In a hurried attempt to deliver on the multitude of promises made by Democrats over the last nine months, President Biden unveiled a so-called “framework” for a socialist tax and spending spree. A preliminary analysis by House Budget Committee Republicans has found that the Democrats’ proposed agenda will cost at least $4.6 trillion and could increase the nation’s debt by at least $3 trillion.
“President Biden delivered another white paper full of Democrat wish list items, propped up by a disingenuous price tag and budget gimmicks. The facts are clear: Washington Democrats’ tax and spending agenda will ultimately be far more expensive than they are willing to admit – upwards of $4.6 trillion in spending that would add an alarming $3 trillion in new debt, at a time when government-fueled inflation has reached a near-forty-year high. As the American people are lurching from one crisis to another under the Biden Administration’s failed leadership, Washington Democrats are refusing to be honest about their own radical agenda that will not only fuel inflation, but result in fewer jobs, higher taxes on families and businesses, and put America further along an unstable fiscal trajectory.
“The Democrats’ claim that their framework costs a meager $1.75 trillion relies strongly on early sunsets of costly programs to make the price tag appear smaller on paper. Publicly, however, Democrats have repeatedly called for the permanent expansion of these programs, such as the Child Tax Credit, universal Pre-K, and extending Affordable Care Act subsidies. When you remove the budget gimmicks from the equation and extend these provisions, as Democrats have repeatedly called for, it will add an additional $2.1 trillion in spending,” said House Budget Committee Republican Leader Jason Smith (MO-08).
The key offset in the Democrats’ “framework” includes an extremely generous estimate that the IRS will collect an additional $400 billion as it targets more Americans – double the $200 billion estimate given by the non-partisan Congressional Budget Office (CBO) and the bipartisan Joint Committee on Taxation.
Some Democrats have also stated they will not vote for a reconciliation bill unless it includes provisions for illegal immigrants and a giveaway to the wealthy in high-tax states by repealing the State and Local Tax (SALT) Deduction cap. These provisions would add approximately $480 billion.
Taking into account the budget gimmicks, failed offsets, and new provisions Democrats want to include, their “framework” spends $4.6 trillion with only $1.6 trillion in offsets, for a total deficit increase of $3 trillion.
-House Oversight GOP