Washington

CBO: Funding for Biden’s social welfare bill comes up more than $367 billion short

President Biden’s multitrillion-dollar social welfare and climate change bill does not fully pay for all of its new entitlement programs, contrary to assertions long made by the White House.

An in-depth review of the bill, known as the Build Back Better Act, by the Congressional Budget Office indicates it adds more than $367 billion to the deficit over the next decade.

The CBO, a nonpartisan agency that analyzes federal legislation, says the deficit shrinks to $160 billion after taking into account Mr. Biden’s new tax enforcement procedures.

“CBO estimates that enacting this legislation would result in a net increase in the deficit totaling $367 billion over the 2022-2031 period, not counting any additional revenue that may be generated by additional funding for tax enforcement,” said CBO Director Philip Swagel.



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