WASHINGTON—The U.S. House narrowly approved President Biden’s massive tax-and-spend package Friday. Misleadingly dubbed the “Build Back Better Act,” the Congressional Budget Office estimates the proposal will add substantially to the national debt. Matthew Dickerson, director of the Hermann Center for the Federal Budget at The Heritage Foundation, released a statement on the implications of the bill’s passage:
“President Biden and his administration have incorrectly claimed his so-called Build Back Better proposal would cost nothing. Today is the final nail in the coffin showing that is not true. The cost estimate from the Congressional Budget Office further exposed the massive price tag, and the damage the bill would cause. And once the budgetary gimmicks are accounted for, the true cost would more than double, all coming on top of the $6 trillion in new government spending added in the last year and a half.
“This big government, socialist, tax-and-spending spree would only exacerbate the challenges facing American families and communities. More government spending would further increase the cost of living, driving up prices for vital things we all rely on, and crowding out things like faith-based childcare that certain politicians oppose. The bill would worsen the labor shortage by expanding welfare without work requirements and amplify supply chain problems.
“It includes massive tax increases that violate President Biden’s promise not to hike taxes on middle class families—at the same time giving high-income millionaires in high-tax states tens of thousands of dollars in tax breaks. The Senate must reject this radical proposal.”