Budget watchdog warns Biden's spending package has hidden costs

Committee for a Responsible Federal Budget President Maya MacGuineas argued the Democrats’ strategy to decrease the spending package by shortening some programs won’t be effective on FOX Business’ "Mornings with Maria."

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MAYA MACGUINEAS: The problem here is that the Democrats have a wish list that is somewhere between three [or] four trillion dollars and they're trying to bring it down to a smaller -- not really small -- quite large package of under $2 trillion. 

But rather than doing what you really need to do, which is drop some of the things in that package in earnest, they're truncating the amount of time they'd been in the bill. And so we're hearing rumors that the child credit would only be there for one year, though obviously the intention is for it to be there every year, and it doesn't help families nearly as much if they have it one year and then it disappears. 

So we're seeing this, and I should say, it's not the first time we've seen this. This happens in policymaking a lot, but we're seeing this as these fake expirations. And the result is -- if you were to score the bill more accurately, looking at all the policies extended -- it would add another 1 to 2.4 trillion dollars in additional costs. That means a much bigger package than it's being billed as and a lot more borrowing as a result, since they wouldn't pay for the parts that are set to expire, even if that doesn't turn out to be the case.

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