McHenry Calls on CBO to Examine Real Cost of Financial Services Democrats’ Partisan Spending Provisions

Cmte Financial Services (R)
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McHenry Calls on CBO to Examine Real Cost of Financial Services Democrats’ Partisan Spending Provisions

Today, the top Republican on the House Financial Services Committee, Patrick McHenry (NC-10), sent a letter to the Congressional Budget Office (CBO) requesting a full cost estimate for the portion of the Democrats’ partisan spending package in the Committee’s jurisdiction. The Ranking Member called out Committee Democrats for considering these provisions last month without knowing the real cost of the measure and its impact on rising prices, economic uncertainty, and federal debt.

On September 13, 2021, the House Committee on Financial Services marked up a measure providing for reconciliation pursuant to S. Con. Res. 14, the Concurrent Resolution on the Budget for Fiscal Year 2022. According to Committee Democrats, the Committee Print considered at this markup contained more than $300 billion in funding for new and existing federal housing programs. The markup proceeded, however, without a full cost estimate from the Congressional Budget Office, and accordingly, the real cost of the measure remains unknown.

Amid rising prices and economic uncertainty related to the ongoing COVID-19 pandemic, Democrats in Congress are attempting to rush a budget reconciliation package to the President’s desk without a full understanding of the total cost of key provisions. To assist the Committee and the House of Representatives as the reconciliation process lurches forward, I request a full CBO cost estimate for the measure, to include increased interest costs on any new federal debt incurred because of the measure.

Thank you for your attention to this request. Please contact my staff at (202) 225-7502 with any questions.