President Biden and the Democrats know exactly what they are doing. They’ve shortened the time periods of their programs to make them cost less, knowing full well at least some of them are likely to be extended.
According to the Wall Street Journal:
The Congressional Budget Office on Thursday released its “official” cost estimates for the House tax and entitlement bill, but don’t believe it. The CBO gnomes aren’t lying about a 10-year deficit estimate of $367 billion. They’re obliged to score the bill under rules that Democrats have rigged with multiple tricks that disguise the real cost by trillions of dollars.
Democrats phase out the biggest programs in the bill while paying for them with 10 years of tax increases. They phase-in other programs and off-load costs to the states. The Penn Wharton Budget Model estimates the House bill would cost nearly $4.6 trillion over 10 years if temporary provisions are made permanent, as most will be.
The Committee for a Responsible Federal Budget (CRFB) pegs the cost at $4.9 trillion if temporary tax credits and programs are made permanent through 2031. This would add $1.5 trillion to deficits over the next five years without additional tax offsets. Let’s take a tour of this budget deception.
Enhanced child allowances ($3,600 for children under age 6 and $3,000 up to age 17). This is the bill’s most expensive provision at about $130 billion a year, which is why Democrats limit it to one year. Does anyone doubt they’ll extend it in the future?