The Build Back Better Act represents a central part of President Biden's policy agenda and an attempt by congressional Democrats to go at it alone without GOP support to enact a major expansion of the social safety net.
The House and Senate recently passed, and Biden then signed into law, a separate $1.2 trillion bipartisan infrastructure package, which marked a major legislative achievement for both parties.
The Build Back Better Act is an effort by Democrats to build on that investment in traditional infrastructure by making extensive investments to ramp up social programs and address the climate crisis.
Among its many provisions, the legislation would create a universal pre-K program, extend the enhanced child tax credit and expand access to health care, affordable housing and home care for seniors.
Democrats argue that the provisions in the bill are urgently needed and will widely benefit Americans. Republicans, meanwhile, have decried the legislation as a reckless and partisan tax and spending spree.
The Congressional Budget Office released its final scoring for the bill early Thursday evening, estimating that the package "would result in a net increase in the deficit totaling $367 billion," according to a summary.
But the White House has worked to make the case that the bill will be fully paid for, despite the CBO analysis showing a shortfall.
The CBO analysis does not include revenue from tighter IRS enforcement. The CBO estimated earlier that would raise $207 billion.
The White House argues that increased IRS enforcement would actually raise more than what the CBO projects, meaning the bill would be fully paid for in their estimate.
Read more about the legislation here.