Republicans have been highlighting a recent government estimate of what they say is the true cost of the Democrats’ Build Back Better bill, which includes major spending on child care and child tax credits.
On Fox News Sunday, Sen. Lindsey Graham, R-S.C., told departing host Chris Wallace that the bill is far more expensive than Democrats claim, and the money it raises falls trillions short of covering the cost.
"The Congressional Budget Office says it's not paid for," Graham said Dec. 12. "It's $3 trillion of deficit spending."
Graham is incorrect. The bill passed by the House and now in the Senate’s hands costs about $1.75 trillion, and, according to CBO figures, would add $158 billion to the deficit over 10 years, not $3 trillion. (President Joe Biden and other Democrats say even that smaller deficit would evaporate thanks to IRS crackdowns on tax evaders.)
Graham is saying the deficit would be 20 times larger than the bill at hand. That’s like the difference between a grape and a big cantaloupe.
So, what is Graham talking about?
Graham and his Republican counterpart in the House asked the CBO to estimate what would happen if temporary spending programs in the legislation were extended through 2031. The major spending provisions include a bigger child tax credit and support for child care.
Graham’s press office sent us a Dec. 10 letter from the CBO. The agency did say the deficit would go up by $3 trillion, but that was for, as they put it, "a modified version of H.R....
Business THE management of Dangote Petroleum Refinery and Petrochemicals has noted with concern the circulation of unfounded and misleading claims suggesting that its petroleum products are export...