An analysis of the COVID-19 relief bill proposed by President Joe Biden and that Democrats are trying to push through Congress using budget reconciliation shows that hundreds of billions of dollars of spending is allocated in the bill to programs that have nothing to do with the coronavirus.
The Committee for a Responsible Federal Budget said that at least $312 billion of the bill’s planned spending is not related to the pandemic, but is only vaguely targeted or is focused on normal budget priorities.
The bill includes a pension bailout; expansions of the Child Tax Credit (CTC), the Earned Income Tax Credit (EITC), and the child care tax credit; an increase in the minimum wage to $15 an hour; and Affordable Care Act (ACA) expansions, the group found.
Because these items are not related to the pandemic, they “should be subject to normal pay-as-you-go [PAYGO] rules, which means each policy should either be fully offset with new revenue or spending reductions to cover its cost,” the think tank wrote in a report.
If the government doesn’t want to see dire consequences like devaluing of the currency and massive inflation, maybe it should stop passing bills so huge and so fast that nearly a trillion dollars hasn’t even been spent from the last bill yet.
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