The Congressional Budget Office — the federal government’s nonpartisan fiscal scorekeeper — said that the pending Build Back Better Act would add $367 billion to the deficit by 2031.
The legislation — which the House of Representatives passed on Friday — would spend $1.75 trillion on various social programs, including universal preschool, childcare subsidies, and climate change initiatives. Moderate Democrats were reportedly waiting to support the bill until they could review the Congressional Budget Office’s analysis, which was released Thursday.
The Wall Street Journal explained:
The CBO found that the bill would contribute $367 billion to the deficit over 10 years; Democrats have argued that revenue not captured in the CBO score shows that the bill is more than fully paid for.
For technical reasons, the CBO’s bottom line