Yellen insists $1.75 tln U.S. social, climate spending bill ‘fully paid for’

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FILE PHOTO: Treasury Secretary Janet Yellen attends the House Financial Services Committee hearing in Washington

WASHINGTON – U.S. Treasury Secretary Janet Yellen said a combination of estimates done by the Congressional Budget Office, the Joint Committee on Taxation, and Treasury showed that a $1.75 trillion social and climate spending bill would be “fully paid for.”

In fact, Yellen said, the “Build Back Better” legislation would reduce the U.S. debt over time by generating more than $2 trillion in revenues by ensuring the wealthiest Americans and large corporations paid their fair share.

She added the Treasury expected increased funding for Internal Revenue Service efforts to crack down on those who do not pay taxes would generate $400 billion in additional revenue, a factor not fully included in the CBO analysis, which conclude the legislation did not raise enough revenue to cover its costs.

(Reporting by Andrea Shalal and Kanishka Singh; Editing by David Gregorio)