Rep. Pramila Jayapal (D-WA) told Punchbowl News Tuesday the far-left reconciliation package could be between $6 trillion and $10 trillion, nearly tripling 2021 revenue projections.
“The way I’ve been thinking about it is ‘What do we need to deliver?’ And then let’s come to a number from that,” Jayapal said. “We obviously like the $6 trillion number, but we understand that might be too [small] for some people. We’ve got to back out whatever is in the bipartisan bill from that topline number.”
Punchbowl News reported Jayapal is comfortable with wrapping “Biden’s American Jobs Plan — minus infrastructure provisions included in the Senate bipartisan deal — plus the American Families Plan” for an estimated “$6 trillion and $10 trillion,” as Jayapal stated last week.
For perspective on how much $10 trillion is, the Congressional Budget Office projects the United States’ 2021 revenues to be only $3.5 trillion.
If the United States spent $10 trillion, Americans would pay taxes for nearly three years just to work off the expense, without any additional expenses in any of those three years.
But the United States’ expenditures are already estimated in 2021 to be $5.8 trillion with a budget deficit of $2.3 trillion.
Passing a far-left reconciliation package would mean increasing American taxpayers’ budget deficit to $12.3 trillion.
The United States, unfortunately, already owes $22.5 trillion in “debt held by the public” and more than $7 trillion to foreign nations such as China.
Any additional spending would most likely need to be financed by other sources, including borrowing from foreign nations or printing money, which may further exasperate inflation.