JUST IN: Pelosi Sets Build Back Better Bill Vote for TONIGHT as CBO Releases Cost Estimate
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Speaker Nancy Pelosi announced in a letter to Democrats Thursday the House is set to vote on the Build Back Better legislation by the end of the night.
Democrats have been waiting for a final estimate on the cost from the Congressional Budget Office. The CBO said earlier Thursday they estimate “the funding for tax enforcement activities provided by H.R. 5376, the Build Back Better Act, would increase outlays by $80 billion and revenues by $207 billion, thus decreasing the deficit by $127 billion, through 2031.”
CBO estimates that the funding for tax enforcement activities provided by H.R. 5376, the Build Back Better Act, would increase outlays by $80 billion and revenues by $207 billion, thus decreasing the deficit by $127 billion, through 2031. https://t.co/GrbShPusVK
— U.S. CBO (@USCBO) November 18, 2021
UPDATE: The final cost estimate concludes “enacting this legislation would result in a net increase in the deficit totaling $367 billion over the 2022-2031 period, not counting any additional revenue that may be generated by additional funding for tax enforcement.”
CBO estimates enacting H.R. 5376, the Build Back Better Act, would result in a net increase in the deficit of $367 billion over the 2022-2031 period, not counting additional revenue that may be generated by additional funding for tax enforcement. https://t.co/cMEHAFqiu4
— U.S. CBO (@USCBO) November 18, 2021
The bill is one of two major pieces of legislation Democrats and President Joe Biden have been pushing to get passed. The president recently signed the bipartisan infrastructure bill into law, and now House Democrats are preparing for a vote on this big reconciliation package.
The legislation received pushback from House moderates like Josh Gottheimer and Senators Joe Manchin and Kyrsten Sinema, as negotiations went on for months.
