House may vote on $1.75T reconciliation bill Thursday, Pelosi says: LIVE UPDATES

House Speaker Nancy Pelosi's office issued a release fact-checking several remarks from GOP Leader Kevin McCarthy's ongoing floor speech.

"During this evening’s temper tantrum, Minority Leader McCarthy did everything he could to avoid talking about the deficit reducing, inflation crushing Build Back Better Act.  But he did make unhinged claims about what the American people “don’t want and need," the release said.

McCarthy has been speaking for about two hours, delaying a vote on President Biden's spending bill in the process.

House Minority Leader Kevin McCarthy, R-Calif., has been speaking on the House floor for more than one hour, criticizing nearly every element of President Biden's social spending bill and broader policy agenda.

House lawmakers are expected to proceed with a vote series, including a vote on the bill itself, once McCarthy concludes.

Rep. Kevin McCarthy, R-Calif. described Democratic lawmakers as "out of touch" with the needs and wishes of ordinary Americans during a floor speech that took place minutes before the chamber was slated to vote on the spending bill.

He called the Build Back Better Act the “single most reckless and irresponsible spending bill in our nation’s history.”

"Never in American history has so much been spent at one time," McCarthy said. "Never in American history will so many taxes be raised and so much borrowing be needed to pay for all this reckless spending."

The White House released its own score for President Biden's spending bill, based on figures pulled from separate analysis compiled by the Congressional Budget Office, the Joint Committee on Taxation and the Treasury Department.

Based on selected estimates for different parts of the bill, the White House asserts the legislation will reduce the federal deficit by $112 billion. The White House attributes $400 billion in new revenue from increased IRS tax enforcement.

Earlier, the CBO found the bill would increase, not reduce, the federal deficit by $367 billion. The agency found the IRS tax enforcement would generate about $127 billion.

House Speaker Nancy Pelosi touted the CBO's findings on President Biden's spending bill, noting the agency found the bill would cost about $50 billion less than expected over 10 years, while revenue from prescription drug reforms would be about $50 billion higher.

Pelosi said that meant the bill would be "more than fully paid for," despite the CBO's indication it would add $367 billion to the federal deficit.

The Speaker also downplayed the CBO's finding that increased IRS tax enforcement would generate $127 billion in new revenue, far less than the Treasury's estimate of $400 billion.

"As long understood, CBO’s numbers on tax enforcement are lower than the Treasury’s estimates. Democrats have long known and anticipated this – will not be an issue," Pelosi said.

Treasury Secretary Janet Yellen tweeted shortly after the CBO released its analysis showing the bill will raise the federal deficit by $367 billion over 10 years, without counting increased IRS tax enforcement. The Treasury Department claims the IRS plan will raise $400 billion, while the CBO estimated it would be closer to $120 billion.

House Speaker Nancy Pelosi sent a letter to Democratic lawmakers detailing what will occur ahead of tonight's planned vote on the spending bill.

Read Pelosi's full message below.

Dear Democratic Colleague, 

This afternoon, work was completed on the Senate privilege scrub, enabling the Rules Committee to call a meeting for 5:30 p.m. to advance the revised Rule with the Manager’s Amendment, which can be viewed here.  Its summary states that it “makes technical changes to narrow U.S. Code citations and references to comply with Senate procedural requirements.” 

At the same time, the Congressional Budget Office has released its figures on the remaining titles of the bill.  An updated chart from the White House, reflecting the revised numbers, will be released, which I will send to you shortly. 

When the Rules Committee reports out the Rule, we will go to the Floor for one hour of debate.  After the vote on the Rule, the remaining 20 minutes of debate on the Build Back Better Act will commence.  

At the close of the debate, all that remains is to take up the vote – so that we can pass this legislation and achieve President Biden’s vision to Build Back Better! 

Build Back Better is a spectacular agenda for the future, with transformational action on health care, family care and climate that will make a significant difference in the lives of millions of Americans, and it is possible because of the leadership of the President.  I am grateful for the outstanding work of the Chairs, Members and staff of our House Democratic Caucus. Thank you for your leadership For The People.

The Rules Committee meeting is a key step before a potential vote on Biden's social spending bill, dubbed the "Build Back Better Act."

The Congressional Budget Office announced it will release estimates for the final two of 13 individual titles included in the spending bill, known as the "Build Back Better Act." The nonpartisan agency will release its full cost estimate for the entire bill once the individual title estimates are published.

The release would fulfill a request from moderate Democrats who pushed for more information on the bill's financial implications. Once the CBO score is released, the House could vote on the legislation as soon as Thursday evening.

Speaker of the House Nancy Pelosi, D-Calif., talks to reporters about plans to pass President Joe Biden's domestic agenda as the House meets to debate the "Build Back Better" Act, at the Capitol in Washington, Thursday, Nov. 18, 2021. (AP Photo/J. Scott Applewhite)

House Speaker Nancy Pelosi said during her weekly press conference that the House may vote Thursday on the colossal $1.75 trillion Build Back Better Act, as Republicans and Democrats await a final cost estimate from the nonpartisan Congressional Budget Office.

The CBO release is expected Thursday afternoon.