Budget hawks warn that Biden’s social-welfare bill could cost more than administration says

Two leading fiscal watchdogs are raising alarms about the true cost of President Biden’s social welfare and climate change bill, arguing the total price tag is far higher than the $1.75 trillion that Democrats have estimated.

A new budget model released by the University of Pennsylvania’s Wharton School of Business on Thursday projected the real cost of the spending package could be more than $4.26 trillion. Economists reached the figure by extending all of the programs proposed within the bill over the next 10 years.

“By 2050, the proposal would increase [the] federal debt by 2.0 percent and decrease GDP by 0.1 percent, relative to the current law,” the economists wrote.

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