years Despite New Taxes, CBO Finds

By HatetheSwamp
November 19, 2021 4:15 am
Category: Government
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From FORBES:

"The Congressional Budget Office on Thursday finished assessing Democrats’ sweeping $1.8 trillion social spending proposal and concluded it would add about $367 billion to the nation’s budget deficit over the next decade, falling short of claims the package would fully pay for itself—even with additional revenue from tax enforcement activities...

Despite the worse-than-expected findings, it’s not yet clear it’ll be a dealbreaker for House Democrats: Rep. Kurt Schrader (D-Ore.), who withheld support for a vote until CBO’s scores were released, said this week he wouldn’t be “dissuaded” by a lower score because the agency doesn’t include revenue from certain investments in its projections."


For everything else you can say about Nancy Pelosi, she's a historically effective Speaker. Despite the implications for 022, and even for passage the Bill in the Senate, she'll get the BBB passed in the House.

What amazes and impresses me is that she can convince purple district Dems to commit political suicide and to sacrifice their careers over a gross piece of legislation that will raise taxes on the middle class and increase the deficit by a third of a $trillion.


Cited and related links:

  1. forbes.com


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Comments:

  1. by HatetheSwamp on November 19, 2021 6:23 am

    As of about 9:10 ET, the House began voting on passage of the BBB bill. Im guessing there will be about 120 votes in favor.
    View Video


  2. by HatetheSwamp on November 19, 2021 8:48 am

    Btw, that 120 votes was a typo. It was supposed to be 220.

    And, that's exactly what the vote was. Congrats to Nancy. Condolences to the 30 to 40 Dems who just kicked their congressional careers goodbye.

    A remaining question is how many fewer than 200 Dems there will be in the House after the 022 election.

    The Swamp reigns!


  3. by Curt_Anderson on November 19, 2021 8:56 am
    So in other words about 1,000 times fewer dollars than Trump added to the deficit.

    Trump added about $3.9 trillion to deficits so far, budget group says

    Tax overhaul, higher-than-expected spending make up most of overage



    Trump’s Wasteful Tax Cuts Lead To Continued Trillion Dollar Deficits In Expanding Economy

    marketwatch.com
    forbes.com


  4. by HatetheSwamp on November 19, 2021 9:11 am

    Curt,

    Yeah, Trump Trump Trump Trump...Trump.

    I wasn't aware that you were a supporter Trump's handling of the economy.

    Let's not forget that the economy was already running a deficit before the BBB debacle. The flatulent fool just added to the deficit, though he promised that that the measure would pay for itself, which it ain't.


  5. by Curt_Anderson on November 19, 2021 9:21 am
    I noticed your Tourettes tic kicks in whenever you are flustered by facts.


    The CBO score does not attempt to calculate in potential savings from the build back better plan. In particular the stepped-up IRS enforcement is calculated to increase tax revenues by more than their projected deficit.


  6. by HatetheSwamp on November 19, 2021 10:26 am

    Bullfernerner.


  7. by Donna on November 19, 2021 10:38 am
    The US spent $750 billion in 2020 on "defense" and no one bats an eye.


  8. by HatetheSwamp on November 19, 2021 11:44 am

    Well, you did. Obviously.


  9. by Donna on November 19, 2021 11:47 am
    Many Americans do. I guess by "no one", I mean no one outside of the progressive media.


  10. by Curt_Anderson on November 19, 2021 1:46 pm
    Military spending becomes a lot more tolerable when you realize that much of it goes to social safety net expenses such as the medical care provided by the VA. Also the military does a lot of humanitarian work including helping Afghanistan refugees with relocation.


  11. by Donna on November 19, 2021 1:53 pm
    How is the defense budget allocated?

    The majority of the overall defense budget, $690 billion in FY2020, was spent by the Department of Defense (DoD) on military activities. The remaining $34 billion was spent on defense-related activities carried out by other agencies, such as the Department of Energy and the Federal Bureau of Investigation.

    Breaking down the $690 billion, we find that it supported a broad range of activities. The largest category, operation and maintenance, cost $279 billion in 2020. It covers the cost of military operations such as training and planning, maintenance of equipment, and most of the military healthcare system (separate from outlays made by the Department of Veterans Affairs). The second largest category, military personnel, supports the pay and retirement benefits for service members and cost $161 billion in 2020.

    Several smaller categories accounted for the rest of DoD spending. Procurement of weapons and systems cost $139 billion in 2020 and nearly $100 billion was spent on research and development of weapons and equipment. The military also spent over $10 billion on the construction and management of military facilities, such as barracks and family housing, and $1 billion on a number of miscellaneous activities.
    pgpf.org




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