CBO Estimates Build Back Better Act To Increase Unified Deficit By $115.1 billion

The Congressional Budget Office is out with an Estimated Budgetary Effects of Title VI, Committee on the Judiciary, H.R. 5376, the Build Back Better Act. CBO estimates that enacting this title would result in a net increase in the unified deficit totaling $115.1 billion over the 2022-2031 period.

That increase in the deficit would result from an increase in direct spending of $147.2 billion and an increase in revenues of $32.1 billion.

Some of those budgetary effects are associated with Social Security, which is classified as off-budget. The increase in the on-budget deficit over that period would be $121.7 billion.

The budgetary effects would be noticeably greater during the following decade, resulting in an increase in the unified deficit totaling $369 billion over the 2032-2041 period.

For the Cost Estimate visit the CBO Here

This estimate is based on language in two documents, which are available from the House Committee on Rules:

Rules Committee Print 117-18, Text of H.R. 5376, Build Back Better Act

Rules Committee Print 117-18, Yarmuth Amendment 112

Source: CBO

From The TradersCommunity US News Desk