House Passes Nearly $2-Trillion Build Back Better Initiative

The U.S. Capitol at night with Congress in session

WASHINGTON, DC – After a record-breaking floor speech by Minority Leader Kevin McCarthy (CA-R) that lasted 8 hours and 32 minutes, ending just before 6:00 am Friday, the Democratic majority in the House of Representatives passed the President’s Build Back Better bill by a vote of 220-213.

The $1.9 trillion “human infrastructure” spending bill, separate from the earlier passed $1.2 trillion traditional infrastructure bill, provides extensive investments to social programs – some brand new – and funding to address the climate crisis.

The legislation now heads to the Senate, where the bill will not pass unless significant changes are made. Democratic Senators Joe Manchin (WV) and Kyrstin Sinema (AZ) – both moderates – have expressed concern over the increased spending, though the White House contends increased revenue will offset the increased spending.

Those claims were challenged, somewhat, on Thursday afternoon when the Congressional Budget Office (CBO) released its final scoring for the bill estimating that the package would result in a net increase in the deficit totaling $367 billion.

The most significant contributors to the additional debt load would be the education and labor provisions ($454 billion), financial provisions ($151 billion), energy and commerce ($28 billion), and natural resources ($16 billion). However, the White House still contends that the bill is paid for, despite the CBO analysis showing a shortfall through tighter IRS enforcement – where an earlier CBO estimate provided for $207 billion in revenues.

Rep. Jared Golden of Maine was the only Democrat to vote against the bill, and no Republicans voted for it.
(SOURCE: All Ag News)

Recommended Posts