Infographic: What Is in the Build Back Better Act?
On November 19, 2021 the House passed the Build Back Better Act, a wide-ranging bill that aims to accomplish numerous priorities of the Biden Administration. According to a CRFB analysis of calculations from the Congressional Budget Office and the Joint Committee on Taxation, the legislation would raise the deficit over the next 10 years by $160 billion. While the new spending is mostly offset by other savings, the bill also includes a number of budget timing gimmicks which could hide its true cost.
The proposed spending, tax cuts, and offsets are broken down in the following ways.
Further Reading
Lifting the Debt Ceiling Has Been Paired with Budget Reform in the Past
Earlier this year, the United States once again hit its debt ceiling, which is currently capped at $31.4 trillion.
Even with Economic Growth Factored in, OBBBA Would Increase Deficits
The small, positive fiscal impact from slightly higher economic growth is projected to be more than offset by increased federal interest costs.
House Reconciliation Bill Would Add Trillions to the National Debt
The bill would increase debt by $3.0 trillion over the next 10 years, driving it from nearly 100 percent of GDP now to 124 percent of GDP by 2034.