House Passes Biden’s Build Back Better Plan, Sending It To The Senate
As expected, the Democrat-controlled House has voted through Biden’s Build Back Better spending plan in a 220 to 213 vote with every Republican voting against the Bill, and one Democrat, Rep. Jared Golden, voted “no” over the SALT cap provision. It will now be sent to the Senate where its fate remains uncertain and will be determined by moderate Democrats Joe Manchin (WV) and Kyrsten Sinema (AZ).
House Democrats celebrate as the $1.75T Build Back Better Act passes the House 220-213. pic.twitter.com/56puVYdOFf
— The Recount (@therecount) November 19, 2021
Democrats are chanting “Build Back Better!” On the floor as bill passes.
— Erik Wasson (@elwasson) November 19, 2021
As Newsquawk notes, the Senate will take its turn to vote on the bill and all 50 Democratic senators are needed to vote for the bill in order for it to pass. The two senators in question are the moderate Senators Manchin and Sinema; a recent CNN report suggested that Democrats were far more reassured that Sinema would back the Build Back Better bill although they are still uncertain about Manchin.
Note, Senators also have the ability to change parts of the bill. Manchin has previously expressed concerns with the “Paid Leave” component of the bill and believes it should be passed in a bipartisan effort in a separate bill. The SALT cap may also face some concern as it is expected to be one of the most expensive parts in the bill. Manchin has also raised concerns that 10 years of funding should pay for 10 years of services, while Child Care aid only lasts for six years, and cheaper premiums on the Affordable Health Care Act only last for five years. If the Senate were to make adjustments, the bill would then have to be sent back to the House.
As Mike Shedlock notes, the 10-year lie is that Progressives say the front-loaded benefits will expire. Meanwhile they pledge to do everything in their power to ensure they don’t.
History shows that government entitlement programs only get bigger, they don’t expire.
Nor did the CBO look at ancillary costs such as inflation.
Earlier in the week, the Biden administration began preparing lawmakers for a ‘disappointing estimate,’ and told them to “disregard” the assessment according to the New York Times.
Hilariously, at just the same time as the CBO revised its long-awaited score, Janet Yellen – knowing how ugly it would look when the CBO scored that the Democrats lied – issued a statement saying that “the combination of CBO’s scores over the last week, the Joint Committee on Taxation estimates, and Treasury analysis, make it clear that Build Back Better is fully paid for, and in fact will reduce our nation’s debt over time by generating more than $2 trillion through reforms that ask the wealthiest Americans and large corporations to pay their fair share.”
The wildcard? Yellen’s estimate that the IRS will recoup “at least $400 billion in additional revenue” from high-earners to plug the hole.
A particularly salient aspect of the revenue raised by the legislation is a historic investment in the IRS to crack down on high-earners who avoid paying the taxes that they owe, which Treasury estimates would generate at least $400 billion in additional revenue.
The CBO somewhat agrees with this hypothetical wildcard which can not be modeled out and instead has to be taken as faith, which is why the CBO did not account for it, but it does say that its deficit estimates do not account for the $207 billion in IRS “savings”, meaning CBO’s effective estimate is $160 billion in new deficits.
Of course, in the end all of this is just optics and the CBO score won’t have any impact, with the Bill sure to pass the House and then it will be up to the moderate Democrats in the Senate to determine if it becomes law.
Now let’s see what moderate Senate Democrats Joe Manchin and Kyrsten Sinema have to say about it.
(TLB) published this article from ZeroHedge as written and compiled by Tyler Durden
Article updated and edited by (TLB) editors
Header featured image (edited) credit: Pelosi/C-SPAN screen shot
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