WASHINGTON, D.C. – Today, House Budget Committee Ranking Member Jason Smith (MO-08) and Senate Budget Committee Ranking Member Lindsey Graham (R-SC) held a press conference exposing Democrats’ dishonesty about the real cost of their tax and spending bill.
A recent CBO analysis requested by Smith and Graham makes clear that the Democrats have been misleading the American people by relying heavily on budget gimmicks and early sunsets of programs they intend to make permanent, in order to make the total cost of their bill appear less on paper. According to CBO, the true cost of the Democrats’ bill is $4.9 trillion – roughly three times the cost Democrats initially claimed – and would add $3 trillion in new debt.
During today’s press conference, Smith also noted how the true cost of individual provisions in the Democrats’ bill are far higher than what Democrats claim. Instead of $185 billion, the latest CBO score says the Child Tax Credit will cost $1.6 trillion. The universal Pre-K provision in the Democrats’ bill costs double what was initially estimated. And the real cost of the expanded Obamacare subsidies in their bill will not total $74 billion, but $220 billion, according to CBO’s latest estimate.
“The White House has said they want all the provisions in Build Back Better to be permanent…They [Democrats] are either pulling out the rug from underneath the American public or pulling the wool over the eyes of the American public…this bill bankrupts the economy, benefits the wealthy, and builds the Washington machine,” said House Budget Committee Republican Leader Jason Smith.
Click here or on the image below to watch the full press conference