Cedric Richmond, a senior adviser to President Joe Biden, on Sunday insisted that the Democrats’ $3.5 trillion budget reconciliation bill will not cost anything because it will be funded through increased taxes on corporations and the wealthy.
Richmond, told Chris Wallace on "Fox News Sunday" that Biden is looking to negotiate with moderate Democrats to reduce the cost of the reconciliation bill. But when he made the assertion that the piece of legislation would cost "zero," Wallace pushed back.
"At the end of the day, Chris, I think what’s important for people to understand is that this piece of legislation costs zero," Richmond said. "We’re going to pay for it all by raising taxes on the very wealthy and big corporations."
"I’ve gotta stop you there, it doesn’t cost zero," Wallace responded. "Whether it's $3.5 trillion, or $2 trillion, or $1.5 trillion, it costs that amount of money. Now, you can pay for it either by borrowing it or you can pay for it by raising taxes on corporations and the wealthy, but it doesn’t cost zero."
Chris Wallace fact checks Biden Adviser Cedric Richmond: "It doesn't cost zero. Whether it's $3.5 trillion, or $2 trillion...it costs that amount of money." pic.twitter.com/czJFdofs7h— RNC Research (@RNCResearch) October 3, 2021
Richmond still maintained his stance that the bill will cost nothing because "we're going to pay for it," to which Wallace pointed out, is still a cost.
"The fact that you're raising people's taxes is a cost. … If it’s a $2 trillion spending plan, net-net it costs $2 trillion," Wallace said.
"Well, I’m not necessarily sure about that, Chris," Richmond responded. "And that’s why we will make sure all of the Democrats are involved in how we shape it. But everyone’s worried about a top number. … This is really not about politics or process, it’s about purpose and accomplishing and meeting the needs of the American people."
This comes after White House Press Secretary Jen Psaki told reporters during a press briefing last week that "the reconciliation package would cost zero dollars."