Pelosi signals U.S. House to vote on Biden's $1.75 trillion social bill

The Congressional Budget Office said it would increase federal budget deficits by $367 billion over 10 years, although it acknowledged that additional revenues could be generated through improved Internal Revenue Service tax collections. The CBO estimated that the new tax enforcement activities would generate a net increase in revenues of $127 billion through 2031. The White House estimates the changes will generate $400 billion in additional revenue.

The U.S. House of Representatives pushed toward a possible Thursday vote on President Joe Biden's $1.75 trillion domestic investment bill, despite a nonpartisan arbiter's finding that it would add to the deficit. The Congressional Budget Office said it would increase federal budget deficits by $367 billion over 10 years, although it acknowledged that additional revenues could be generated through improved Internal Revenue Service tax collections.

The CBO estimated that the new tax enforcement activities would generate a net increase in revenues of $127 billion through 2031. The White House estimates the changes will generate $400 billion in additional revenue. House Speaker Nancy Pelosi signaled the chamber could vote as early as Thursday night on the bill after the House Rules Committee cleared the "Build Back Better" legislation for debate in the full House.

A first procedural vote, needed to advance the bill toward passage, could come around 7:15 p.m. (0015 GMT Friday), according to House Majority Leader Steny Hoyer. The legislation would fund expanded social programs, mainly to help children and seniors, and provide $550 billion to battle climate change. If it passes the Democratic-controlled House, it would go to the Senate for consideration, where two centrist Democratic members have threatened to hold it up.

Moderate House Democrats have been particularly interested in receiving the CBO "score" of the bill. It is unclear whether any of them would withhold their support for the sprawling bill as a result of the analysis. Republicans are expected to oppose the legislation in lockstep following months of attacking it as a wasteful "socialist" agenda that will stoke inflation.

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