President Joe Biden and House Democrats have said their $2.4 trillion tax and spending bill is fully paid for. The cost is zero, the White House claims.

But the Congressional Budget Office estimate of the bill shows that it is not close to being fully paid for in each of the next five years. Instead, the bill would increase deficits by nearly $800 billion between now and 2026. Next year, the bill would spend $155 billion more than it generates from its revenue streams. Through 2026, the bill would increase the deficit by an average of $158 billion a year, spending $792 billion more than it collects and falling way short of covering the cost of the spending.