A major breakdown of the new multi-trillion proposed legislature, which may cost over $5.5 trillion, highlights below, NEWS TALK VIDEO
“While the actual cost of this new legislation will ultimately depend heavily on details that have yet to be revealed, we estimate the policies under consideration could cost between $5 trillion and $5.5 trillion over a decade, assuming they are made permanent. In order to fit these proposals within a $3.5 trillion budget target, lawmakers apparently intend to have some policies expire before the end of the ten-year budget window, using this oft-criticized budget gimmick to hide their true cost.”
“Based on these sources, we estimate policies in the fact sheet would cost about $5 trillion over a ten-year period. Including additional policies not explicitly mentioned but rumored to be part of the package, and incorporating possible estimating differences between the Office of Management and Budget (OMB) and the Congressional Budget Office (CBO), the cost could rise to $5.5 trillion.”
Some of the largest expenses in the budget are the extended child tax credit, community-based health services, clean energy and vehicle tax incentives, funding for higher education, and affordable housing investments — which amount to $1.1 trillion, $400 billion, $330 billion, $285 billion, and $190 billion respectively.
True cost analysis HERE
