Reminder that the federal budget mostly on autopilot is on track to spend ~$60T with ~$45T revenue over next decade. BBB changes the trajectory of that spending and taxing by a few percent.
BBB is a lot smaller than Medicare, Medicaid, Social Security, the Defense Department, etc. is it big? Yes. ARP and CARES were similar in size but on a *much* more compressed timeline. This is long-term bill.
Remember fiscal cliff deal? The deficit impact of that Obama-Biden-McConnell law extending most of the Bush tax cuts *but not Obama’s* is about $500B a year *today.*
There’s no guarantee any of these programs that expire in future years get extended. Imagine trying to get Boehner’s House or McConnell’s Senate to affirmatively extend the ACA? Repeal was hard. Nixing by sitting on hands is easier.
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