On the menu today: The Congressional Budget Office declares that Joe Biden and Nancy Pelosi are wrong and that my colleagues are right; updated numbers from U.S. Customs and Border Protection show that in the past fiscal year, the U.S. Border Patrol encountered 1,662,167 unlawful border crossers — roughly double the total for the fiscal year preceding the pandemic and four times the total for the fiscal year coinciding with the pandemic; and the country needs less common-sense gun control and more common-sense gun-wielding-prosecutor control.
CBO Estimate on Build Back Better: Biden, Pelosi, and the Democrats Lied to You
For much of the fall, Joe Biden, members of his administration, and congressional Democratic leaders such as Nancy Pelosi have insisted that the Build Back Better bill “costs nothing.” You heard counter-arguments that the bill costs a lot more than nothing from many, many conservatives and Republicans — including Rich Lowry, Phil Klein, David Harsanyi, Dan McLaughlin, Charlie Cooke, and the Editors.
Now, the nonpartisan Congressional Budget Office has declared that Biden, Ron Klain, and Nancy Pelosi are wrong and that my colleagues are correct:
The director of the nonpartisan Congressional Budget Office said on Monday that the I.R.S. proposal would yield far less than what the White House was counting on to help pay for its bill — about $120 billion over a decade versus the $400 billion that the administration is counting on.
A formal tally is expected to be released on Friday, but the projection by Phillip Swagel, who heads the budget office, could pose another setback for Mr. Biden’s domestic policy legislation, which is already facing steep hurdles in the House and Senate.
The White House has begun bracing lawmakers for a disappointing estimate from the budget office, which is likely to find that the cost of the overall package will not be fully paid for with new tax revenue over the coming decade. Senior administration officials are urging lawmakers to disregard the budget office assessment, saying it is being overly conservative in its calculations, failing to properly credit the return on investment of additional I.R.S. resources and overlooking the deterrent effects that a more aggressive tax collection agency would have on tax cheats.
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