Based on the Congressional Budget Office’s analysis, the Committee for a Responsible Federal Budget estimates the cost of the Build Back Better bill is $2.4 trillion and would add $160 billion to deficits over the next decade and $750 billion to deficits over the next five years.
Where things stand on Capitol Hill: House Democrats are gearing up to pass President Biden’s plan to dramatically expand the social safety net with leadership racing to secure a legislative victory for the party even as major obstacles await in the Senate.
Democrats had been waiting for cost estimates from the nonpartisan Congressional Budget Office before voting on the legislation after moderates demanded the information.
CBO released its final scoring for the bill early Thursday evening, estimating that the package “would result in a net increase in the deficit totaling $367 billion over the 2022-2031 period, not counting any additional revenue that may be generated by additional funding for tax enforcement,” according to a summary released.
The White House is now trying to make the case that the bill will be fully paid for, despite the CBO analysis showing a shortfall.
CNN’s Clare Foran and Morgan Rimmer contributed reporting to this post.