White House says social spending package would cut deficit by $112 billion over 10 years

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U.S. President Biden signs the "Infrastructure Investment and Jobs Act", in Washington

WASHINGTON – The White House said on Thursday that its social spending package, known as the “Build Back Better” Act, would reduce the deficit by $112 billion over the next decade according to a new analysis.

The statement came out just after the non-partisan Congressional Budget Office, charged with evaluating the cost of legislation, found that the bill would raise the federal deficit by $367 billion over the next decade.

(Reporting by Alexandra Alper; Editing by Muralikumar Anantharaman)