A key analysis said the social safety net and climate plan would add to budget deficits over the next decade.
The final vote on the legislation was scheduled for Thursday night after the Congressional Budget Office estimate was released. A group of centrist House Democrats wanted to see the CBO's projection of how the Build Back Better Act would affect long-term deficits before they voted for the plan.
The budget deficit will increase by $367 billion over the next decade, according to the CBO. Estimates for revenue raised by IRS enforcement of tax laws are not included in the figure.
The provision will generate $400 billion and pay for the plan according to the Treasury Department. The bill would lead to only $127 billion more in net revenue, according to the CBO.
The budget estimate was not certain if it alleviated the concerns of the five Democratic holdouts.
The Senate wants to approve the bill before Christmas if the House passes it this week, according to Schumer. If the Senate makes changes to the legislation, it will have to go back to the House for a second vote.
The Democrats point to a previous estimate from the Joint Committee on Taxation that the bill wouldn't add to the long-term budget estimates. The five Democrats who sunk the bill on their own in the House wanted to see the CBO score as well.
The Democrats believed the nonpartisan scorekeeper would underestimate the money raised by the package. After the CBO released its estimate, Treasury Secretary Janet Yellen reiterated the Biden administration's view that the bill wouldn't add to long-term deficits.
Members of Congress have a unique opportunity to put our economy on a path to increased growth, productivity, labor force participation, and equity, while ensuring we do not burden future generations with unsustainable debt. She urged them to pass it.
The legislation aims to make child care more affordable, extend the enhanced child tax credit for a year, create universal pre-K, speed up the transition to green energy, and expand Medicare and Medicaid. Four weeks of paid leave for most Americans could be cut if the bill goes to the Senate.
The package is part of the economic agenda of President Joe Biden.
The story is evolving. You can check back for updates.
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