Newhouse Calls for CBO Report on Economic Cost of Biden's Socialist Agenda

WASHINGTON, D.C. – Today, Rep. Dan Newhouse (R-WA) along with nearly three dozen of his House Republican colleagues, sent a letter to Congressional Budget Office (CBO) Director Phillip Swagel requesting the CBO to analyze the economic, tax, and fiscal impacts of President Biden's Build Back Better Act.

"While text of the Build Back Better Act is not yet finalized, House Speaker Nancy Pelosi indicated she is ready to schedule the bill for a vote in the House of Representatives," wrote the lawmakers. "This bill is long, expensive, and will fundamentally alter social programs and tax structures in our country. It is essential that each member of Congress have a complete and full understanding of such an expansive piece of legislation prior to voting on it. Members need to make informed decisions on behalf of their constituents."

The House Committee on Rules is expected to debate the Build Back Better Act soon. If the Rules Committee votes to advance the bill, House Speaker Nancy Pelosi can schedule the Build Back Better Act for a vote on the House Floor.

Read the full letter here and below:

Dear Director Swagel,

Thank you for your nonpartisan work to produce budgetary and economic analyses of proposed legislation. Especially now, as bills often exceed a thousand pages, the Congressional Budget Office (CBO) ensures hidden and costly provisions are properly noticed. I write today to request information on the financial impacts of the Build Back Better Act.

While text of the Build Back Better Act is not yet finalized, House Speaker Nancy Pelosi indicated she is ready to schedule the bill for a vote in the House of Representatives. This bill is long, expensive, and will fundamentally alter social programs and tax structures in our country. It is essential that each member of Congress have a complete and full understanding of such an expansive piece of legislation prior to voting on it. Members need to make informed decisions on behalf of their constituents.

I respectfully request CBO answer the following questions after analyzing the ten-year impact of the Build Back Better Act:

1. What is the total cost of new and expanded federal programs?
2. How much federal government revenue will be raised through this legislation?
3. How much will the implementation of this bill increase the national deficit?
4. What is the net impact on the national deficit, excluding projected economic growth attributed to new and expanded programs?
5. To what extent will revenue-raising measures within the bill impact American households earning less than $400,000 and small businesses?

I appreciate your attention to these important questions as the Build Back Better Act awaits final consideration by the U.S. House of Representatives. Thank you for your time, and I look forward to hearing from you.

###