President Joe Biden’s spending plan will add $367 billion to the deficit over the next ten years, the Congressional Budget Office (CBO) announced Thursday.
The CBO’s estimates are a setback for Biden, who had promised that his social plans would have no additional cost and would be financed by a tax rise on big business and the wealthy.
Democrats had been waiting weeks for these estimates to be made public because some centrist lawmakers in the party, such as Senator Joe Manchin, oppose any increase in the deficit.
Before the CBO made its figures public, House Speaker Nancy Pelosi, a Democrat, sent a letter to her colleagues to let them know that the initiative will be debated tonight, after which the vote could be held.
The social package, called “Build Back Better”, is valued at 1.75 trillion dollars and will drastically increase the country’s public debt, while affecting the pockets of Americans.