White House Announces $1.75 Trillion Budget Framework Agreement

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The White House on Thursday announced that Democrats had reached a deal on the broad strokes of their multi-trillion budget reconciliation bill, resolving months of infighting among the Democratic caucus in Congress.

To appease Sens. Joe Manchin (D-W. Va.) and Kyrsten Sinema (D-Ariz.), the billโ€™s price tag has been slashed in half from an original top-line price of $3.5 trillion down to a top-line price of $1.75 trillion.

โ€œAfter hearing input from all sides and negotiating in good faith with Senators Manchin and Sinema, Congressional Leadership, and a broad swath of Members of Congress, President Biden is announcing a framework for the Build Back Better Act,โ€ announced President Joe Biden in an online press release.

Manchin and Sinema have long held up the legislation, citing concerns over the billโ€™s price and its potential to cause unintended collateral damage, to the chagrin of progressive Democrats.

Since the billโ€™s inception, Manchin, Sinema, and others have spoken against the laundry list of proposals from their party: incentives for clean energy, encouraging electric vehicles, carbon taxes, expansion of the governmentโ€™s role in health care, increasing tax rates, and a measure to let the IRS snoop into Americansโ€™ bank accounts, among others.

These squabbles pushed the bill far off schedule, but the new agreement gives a glimmer of hope to supporters of the bill.

In his release, Biden touched on the main highlights of the new, smaller bill.

The billโ€™s broad expenditures are: $400 billion for child care and preschool programs, $150 billion for home health care, $200ย billion for child and earned income tax credits, $555 billion for โ€œclean energy and climate investments,โ€ $130 billion to expand President Barack Obamaโ€™s Affordable Care Act (Obamacare), $35 billion for hearing benefits for those on Medicare, $150 billion for housing initiatives, $40 billion for higher education and workforce development programs, $100 billion for immigration, and $90ย billion for โ€œequity and other investments.โ€

In order to meet their promise to craft a fully paid-for bill, the budget will also include a long list of new revenue schemes. According to the White House release, these new revenue schemes include estimated revenue of: $325 billion from a 15 percent minimum corporate tax, $125 billion from a new โ€œstock buyback tax,โ€ $350 billion from โ€œCorporate International Reform to Stop Rewarding Companies That Ship Jobs and Profits Overseas,โ€ $230 billion from Democratsโ€™ new โ€œbillionaire tax,โ€ $250 billion from โ€œclosing [the] Medicare tax loophole for [the] wealthy,โ€ and $400 billion from new โ€œIRS investments,โ€ among others.

Byย Joseph Lord

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