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is sticking to his claim that his Build Back Better agenda will cost the average American taxpayer nothing.
“The cost of the Build Back Better Agenda is $0,” the White HouseSunday.
“The President’s plan won’t add to our national deficit and no one making under $400,000 per year will see their taxes go up a single penny,” the tweet read. “It’s fully paid for by ensuring big corporations and the very wealthy pay their fair share.”
Biden and his administrationthat Build Back Better, a $3.5 trillion reconciliation package, will cost zero dollars, despite multiple analysts rebutting the claim from both sides of the political aisle. The president bases the zero-cost claim on the idea that the package will add nothing to the federal deficit because the cost will be offset by tax increases and other revenue-generating schemes.
Congress’ Joint Committee on Taxation estimated that the reconciliation bill will only raise $2.1 trillion through taxes over 10 years, falling far short of the $3.5 trillion cost. And even the $3.5 trillion figure is being contested as the true cost: The Wall Street Journal editorial boardit’s based on “budget gimmickry including entitlement phaseouts and phase-ins” and that the real cost “will be at least $5 trillion, probably far more.”
The Washington Post’s fact-checker, Glenn Kessler,the zero-cost claim “misleading” and argued that lawmakers “play all sorts of budget games to achieve that mythical zero within the 10-year budget framework.” He said the bill’s impact on the deficit could “be as low as zero or as high as $1.75 trillion over 10 years.”
The White House tweet Sunday sparked a flurry of replies from skeptics.
Fox News editor Tyler O’Neill contributed to this report.