Dear Colleague on New White House Preliminary Budget Estimate Confirming Build Back Better is Fully Paid For

November 4, 2021
Press Release

 

Dear Democratic Colleague,

Good Evening.  Thank you all for your thoughtful input throughout this process.  This morning, it was inspiring to see the presentations of our Chairs and their informed exchange with Members. 

As I wrote earlier, the nonpartisan Joint Committee on Taxation issued their report today confirming that the Build Back Better Act is fully paid for and the tax-increase provisions in the bill would raise $1.5 trillion over 10 years, not including additional savings from prescription drug pricing and IRS tax enforcement.  The White House has now provided us with a preliminary budget estimate attached here confirming the JCT analysis of the bill's fully paid-for status and noting that the legislation reduces the deficit by more than $36 billion over the first 10 years and at least $2 trillion over the second ten years.  This White House document is built upon Congressional Budget Office estimates that have been provided to our committees. 

At this time, the Rules Committee is preparing the Manager’s Amendment to include privilege fixes we have received from the Senate.  We expect the Rules Committee to then meet shortly. 

I hope you find this information useful as we work together to advance the President's Build Back Better Act.

Thank you.