WH: Just ignore the CBO score on the social spending & climate control bill …

Maybe they should since ObamaCare has been TWICE as expensive as its CBO estimate.
==============

Let’s start with the recent headline…

image
Source

The details:

President Biden’s pledge to completely pay for his $1.85 trillion social coverage and climate control spending bundle relies upon largely on having a beefed-up Internal Revenue Service crack down on tax evaders, which the White Home says will increase lots of of billions of {dollars} in income.

However the CBO is estimating that the I.R.S. proposal would yield far lower than what the White Home was relying on to assist pay for its invoice — about $120 billion over a decade versus the $400 billion that the administration is relying on.

That’s a $280 billion shortfall … statistically significant, for sure.

In response…

Senior administration officers (and Speaker Pelosi are urging lawmakers to ignore the CBO evaluation.

They say the CBO is being overly conservative in its calculations, failing to correctly credit score the return on funding of further I.R.S. sources and overlooking the deterrent results {that an extra aggressive tax assortment company would have on tax cheats.

That’s one approach: Just ignore the CBO scoring.

Former Pres. Obama took a different approach ObamaCare was in a similar predicament…

=============

Flashback to 2009

You may remember that, in the stretch run, ObamaCare was running into some headwinds.

Republican Scott Brown was elected to fill Ted Kennedy’s Senate seat. Brown  was seated as the 41st GOP senator, providing the GOP with the opportunity to filibuster the bill.

And, Obama got some bad news in a preliminary report from the CBO.

CBO Director Elmendorf pronounced the ObamaCare plan to be massively expensive and incapable of lowering future health care costs. Source

Rather than tell Congress to just ignore the CBO findings, Obama invited Elmendorf to the White House for a chat.

Following the meeting, a more  “enlightened”  CBO revised its projections … painting a more favorable picture of ObamaCare economics.

Republicans complained that Obama may have used the visit to pressure Elmendorf to change his stance.

You think?

The revised numbers provided John McCain (R, Arizona) with sufficient “cover” to vote to  end the Republicans’ filibuster.

And, as they say, the rest is all history…

=============

P.S. As it turns out, the CBO grossly underestimated to cost of ObamaCare. For details, see:

Get out your wallet: CBO says ObamaCare to cost twice the original estimates.

=============

Breaking news: The “Final” CBO Score

According to the WSJ:

The CBO found that the bill would contribute $367 billion to the deficit over 10 years.

Democrats have argued that revenue not captured in the CBO score shows that the bill is more than fully paid for.

For technical reasons, the CBO’s bottom line doesn’t include$207 billion in revenue that the scorekeeper estimates would result from pouring roughly $80 billion into tax-enforcement efforts at the Internal Revenue Service.

Adding that revenue to the CBO’s other estimates would make the bill’s 10-year deficit about $160 billion.

The Biden administration says its IRS spending would generate $480 billion, not $207 billion.

Arithmetic note: The difference between $480 and $207 is $273 billion.  That number is what’s called “statistically significant”.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s


%d bloggers like this: