UPDATE: Build Back Better Visualized
UPDATE 12/10: Since this analysis was published, the Congressional Budget Office (CBO) has issued a correction to their initial estimate of H.R. 5376. Instead of adding $160 billion to deficits over ten years, CBO now estimates the bill will add $158 billion to deficits over ten years.
The House passed the Build Back Better Act (H.R. 5376) last week. When combined with the bipartisan Infrastructure Investment and Jobs Act (IIJA) (H.R. 3684), which President Biden signed into law earlier this month, these two pieces of legislation constitute President Biden's Build Back Better agenda in legislative form.
The Congressional Budget Office (CBO) has released official scores of both bills. CBO estimates the IIJA will cost $573 billion over ten years and add approximately $400 billion to the debt, after accounting for $173 billion of offsets. Meanwhile, based on CBO's scores of individual titles of the bill, we estimate the Build Back Better Act will cost $2.43 trillion over ten years and raise $2.27 trillion in offsetting revenue and other savings, resulting in a net deficit impact of about $158 billion.
Below are updated visualizations of spending and revenue provisions in both bills reflecting CBO's estimates.
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