President Biden stands by his claim that his Build Back Better agenda will cost nothing to the average American taxpayer.
“The cost of the Build Back Better Agenda is $ 0,” the White House tweeted Sunday.
“The president’s plan will not increase our national deficit, and no one making less than $ 400,000 a year will see their taxes rise a single cent,” the tweet read. “It is paid in full by ensuring that big businesses and the very rich pay their fair share.”
TEAM BIDEN HAS A SETTLEMENT CALCULATION OF ZERO COST CLAIMS TO WASHINGTON POST FACT CHECKERS
Biden and his administration have repeatedly claimed that Build Back Better, a $ 3.5 trillion reconciliation package, will cost $ zero, despite several analysts disproving claims from both sides of the political gang. The president is basing the zero-cost claim on the idea that the package will not add anything to the public deficit as the costs will be offset by tax hikes and other revenue-generating programs.
The Joint Tax Committee of Congress estimates that the Atonement Act will raise only $ 2.1 trillion in taxes over a 10 year period, well below the cost of $ 3.5 trillion. And even the $ 3.5 trillion figure is contested as the real cost: The Wall Street Journal editors argued that it was based on “budget gimmicks, including claims cancellations and introductions,” and that the actual cost was “at least $ 5 trillion US dollars will probably be far â. more.”
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Washington Post fact checker Glenn Kessler similarly called the zero cost claim “misleading”, arguing that lawmakers are “playing all kinds of budget games to get that mythical zero within the 10-year budget” . He said the bill’s impact on the deficit could be “as low as zero or up to $ 1.75 trillion over 10 years”.
The White House tweet on Sunday sparked a spate of responses from skeptics.
Tyler O’Neill, editor of Fox News, contributed to this report.