House passes Build Back Better bill after overnight delay - CBS News
Nov 20, 2021 4 mins, 12 secs

The House passed the Build Back Better social spending plan Friday morning, after the vote, which was supposed to take place Thursday night, was delayed by House Minority Leader Kevin McCarthy's hourslong overnight floor speech.

The nonpartisan Congressional Budget Office (CBO) released its cost estimate for the bill Thursday.

Noting that the Treasury Department estimates that the crackdown on tax evaders would raise $400 billion, she said in a statement that the combined CBO score, Joint Committee on Taxation estimates and her own department's analysis "make it clear that Build Back Better is fully paid for, and in fact will reduce our nation's debt over time by generating more than $2 trillion through reforms that ask the wealthiest Americans and large corporations to pay their fair share.".

The CBO has been releasing estimates on individual components of the Build Back Better Act over the past few weeks, but did not address how much money the legislation would raise, or its cost, until Thursday.

The office said changes to the tax code and other provisions would generate more than $1.26 trillion in revenue and suggested increased IRS enforcement would add $207 billion in revenue.

And the CBO said expanding Medicare to include hearing would cost $36 billion, while the White House said it would be  $35 billion.

The CBO also estimated that a four-week paid leave included in the House version of the bill would cost $205 billion.

The White House, which estimated its framework would cost $1.75 trillion, claims it would reduce the deficit over time, generating more than $2.1 trillion over 10 years.

After the House vote on Build Back Better, the bill will head over to the Senate, where the Democrats' 50-seat majority will surely lead to more changes.

Just after midnight Friday, House Majority Leader Steny Hoyer said the House would reconvene later Friday for the vote on Build Back Better.

The House will return and vote first thing Friday morning so the American people know heading into Thanksgiving week that House Democrats are fighting with President Biden to Build Back Better.

Representative Kurt Schrader said he, like fellow moderate Representative Stephanie Murphy, tweeted Thursday that he would be voting for Build Back Better.

Treasury Secretary Janet Yellen welcomed the CBO's analysis: noting that the Treasury Department estimates that the crackdown on tax evaders would raise $400 billion, she said in a statement that the combined CBO scores, Joint Committee on Taxation estimates and her own department's analysis "make it clear that Build Back Better is fully paid for, and in fact will reduce our nation's debt over time by generating more than $2 trillion through reforms that ask the wealthiest Americans and large corporations to pay their fair share.".

The White House released toplines on the CBO's cost analysis, calling it "good news for Democrats." The White House highlighted that the savings from the prescription drug reforms came in at $300 billion compared to the White House's estimate of $250 billion.

Democrats have long known and anticipated this – will not be an issue," the White House said.

The nonpartisan Congressional Budget Office on Thursday released its much anticipated cost estimate of President Biden's signature social spending plan, Build Back Better.

Over the past several weeks, the Congressional Budget Office had been releasing estimates on individual components of the Build Back Better Act, but the section dealing directly with how much money the legislation would raise as well as its total cost was not released until Thursday

Other measures like the cost estimate for expanding Medicare to include hearing was nearly identical, with the CBO saying $36 billion and the White House saying $35 billion

The CBO also estimated that a four week paid leave included in the House version of the bill would cost $205 billion

In a letter to Democratic lawmakers, House Speaker Nancy Pelosi hinted that there could be a vote on Thursday night, after the CBO office releases its final score

"At the close of the debate, all that remains is to take up the vote – so that we can pass this legislation and achieve President Biden's vision to Build Back Better!" Pelosi wrote. 

If her timeline is followed, the vote on Build Back Better will be Thursday night. 

Senator Joe Manchin, one of the two Senate holdouts on Build Back Better was spotted at the White House on Thursday, but White House press secretary said he was not there for meetings

Jayapal refused to vote for the infrastructure bill earlier this month along with five other progressives because the infrastructure bill and Build Back Better were initially supposed to be voted on together. 

House Speaker Nancy Pelosi told reporters on Thursday she hopes the lower chamber can move to a vote on the package known as the Build Back Better Act, later in the afternoon

The nonpartisan Congressional Budget Office (CBO) on Thursday will release its cost estimate known as the CBO score of President Biden's signature social spending plan, Build Back Better

But a number of centrist Democrats in the House have said they won't vote for the $1.75 trillion bill until they know the CBO score


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