Government Watch / Politics

CBO Confirms: Biden’s Biggest Executive Actions Come with $532 Billion Price Tag

Biden

WASHINGTON, D.C. – House Budget Committee Republican Leader Jason Smith (MO-08) issued the following statement after the Congressional Budget Office (CBO) – in a response to a request from Smith – provided budgetary analysis of several executive actions taken by President Biden that combined will cost taxpayers $532* billion:
 
“It turns out even with one-party Democrat control of Congress, President Biden has found a way to secretly spend hundreds of billions of dollars all by himself. With the stroke of a pen, President Biden has racked up at least $532 billion on the American taxpayers’ tab with zero input from their elected Representatives in Congress. Bizarrely, the same President Biden that has unilaterally and illegally refused to spend $1.4 billion in funding that was passed by bipartisan majorities in Congress to build a border wall to combat illegal immigration has at the same time spent over 375 times that amount on actions that Congress never authorized or appropriated. The enormous price tag speaks to how far President Biden wants to expand Washington command and control over education and health care while rolling back immigration enforcement. It is amazing that this is the same White House that continues to claim they are reducing the deficit.”
 
CBO’s analysis provided the following cost projections for these Biden executive actions:

  • $300 billion for expanding welfare by enlarging the Supplemental Nutrition Assistance Program (SNAP) benefit
  • $34 billion for expanding Obamacare and enrolling more Americans in Washington-controlled health care plans
  • $85 billion for continuing a pandemic-era student loan payment moratorium benefitting higher income earners
  • $3 billion for canceling the student loan debts of 40,000 borrowers**
  • $20 billion for ending the Trump Administration’s public charge restrictions on immigration which protected taxpayers from awarding welfare benefits to immigrants
  • $11 billion cost to taxpayers from eliminating strengthened work requirements in SNAP for able-bodied adults without dependents***
  • $3 billion in additional Medicaid spending by prohibiting states from establishing work requirements in their Medicaid programs
  • $7 billion for raising the wages for federal contractors

Today’s analysis by CBO also comes at a time when the Biden Administration is reportedly looking to spend an estimated $230 billion – without Congressional authorization or input – by cancelling $10,000 worth of student loan debt for American households that earn as much $300,000 per year. Student loan debt cancellation primarily benefits wealthier households:

  • 62% of Americans do not hold a college degree
  • Nearly 1/3 of student loan debt is held by the top 20% of earners
  • 56% of student debt is held by households with graduate degrees
  • 59% percent of households making $120,000 per year or more have student loan debt
  • 2% = the unemployment rate among college graduates with a bachelor’s degree

Click here or on the image below to read House Budget Committee Republican’s one-page cost estimate of Biden’s executive spending.
 


*Includes additional $69 billion of debt interest payments resulting from Biden’s executive actions
**Calculation from Department of Education data
***Official cost estimate, U.S. Department of Agriculture, December 2019


Print PDF


Reprinted with Permission from - House Budget Republicans by - Rep. Jason Smith

If You Enjoy Articles Like This - Subscribe to the AMAC Daily Newsletter
and Download the AMAC News App

Sign Up Today Download

If You Enjoy Articles Like This - Subscribe to the AMAC Daily Newsletter!


Subscribe
Notify of
21 Comments
Newest
Oldest Most Voted
Inline Feedbacks
View all comments
johnh
1 month ago

Is it true when Joe Biden states that he decreased the Fed Deficit by $350 Billion in 2021 & this year he will decrease this by $1.8 Trillion. I have never read anything about Debt decreasing in first year of Biden. If so, that is quite remarkable.

Rich
1 month ago

That’s pretty impressive for a bankrupt nation. Maybe Joe is hoping his free money will get him a better seat in the one world government that he is selling us out to. Time will tell, if he lives long enough to see it.

tika
1 month ago

CBO Confirms: Biden’s Biggest Executive Actions Come with $532 Billion Price Tag. maybe he’s going to pay for it himself from all he’s been paid by China, Russia, Mayor of Moscow’s wife and extorted from Ukraine.

Michael Lewis
1 month ago

What happened to separation of powers? Is it legal for the President to create his own budget for favored projects? Isn’t all spending of government funds supposed to originate in the House of Representatives?

We the people should demand our elected representatives acknowledge their oaths of office and defend their political responsibilities and turf.

Is there no venue for holding this lawless, brainless, pretender to the Presidency to account?

D.P.
1 month ago

This is simply a case of Biden putting OUR money where HIS mouth is.

Barb
1 month ago

And the worst part about this is that he doesn’t know what he signing! He is signing away our country, America Last.

Casey C Matt
1 month ago

I just wish there was a way for hundreds of thousands or even millions of people would just refuse to pay income tax next year…….just flatly refuse. Let the Feds figure out where to imprison that number of people. Of course such a refuser would have to hide their assetts but that can be done. Its an idea……….that started this country by the way……a taxpayers revolt!

Max
1 month ago
Reply to  Casey C Matt

Only problem with your suggestion/wish, the Feds would then find a way to freeze and steal from your banking accounts. If working, the Feds would make some law/excuse for employers to automatically withhold the necessary taxes despite your wishes to the contrary. The Feds are more than happy to be an inconvenience to you.

Marion James
1 month ago
Reply to  Max

I heard the mention of the country going digital …
They will have access to our earnings…with a stoke of a key..
Easy to “appropiate ” our funds and make them thier own…
You know…government work…
Like that 500 billion without congress approval…

Kinda like getting your wallet stolen and a stranger spending on your credit cards that you still have to pay….
What happened to no taxation without representation ?
I guess when you “appropriate” Trillions…what’s a few Billion here and there..???
And WHO… is keeping track of all of THIS money…and the money before it…
Such …unaccountability….

Gabe Hanzeli
1 month ago

sounds like he is acting without budget approval. remember how the democrats went insane when trump found a couple billion for the border wall? what if trump had simply written an executive order for all this money?

tika
1 month ago
Reply to  Gabe Hanzeli

we all would have called him a democrat.

Rich
1 month ago
Reply to  tika

We also would have a LOT less illegals in this country. Of course, Biden would have just opened the gates.

Barb304
1 month ago

Face it people, Joe Biden is the WORST president we have ever had!!! And that goes for hIs administration as well. GOD BLESS the USA

anna hubert
1 month ago

Drunk person is not allowed to drive because the brain is incapacitated yet the mad man is allowed to make decisions concerning the entire nation

Dave
1 month ago

Whoop dee doo da…

They can print as much of the counterfeit crap as they want…they know when to pull the plug…and I can hardly wait!

PaulE
1 month ago

Well Biden agreed just yesterday at the G7 meeting in Switzerland for the United States to pony up at least $200,000,000,000.00 (that’s $200 billion dollars of our tax money folks) to fund infrastructure spending for “foreign nations in need of development” due to “climate change”. The G7 members in total committed to spend $600 billion, but given the way these deals usually work out our European partners, like Germany, France and Italy, will end up coming up short and the United States will foot the vast majority of this pledge. Kind of like how the United States has handled footing the bill for NATO for decades until Trump. Now of course with Biden in charge, we’re back to subsidizing almost the total NATO budget again. Anyway, based on how history has played out for these types of “deals”, the United States could be on the hook for anywhere from $400 billion to as much as $450 billion dollars of the $600 billion dollar total from yesterday’s G7 deal.

The CBO is certainly being kept busy with Biden spending billions and billions of dolllars all without any Congressional approval. One might point out that he is spending huge amounts of American tax dollars with virtually no prior approval from Congress, but hey who are we kidding here. There will be no ramification for either his massive over-spending via Executive Orders or his little “giveaway deals” he makes almost everytime he attends any meeting overseas. I guess we can just count on our national debt and inflation continuing its upward spiral as this wonderful Democrat administration continues on its merry way for at least another 2.5 years. What could possibly go wrong?

Max
1 month ago
Reply to  PaulE

Standard business deal — The USA always puts in the majority of funds for any project connected with the world.

PaulE
1 month ago
Reply to  Max

Absolutely correct. When Biden attended his first European meeting after becoming POTUS and told the other world leaders that “America is back!”, what they all knew that to mean was “Uncle Soft-Touch Sam was back to pay for everything the rest of them had no intention of ever paying for in any deal they agreed to.”

Our debt to GDP ratio has already climbed to 33 percent under Biden in just 18 months. At this rate of runaway, wasteful spending, it won’t be more than a few more years until it goes over the 50 percent mark and all the international rating agencies downgrade our Treasury Bonds and Notes. That will set off a chain of events in world markets that clears the way for China to make a compelling argument that the U.S. should no longer be the world reserve currency. Then all the chickens start to come home to roost in quick fashion and the American people will get the shock of their lives.

Max
1 month ago
Reply to  PaulE

Correct.

Eldridge C Koppen
1 month ago
Reply to  PaulE

I prefer to think of it as 1/5 of a TRILLION dollars rather than $200 Billion, since nowadays people are accustomed to thinking of debt and deficit in terms of trillions.

Barb
1 month ago
Reply to  PaulE

PaulE, what makes you think that all of this money is going to those foreign lands, and not coming back as a “kickback” to people that we have heard that have benefitted in the past? Who is receiving this money in the foreign lands?, is there an accounting of how its being spent?, what is the balance after each deposit and withdrawal?, why is there a constant drain from the American taxpayer? Lots of questions needs answers. PaulE, I like reading your responses.

21
0
Would love your thoughts, please comment.x
()
x