US Congressional Budget Office warns Biden’s bill will swell deficit

President Joe Biden’s Infrastructure bill is set to increase the USA’s deficit by a whopping $367bln over the next decade

The Congressional Budget Office says the Build Back Better scheme will increase America’s deficit by $367 billion over 10 years

The estimate does not include the revenue that would be produced from increasing tax enforcement.

This comes as the government plans to push the bill through the House this week but some democrats are concerned about the cost of the social spending plan.

Throughout the past month the CBO has been revealing estimates on sections of the Build Back Better Act but has only now uncovered the amount that the legislation would raise and the total cost.