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President Biden was criticized over the weekend and Monday after claiming his Build Back Better program “costs nothing” in a Saturday tweet.
“My Build Back Better program costs no dollars”, the president tweeted from his official account. “Instead of wasting money on tax breaks, loopholes and tax evasion for big business and the wealthy, we can make a one-time investment in Active America. And that adds zero dollars to the national debt.
Biden’s program seeks to be funded by a $ 3.5 trillion reconciliation bill that contains funds for climate, family leave, education and expanding the social safety net. The spending bill has become a point of contention in Congress as Democrats battle over when to vote on the bill and its overall price.
Republicans took to Twitter this weekend, calling Biden claim a “lie”.
“Simple math for President Biden: $ 3.5 trillion is NOT zero,” Rep Claudia Tenney (R-NY) wrote, while sharing the president’s tweet.
“That’s a lie,” GOP’s House Judiciary Twitter account categorically accused.
Representative Steve Womack (R-Ark.) reiterated this feeling, call the claim false.
“This is completely wrong. The biggest spending spree in government history will cost “zero dollars”? It defies basic logic and math. Along with massive tax increases, this will add billions of dollars to debt. Peddling false stories will not change these facts.
Senator Tom Cotton (R-Ark.) Asked if the President understood the cost of the spending bill.
“Biden thinks his $ 3.5 trillion reckless spending plan ‘costs nothing’? He’s very confused,” Coton wrote.
Even supporters of the president’s agenda have noted that it is not free.
“I strongly support the new infrastructure plan. It’s not free, ”said the American political scientist Ian Bremmer tweeted.
As Congress continues its debate on when to vote on the package, the Biden administration has repeatedly said that the $ 3.5 trillion spending legislation will cost nothing.
Earlier this month, White House Chief of Staff Ron Klain told an audience of Wall Street titans that the Democrats’ $ 3.5 trillion spending bonanza “will cost zero.”
“We found a way to pay every part of the expense with taxes,” Klain told an audience of financial industry peanuts at the annual SALT conference in New York City. “The net cost of ‘Build Back Better’ is zero,” he said of the White House plan.
Democrats and the White House have proposed footing the spending bill through an IRS crackdown involving intensified audits of U.S. taxpayers and increasing taxes on top incomes and businesses, like the increasing the corporate tax rate from 21% to 26.5%, increasing the capital gains tax rate from 20% to 25% and increasing the top tax rate high personal income tax from 37% to 39.6%.
Despite this, the Democratic Party faces an internal battle over the price of legislation, as moderate members like West Virginia Senator Joe Manchin and Arizona Senator Krysten Sinema have said they will not support a $ 3.5 trillion bill.
Manchin suggested he would not support a bill greater than $ 1.5 trillion. Manchin also said he would not approve a corporate tax rate higher than 25%.
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