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Yellen insists $1.75 tln U.S. social, climate spending bill ‘fully paid for’ -Breaking

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© Reuters. FILE PHOTO: Janet Yellen (Treasury Secretary) attends the hearing of House Financial Services Committee, Washington, U.S.A. September 30, 2021. Al Drago/Pool via REUTERS

WASHINGTON, (Reuters) – U.S. Treasury secretary Janet Yellen stated that a combination estimate by Treasury, the Joint Committee on Taxation and the Congressional Budget Office showed that a $1.75 billion social and climate spending bill could be fully paid for.

Yellen stated that the legislation “Build back Better” would decrease the U.S.’s debt by generating over $2 trillion in revenue and ensuring the richest Americans and the largest corporations pay their fair share.

The Treasury expects that increased funding to the Internal Revenue Service in order to crackdown on people who don’t pay taxes will generate $400 billion additional revenue. However, this factor is not considered in the CBO analysis. It concludes the legislation didn’t raise sufficient revenue to fully cover its costs.

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