(AbsoluteNews.com) – Democrats have spent months negotiating the $1.8-trillion human infrastructure bill. On November 19, the legislation passed the House and headed to the Senate where it will likely face revisions before undergoing a vote.
The party has repeatedly said its bill won’t cost the American people any money. Critics have expressed doubts the Democrats can make that happen. Even the moderates in their party have said they won’t vote on the legislation until they read the Congressional Budget Office (CBO) score. A new report by an independent watchdog indicates the plan is going to be extremely expensive.
On November 15, the Committee for a Responsible Federal Budget (CRFB) released a report estimating the legislation would cost about $2.4 trillion but could double to as much as $4.9 trillion as the result of spending and tax cuts that would expire.
According to the nonpartisan watchdog group, President Joe Biden’s human infrastructure plan relies on measures that will expire in order to lower the official cost of the bill. For example, the Earned Income Tax Credit (EIC) and American Rescue Plan’s Child Tax Credit (CTC) Increase are set to expire in a year, child care subsidies and funding for universal pre-k will end in six years, and several other provisions will also cease.
In reality, those programs will likely become permanent, raising the price of the bill exponentially, but the Biden administration is apparently hoping people won’t realize the funny math.
In a previous report, CRFB pointed out that two-thirds of millionaires will also get tax breaks under the program. That’s because the Left wants to raise the cap on the state and local tax (SALT) deduction, that tax break benefits the wealthy elite in states with high property taxes, such as New York and California.
CRFB Senior Vice President Marc Goldwein told Fox News that Democrats “want to spend $2.4 trillion and buy with that almost $5 trillion worth of stuff” and they can only do that by making some current programs and tax credits temporary.
Not the First Time
The watchdog isn’t the first to point out the inconsistencies in the math for the massive spending plan. In September, the Washington Post gave Biden two Pinocchios for telling the American people that his infrastructure plan wouldn’t cost the American people any money. The newspaper said that his claim is misleading and noted the math was full of gimmicks meant to disguise the real cost.
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