President Joe Biden $3.5 trillion spending legislation is being condemned by one of the nation’s leading editorial boards for being a sham.
The Wall Street Journal editorial board published a piece arguing Biden’s plan is actually much more expensive and that the $3.5 trillion figure was reached through accounting gimmicks and tricks.
From the Wall Street Journal:
Democrats are grasping for ways to finance their cradle-to-grave welfare state, with the left demanding what they claim is $3.5 trillion over 10 years. The truth is that even that gargantuan number hides the real cost of their plans. The bills moving through committees are full of delayed starts, phony phase-outs, and cost-shifting to states designed to fit $3.5 trillion into a 10-year budget window that can pass with a mere 51 Senate votes. Even if the bill shrinks to $2 trillion or less, the real costs will be far greater. Behold one of the greatest fiscal cons in history.
Biden’s plan to pay for the legislation has been controversial as well. The president has proposed beefing up the IRS so it can conduct fare more audits. He has pushed for $80 billion to increase IRS auditing and even wants banks to hand over the account information of essentially all Americans.
Republicans in Congress have raised the alarm about this “army of auditors” and the potential abuses that could go along with the massive expansion of one of the federal government’s most powerful agencies.
“While Democrats seek to give the IRS a blank check to build an army of IRS auditors, Republicans want to pass taxpayer protections and restore trust in government,” the House Republicans on the Ways and Means Committee said in a statement. “Republicans will discuss their alternative approach to improving the IRS while protecting taxpayers in the process.”