Democrats are accused of using “gimmicks to cover up well over $1 trillion in spending,” the U.S. Chamber of Commerce revealed.
The chamber has called on Congress to identify the bill’s actual “real-world impact.”
Here’s how it works: The reconciliation bill has “sunset provisions,” which help disguise the “true cost” of the bill.
After a certain amount of time, these provisions essentially expire but could be extended.
As a result, the dollar amount looks smaller than the actual total cost.
Biden is expected to sign the $1.2 trillion infrastructure bill during a ceremony at the White House.
In a letter to politicians, businesses warned against the cost of the bill, its inflationary impact, and how the policies will negatively impact future workforce participation.
“The bill provides funding for physical infrastructure projects like roads, bridges, water pipes and broadband internet,” Fox News reports.
“Democrats are now zeroing in on the president’s even bigger $1.75 trillion package aimed at expanding health, child, elder care and climate change programs.”
From Fox News:
The Congressional Budget Office (CBO) announced Tuesday that there is currently no set timeline for when they will have a score for the Build Back Better Act, the social spending bill Democrats are trying to pass.
The CBO provides “scores” for legislation that estimate how bills would impact the budget by looking at factors such as spending, revenue and deficits. Given the sheer length of the social spending bill, the agency said they are working on a score, but it will take time.
“Over the past several months, we have provided technical assistance to committees as they developed their proposals for various parts of the bill,” CBO Director Phillip Swagel stated on the agency’s website. “The analysis of the bill’s many provisions is complicated, and CBO will provide a cost estimate for the entire bill as soon as practicable.”