Democrats push ahead with Manchin-Schumer spending bill despite lack of knowledge on fiscal implications – By Brandon Gillespie (FOX News) / Aug 11, 2022
The House plans to vote on the Inflation Reduction Act on Friday
House Democrats appear determined to forge ahead with the Manchin-Schumer social spending and taxation plan despite their lack of knowledge on the fiscal implications of the legislation.
According to the Congressional Budget Office (CBO), a nonpartisan agency that analyzes the impact of legislation on the budget, it will be “weeks” before an updated analysis can be completed on the bill, officially called the Inflation Reduction Act.
“Given the scope of the amendments to title I, Committee on Finance, CBO expects that it will be a few weeks before we can fully analyze and estimate those budgetary effects, at which point we will provide a complete cost estimate for the legislation,” CBO Director Phillip Swagel wrote in a Thursday letter to Sen. Bernie Sanders, I-Vt., who serves as chairman of the Senate Committee on the Budget.
