Economy

Biden’s $1.75 trillion bill is not fully paid for, Congressional Budget Office says


U.S. President Joe Biden delivers remarks after touring the General Motors ‘Factory ZERO’ electric vehicle assembly plant in Detroit, Michigan, U.S. November 17, 2021. REUTERS/Jonathan Ernst

WASHINGTON (Reuters) – U.S. President Joe Biden’s sweeping $1.75 trillion domestic spending bill does not raise enough revenue to cover its costs, a nonpartisan arbiter said on Thursday, a finding that could undercut moderate Democrats’ confidence and threaten passage.

The Congressional Budget Office, charged with evaluating the cost of legislation, found that the “Build Back Better” act, intended to strengthen the U.S. social safety net and fight climate change, would raise the federal deficit by $367 billion over the next decade.

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