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Fox Business: 

The nonpartisan Congressional Budget Office estimated Thursday that President Biden’s social spending bill will add $367 billion to the federal deficit over the next 10 years, without counting potential revenue from an IRS tax enforcement crackdown that White House officials claim will cover the remaining cost.

"CBO estimates that enacting this legislation would result in a net increase in the deficit totaling $367 billion over the 2022-2031 period, not counting any additional revenue that may be generated by additional funding for tax enforcement," the CBO said in a release.

The CBO score raises doubts about the Biden administration’s claim that the $1.75 trillion in spending outlined in a framework agreement for the "Build Back Better Act" is fully covered by offsets included in the bill. Treasury Department and White House officials say enhanced IRS tax enforcement will generate $400 billion in new tax revenue, while the CBO estimates it would it would generate net revenue of about $127 billion after expenses. READ MORE