CRFB Senior VP Mark Goldwyn says the actual cost of the Dems’ spending plan is $5.5T. can happen till
A nonpartisan budget watchdog says Democrats’ big budget reconciliation bill could cost more than the $3.5 trillion they give it and casts doubt on whether it will actually be paid as they claim. Huh.
Mark Goldwyn, senior vice president of a responsible federal budget committee (CRFB), told Granthshala Business on Monday that because the bill came out just a few days ago, it’s impossible to give an exact total.
But Goldwain said the bill will remain in place for months based on what Democrats have said, and based on the funding trick they’re using to keep the bill’s price down, it could reach a total of $5 trillion. .
“To fit $5-and-a-half trillion into a $3 and a half trillion box, they had a bunch of stuff going to end early and some things like a few things starting late,” Goldwyn said. He explained that the CRFB anticipates that many temporary programs will be renewed or made permanent by future congresses, which the CRFB describes as a “general one”.budget gimmick“To hide the true value of the bill.
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The bill in particular is subject to change and is likely to decrease in price as Democrats negotiate among themselves in the coming days and weeks.
“We went from a short list of bullets to a long list of bullets, to actually enact legislation in the House. But we don’t have a score on legislation yet except very few pieces of it, so it’s too early to tell,” Goldwyn added. “What I would say is based on what we know from the House of Law, it looks like its … the cost is probably on the high end of it. [up to $5.5 trillion range] Or maybe over it.”
Goldwain also addressed an argument from President Biden that the reconciliation bill “costs zero dollars” because it would be funded with a tax increase. He said the House of Representatives bill currently has “nearly $3 trillion” in total offsets, including tax increases and other provisions, such as prescription drug savings.
So, Goldwain said, if you take the Democrats’ word on the top-line price tag, the bill would add at least $500 billion to the national debt. But he added that if the temporary programs in the bill are extended, the number on the high end is likely to be closer to the $1.5 trillion to $3 trillion of new borrowing, as they are expected to be.
Goldwain also slammed Democrats for insisting on passing the reconciliation bill so quickly, before it was even scored by the Congressional Budget Office.
“Would you buy a house if you didn’t know how much it cost? Would you buy a car if you didn’t know how much it cost?” he said. “You have no idea how much it really costs and we’re all just guessing.”
Goldwyn noted that Republicans have also ignored budget scoring in the past, including during their failed attempts to repeal the Affordable Care Act.
In a major turning point, House Speaker Nancy Pelosi, D-Calif., on Monday reversed the stance she had held for weeks that the reconciliation bill should pass along with the bipartisan infrastructure bill, which is expected to end this week’s highway fund. faced with the deadline.
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That reconciliation could delay the bill until next week or even longer, especially as Democratic leaders Sens. Joe Manchin, DW.VA, and Kirsten Cinemas work to bring on board moderates like D-Ariz. That time period may allow for the scoring of the law.
Pelosi told a caucus meeting on Monday night that these moderates in the Senate would have to lower the cost of the bill. But, she said, Democrats still plan to pass a reconciliation bill as much as they can fit into it.
“I told you all we wouldn’t go to BIF [until] We had the reconciliation bill passed by the Senate. We were at the right time to do all of this, until 10 days ago, a week ago, when I heard the news that this number had to go down,” Pelosi said.
“It’s not about downplaying the importance of reconciliation,” she said.