BREAKING: JCT SCORE, EXPERTS CONFIRM BUILD BACK BETTER AGENDA IS FULLY PAID FOR, ADDRESSING MOD DEM QUESTIONS

JCT Score Addresses Concerns Expressed by Centrist Democrats Prior to a Vote on the Build Back Better Agenda 

Center for American Progress Senior Fellow Seth Hanlon: “They are working with well over $2 trillion of offsets”

Moody’s Analytics’ Mark Zandi: Build Back Better Act is “more than paid for on a dynamic basis” and will “ease the financial burden of inflation for lower-and middle-income Americans”

Build Back Better Act and Bipartisan Infrastructure Deal Will Add Nearly $3 Trillion to the GDP and 1.5 Million Jobs Per Year For a Decade, Per Zandi

Experts agree that the Build Back Better Act is fully paid for after the latest score from the Joint Committee on Taxation (JCT), which found that the plan would generate revenues of nearly $1.5 trillion. Combined with other offsets not counted by the JCT, like IRS enforcement, prescription drug reform, and the Medicare rebate rule — which experts estimate could generate an additional $795 billion — the $1.75 Build Back Better Act is more than fully paid for.

The score should ease the concerns of some Centrist Democrats in Congress who expressed a desire to see JCT scoring before voting for the Build Back Better Agenda.

The JCT score comes on the heels of a new report from Moody’s Analytics’ Mark Zandi finding the Build Back Better Act is fully paid for on a dynamic basis and will ease inflation pressures on the middle class. Key points from Zandi’s analysis below:

  • “The legislation is more-or-less paid for on a static basis and more than paid for on a dynamic basis through higher taxes on multinational corporations and the well-todo and a range of several other pay-fors.”

  • “The legislation is also specifically designed to ease the financial burden of inflation for lower- and middle-income Americans by helping with the cost of childcare, eldercare, education, healthcare and housing for these income groups.”

  • “Concerns that the plan will ignite undesirably high inflation and an overheating economy are overdone, as the fiscal support it provides will ensure the economy only returns to full employment from the recession caused by the COVID-19 pandemic.”

  • “…this is an especially economically propitious time to increase public infrastructure investment, since the return on that investment is substantially greater than the government’s cost of financing given the extraordinarily low interest rates. Thirty-year Treasury bond yields are close to 2%, while the return on almost any public infrastructure project is likely to be meaningfully greater than that.”

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