CBO: Biden's 'Build Back Better' Plan Will Add $367 Billion to the Deficit

For months, the White House has been promising that President Joe Biden's massive social spending package would be fully paid for—that is, that tax increases and other revenue-generating aspects of the "Build Back Better" plan would fully offset the nearly $1.7 trillion in proposed new spending.

We now know that's not true.

Biden's plan will add $367 billion to the budget deficit over 10 years, according to an analysis released Thursday by the Congressional Budget Office, Congress's nonpartisan number-crunching agency.

That figure comes with two big caveats. One that could increase the bill's impact on the budget deficit, and one that could reduce it.