Two prominent Republican senators on Friday asked the Congressional Budget Office (CBO) to state that they call the massive social spending plan a “real cost.” Democrats and the Biden administration Trying to tame through Congress
“We are concerned that the bill is being introduced at the moment. Made behind closed doors. To avoid making the estimates available, “Senate Minority Leader Mitch McConnell (R-Ky.) And Senate Budget Committee Rating Member Lindsay Graham (R-SC) Wrote in his letter To CBO Director Philip Siegel, who was. Retrieved from Fox News..
McConnell and Graham asked Siegel: “How long will it take the CBO to estimate the regular costs, a detailed analysis of the direct costs and revenue effects of each component, the costs imposed by the proposed legislation and the associated costs?” Details, and detailed information subject to future allocations to federal spending?
The letter accuses Democrats of trying to limit the debate on the legislation, noting that “only four of the reported reconciliation recommendations reported by the 13-house approval committee have received written estimates.”
The letter follows President Biden’s claims Speaker of the House Nancy Pelosi. (D-Calif.) That spending plan, called the Bloodback Better Act, is one. The value of “zero dollars” As the president put it on Twitter last weekend.
“Instead of wasting money on tax breaks, flaws and tax evasion for big corporations and the rich, we can invest from generation to generation in the working United States. And that adds zero dollars to the national debt.” Biden claimed.
Republicans accused the president of lying on Twitter, and even some of Biden’s supporters acknowledged that the plan would come at a price.
Democrats and the White House have proposed paying the bill through the IRS crackdown, which includes increasing audits of U.S. taxpayers and raising taxes on higher incomes and businesses, such as corporate tax rates. Increased from 21% to 28%, capital gains tax rate increased from 20% to 25% and individual income tax rate increased from 37% to 39.6%.
Critics have argued that the burden of such increased taxes would fall on individuals as well as small and medium-sized businesses, rather than targeting large companies with such legislation.
The final price of the legislation is unknown, but progressives acknowledged Friday that it would be less than their top-line figure of 3.5 3.5 trillion.