While the Biden administration and Congressional Democrats continue to haggle over the size of their reckless taxing and spending bill, new estimates show that Democrats are using budget gimmicks to hide the real price tag.
New budget models from the University of Pennsylvania’s Wharton School of Business show that the taxing and spending bill put forth by the White House and Congressional Democrats will cost nearly $4 trillion, more than double the bill’s reported cost. The Penn Wharton model also estimated that the tax provisions Democrats claim would “pay for” their bill only amount to $1.5 trillion – much lower than previously reported.
President Biden has repeatedly said his plan would cost zero dollars and add nothing to the debt.
There is currently no score from the Congressional Budget Office (CBO), but there needs to be full transparency on the proposal’s shell games and budget gimmicks in order to understand the true cost of the Democrats’ taxing and spending legislation.