New York Post

$3.5T will cost ‘zero’? Nothin’ doing, Mr. Prez

- By CALLIE PATTESON cpatteson@nypost.com

President Biden has been slammed for claiming his massive spending agenda wouldn’t cost a thing.

“My Build Back Better Agenda costs zero dollars,” the president tweeted from his official account on Saturday.

“Instead of wasting money on tax breaks, loopholes and tax evasion for big corporatio­ns and the wealthy, we can make a once-in-a-generation investment in working America. And it adds zero dollars to the national debt.”

Biden’s agenda is looking to be funded by a $3.5 trillion reconcilia­tion bill that contains funding for the climate, family leave, education and expansion of the social safety net. The spending bill has become a point of contention in Congress as Democrats battle over when to vote on the bill and over its price.

Republican­s took to Twitter over the weekend, calling Biden’s claim a “lie.”

“Simple math for President Biden: $3.5 trillion does NOT equal zero,” Rep. Claudia Tenney (R-NY) wrote, while sharing the president’s tweet.

“This is a lie,” the GOP’s House Judiciary’s Twitter account flat-out accused.

Rep. Steve Womack (R-Ark.) reiterated that sentiment, saying, “This is completely false. The largest spending spree in government history will cost ‘zero dollars’? That defies logic and basic math. Alongside massive tax increases, it will add trillions to the debt. Peddling false narratives won’t change those facts.”

Sen. Tom Cotton (R-Ark.) questioned whether the president understood the price of the spending bill.

“Biden thinks his $3.5 trillion reckless spending plan ‘costs zero dollars’? He is very confused,” Cotton wrote.

Even supporters of the president’s agenda noted that it comes with a cost.

“I strongly support the new infrastruc­ture plan. It is not costless,” political scientist Ian Bremmer tweeted.

It’s not the first time the administra­tion has said the plan would not cost anything.

Earlier this month, White House Chief of Staff Ron Klain said in front of an audience of Wall Street titans that the spending bonanza would “cost zero.”

“We have found a way to pay for every part of the spending with taxes,” Klain said told the financial-industry bigwigs at the annual SALT conference in New York.

“The net cost of ‘Build Back Better’ is zero.”

Democrats and the White House have proposed paying for the spending bill through an IRS crackdown involving ramped-up audits of taxpayers and by raising taxes on higher incomes and businesses, such as raising the corporate tax rate from 21 percent to 26.5 percent, hiking the capital gains tax rate from 20 percent to 25 percent, and increasing the top individual income tax rate from 37 percent to 39.6 percent.

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