Congress has just approved a multiple-hundreds-of-billions-of-dollars spending plan based upon very bad estimates of the costs that will be required to pay for the items in the plan. That is so typical.
https://www.washingtontimes.com/new...LJE5JRF2TVib7bRXe/2DRNFHO&bt_ts=1628200593625
President Biden’s $1.2 trillion infrastructure package does not fully pay for all the spending it proposes, as promised by the White House, according to a review released Thursday by the Congressional Budget Office.
The CBO scoring could prove a major political headache for Mr. Biden at a delicate time for his agenda. The Senate is beginning debate on the bipartisan plan, the centerpiece of the president’s pitch that he can make progress in a closely divided capital. The president is trying to keep enough Republicans on board for the infrastructure deal to prevent a Senate filibuster and enact it into law.
The Senate, with the traditional August recess looming, was considering amendments to the bill Thursday. Majority Leader Charles E. Schumer, New York Democrat, has said he wants to pass the measure early next week, but it was not immediately clear whether the CBO verdict would alter that schedule.
The CBO, a nonpartisan agency that analyzes the economic impact of federal legislation, found that the infrastructure bill would add $256 billion to the national deficit over the next decade. The sum is more than half of the $550 billion in new spending that lawmakers and the White House have proposed within the deal.
https://www.washingtontimes.com/new...LJE5JRF2TVib7bRXe/2DRNFHO&bt_ts=1628200593625
President Biden’s $1.2 trillion infrastructure package does not fully pay for all the spending it proposes, as promised by the White House, according to a review released Thursday by the Congressional Budget Office.
The CBO scoring could prove a major political headache for Mr. Biden at a delicate time for his agenda. The Senate is beginning debate on the bipartisan plan, the centerpiece of the president’s pitch that he can make progress in a closely divided capital. The president is trying to keep enough Republicans on board for the infrastructure deal to prevent a Senate filibuster and enact it into law.
The Senate, with the traditional August recess looming, was considering amendments to the bill Thursday. Majority Leader Charles E. Schumer, New York Democrat, has said he wants to pass the measure early next week, but it was not immediately clear whether the CBO verdict would alter that schedule.
The CBO, a nonpartisan agency that analyzes the economic impact of federal legislation, found that the infrastructure bill would add $256 billion to the national deficit over the next decade. The sum is more than half of the $550 billion in new spending that lawmakers and the White House have proposed within the deal.