Article originally appeared on thefederalist.com.
During his time in the Obama administration, then-Vice President Biden once infamously proclaimed that we had to “spend money to keep from going bankrupt.” When he became president, he kept his word — at least when it comes to spending.
In an appearance before lawmakers last week, Congressional Budget Office (CBO) Director Phillip Swagel testified that the cost of the green pork provisions included in Democrats’ 2022 Inflation (Reduction) Act is likely to total $1 trillion. Unsurprisingly, the Biden administration figured out even more ways to spend money beyond what Congress, and the CBO, originally projected 18 months ago.
Preview of Fiscal Outlook
Swagel’s testimony largely focused on the accuracy of CBO’s budget projections — i.e., did fiscal conditions in prior years turn out as the budget gnomes forecast? But at the end of his prepared remarks, he turned to the upcoming release of the budget and fiscal baseline. …
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