EFG Magazine

The White House and the Congressional Budget Office are at odds over how much revenue the Internal Revenue Service could recoup from tax cheats.

Lawmakers had been waiting for the budget office to provide details on how much President Biden’s social policy and climate bill will cost and whether it would add to the federal deficit.
Lawmakers had been waiting for the budget office to provide details on how much President Biden’s social policy and climate bill will cost and whether it would add to the federal deficit. Credit... Sarahbeth Maney/The New York Times

Nov. 18, 2021

WASHINGTON — The nonpartisan Congressional Budget Office said on Thursday that President Biden’s sprawling climate change and social policy package would increase the federal budget deficit by $160 billion over the next 10 years.

That determination was at odds with Mr. Biden’s pledge to fully pay for the $1.85 trillion legislation but was unlikely to stop House Democrats from approving the bill.