CED Issues Statement on CBO Letter about the Deficit Impact of the Build Back Better Act if Programs Do Not Sunset

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Committee for Economic Development of The Conference Board (CED)

Dec 14, 2021, 13:34 ET

NEW YORK, Dec. 14, 2021 /PRNewswire/ -- Dr. Lori Esposito Murray, President of the Committee for Economic Development of The Conference Board (CED), released the following statement on the letter released by the Congressional Budget Office (CBO) about the deficit impact of the Build Back Better Act if the programs do not sunset:

"CBO has confirmed what CED has said for some time: that temporary provisions of the pending reconciliation bill, clearly intended by advocates to be permanent, would, if extended, add substantially to already unsustainable deficits and debt. The CBO estimate is that the deficit would grow by $3.0 trillion between 2022–2031. As CED has also highlighted over the course of the budget bill debate, of further concern is the fact that cost savings in the reconciliation bill, though clearly inadequate, are already permanent. As such, paying for the temporary spending and tax provisions would require entirely new offsets, not yet identified.

With today's already volatile deficits and debt, we, as a nation, can no longer afford to ignore paying for what we spend in the debates over new spending and tax cuts.

Our elected policymakers must both choose affordable priorities among the many wants in the current bill and build into that bill the savings needed to make our current budget sustainable for the long run. Failing those unavoidable choices, US prosperity will be mortgaged beyond our means, with the most vulnerable Americans to be the first to suffer."

About CED
The Committee for Economic Development of The Conference Board (CED) is the nonprofit, nonpartisan, business-led public policy center that delivers well-researched analysis and reasoned solutions in the nation's interest. CED Trustees are chief executive officers and key executives of leading US companies who bring their unique experience to address today's pressing policy issues. Collectively they represent 30+ industries, over a trillion dollars in revenue, and over 4 million employees. www.ced.org

About The Conference Board
The Conference Board is the member-driven think tank that delivers trusted insights for what's ahead. Founded in 1916, we are a non-partisan, not-for-profit entity holding 501 (c) (3) tax-exempt status in the United States. www.conference-board.org

SOURCE Committee for Economic Development of The Conference Board (CED)