USA Today:   “The non-partisan Congressional Budget Office on Thursday released its full cost estimate of President Joe Biden’s Build Back Better bill, projecting the measure would add $367 billion to the national debt over the next decade.  The CBO reported the measure would raise more than $1.2 trillion in the form of increased IRS crackdowns on tax cheats, higher taxes and other increased revenues but that overall spending on a myriad of social and climate priorities would lead to a net cost. The projection covered the period from 2022 to 2031.

“The release of the CBO data is important to the House’s vote on the measure, a $1.85 trillion package of Democratic social spending priorities, including free preschool, climate change initiatives and expansion of affordable housing. Now that the estimate is out, a vote on the measure could take place as early as tonight.  The cost projection undercuts Boden’s long-standing pledge the bill is not only fully paid for but would decrease the deficit.  The CBO is an independent, nonpartisan referee that analyzes the budgetary impact of proposed legislation. It was created by Congress in 1974 and operates by rules and regulations set by the House and Senate Budget committees.

“The CBO broke down the costs by the House committee in charge of a particular section of the bill. Some of the areas that would add most to the deficit (and the actual amount) are Education and Labor ($454.1 billion); Energy and Commerce ($281.5 billion); Financial Services ($150.7 billion); and Judiciary ($115.1 billion).  The CBO also projected the revenue raised by increasing IRS enforcement would amount to about $207 billion, about half the $400 billion the White House estimated.”