The mission of the Penn Wharton Budget Model (PWBM) “is to provide non-partisan, research-based analysis to inform the country’s budget.”
To that end, PWBM has proven successful. In recent years, Sen. Chuck Schumer (D-NY), Rep. Pramila Jayapal (D-WA), and Sen. Mark Warner (D-VA), among many others, have sung its praises.
PWBM’s most recent report, an in-depth analysis of President Biden’s Build Back Better bill, shows the actual cost of the reconciliation package could be far more expensive than we have been told by those pushing for the bill’s passage.
According to PWBM, “the White House’s Build Back Better reconciliation framework would increase spending by $1.87 trillion over the 10-year budget window while increasing revenues by $1.56 trillion over the same period.”
Based on that projection, PWBM estimates, “the reconciliation package will increase the federal debt by 2.0% and decrease GDP by 0.1% in 2050, relative to the current law baseline.”
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