WASHINGTON, D.C. – Today, Congresswoman Lisa McClain (R-MI) led a letter to President Biden, Treasury Secretary Janet Yellen, White House Chief of Staff Ronald Klain, Acting Director of Office of Management and Budget Shalanda Young and Director of the National Economic Council Brian Deese asking for answers on the real cost of the Build Back Better bill.
“You and members of your Administration have repeatedly misled the American people when claiming the current $1.7 trillion version is fully paid for. As the original CBO score shows, the bill that recently passed the House of Representatives would add $167 billion to the deficit over 10 years,” said the Representatives. “Americans across the nation are struggling to keep up with the increased costs at grocery stores and at the gas pump. This is why now, more than ever, the American people must have transparency and clarity on its governments spending.”
Reps. Elise Stefanik (R-NY), Doug Lamborn (R-CO), Yvette Herrell (R-NM), Fred Upton (R-MI), John H. Rutherford (R-FL), Bob Gibbs (R-OH), Bill Johnson (R-OH), David McKinley (R-WV), Jack Bergman (R-MI) Peter Meijer (R-MI), Bill Posey (R-FL), John Katko (R-NY), Tim Walberg (R-MI), Bill Huizenga (R-MI) Claudia Tenney (R-NY), Greg Steube (R-FL) Greg Murphy (R-NC), Troy Balderson (R-OH), Randy Weber (R-TX), Lance Gooden (R-TX), Brett Guthrie (R-KY) and Scott Franklin (R-FL) joined McClain in sending the letter.
For a copy of the letter, click here.
The full text is below.
We write to you today on behalf of our current and future tax-paying constituents, in search of clarity on your position on allowing the Build Back Better bill’s main spending provisions to sunset, and whether you have a plan to pay for their potential extensions.
As you are aware, the nonpartisan Congressional Budget Office released an analysis that showed the legislation would increase our deficit by $3 trillion over 2022 to 2031 if numerous spending programs were extended.[1] This analysis gives the American people a look behind the budget gimmicks being used and exposes the true cost of this bill.
You have claimed that if these provisions were extended, you are committed to covering the cost of each program extended.[2] However, you and members of your Administration have repeatedly misled[3] the American people when claiming the current $1.7 trillion version is fully paid for. As the original CBO score shows, the bill that recently passed the House of Representatives would add $167 billion to the deficit over 10 years.[4]
Our national debt is quickly approaching $30 trillion.[5] In March of this year, Congressional Democrats passed the Administration’s bill that added an additional $1.9 trillion to the debt. Now, the United States is currently experiencing the highest level of inflation since 1982.[6] Americans across the nation are struggling to keep up with the increased costs at grocery stores and at the gas pump. This is why now, more than ever, the American people must have transparency and clarity on its governments spending. It is crucial to the American people that you provide clear answers to the questions posed below.
1. The enhanced Child Tax Credit is due to end after 2022. Is it your long-term intention to make this provision permanent? If so, has the Administration devised a plan to pay for this extension? What is that plan?
a. CBO stated making the provision permanent would cost $1.597 trillion over 10 years.
2. The enhanced Earned Income Tax Credit is due to end after 2022. Is it your long-term intention to make this provision permanent? If so, has the Administration devised a plan to pay for this extension? What is that plan?
a. CBO stated making this provision permanent would cost $135 billion over 10 years.
3. The childcare and pre-K provisions are due to end after 2027. Is it your long-term intention to make this provision permanent? If so, has the Administration devised a plan to pay for this extension? What is that plan?
a. CBO stated making this provision permanent would cost $752 billion over 10 years.
4. The expanded health insurance subsidies are due to end after 2025 and 2026. Is it your long-term intention to make this provision permanent? If so, has the Administration devised a plan to pay for this extension? What is that plan?
a. CBO stated making this provision permanent would cost $220 billion over 10 years.
5. Is it your long-term intention to lift the cap on the state and local tax deduction after 2025? If so, how do you intend to make up for the revenue lost due to giving tax breaks to the wealthiest Americans?
a. CBO stated that removing this limit for the rich and wealthy after 2025 would cost
$245 billion over 10 years
6. If it is your long-term intention to extend these programs at an estimated cost of $3 trillion over 10 years, and you do have a plan to pay for them, do you believe the IRS will seek additional funding for their agents to target taxpayers with more audits?
The hardworking American families, the ones responsible for footing the bill, deserve to know whether they going to pay $1.7 trillion or $4.7 trillion. As such they also deserve to know how the Biden Administration plans on raising the revenue from them to cover the added $3 trillion cost.
Please respond to our questions by Wednesday, December 29. We hope you will uphold a commitment to the American people of honesty and transparency.
