Build Back Better Act

Floor Speech

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Mr. OBERNOLTE. Madam Speaker, 2 weeks ago, I led over 200 Members of this House in sending a letter to the Speaker, urging that we do not vote on this bill until the CBO had issued a cost score for this bill. Yet, here we are, debating what is likely the largest spending package in the history of this country, paired with the largest tax increase in the history of this country. I say ``likely'' because we really don't know what the bill will cost. Apparently, we are supposed to pass the bill before we are allowed to know what it costs.

Madam Speaker, that is crazy. Here is why that matters. Our national debt right now stands at about $29 trillion. Although we don't have a CBO score on this bill, what we do have is an analysis by the Wharton School at the University of Pennsylvania which says that this bill would add $300 billion to that debt, at least, and that is if all the programs in this bill sunset on time, which we know is not going to happen. Further, the analysis says if they don't sunset, this bill could add $2.5 trillion to our national debt.

Madam Speaker, here is the real tragedy: We run about a $2 trillion deficit this year, and even in a good year it will be over a trillion dollars. The tax increases alone in this bill would almost get us to balancing the Federal budget, which would allow us to avoid leaving a legacy of debt to our children and our grandchildren.

Madam Speaker, this bill is bad for our country, and it is bad for our economy. I urge a ``no'' vote.

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