White House Announces $1.75 Trillion Budget Framework Agreement

Contact Your Elected Officials
The Epoch Times Header

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

Read Full Article on TheEpochTimes.com

The Epoch Times
The Epoch Timeshttps://www.theepochtimes.com/
Tired of biased news? The Epoch Times is truthful, factual news that other media outlets don't report. No spin. No agenda. Just honest journalism like it used to be.

The Sacred Honor of the 56

Today we're celebrating the sacred honor of the 56 men who signed the Declaration of Independence.

Alligator Alcatraz: A Bold Step Toward Secure Borders

Alligator Alcatraz funded through FEMA, represents a decisive move by the Trump admin to address illegal immigration with efficiency and resolve.

Is America Broke?

Silicon Valley investor and economic commentator Balaji Srinivasan made...

Hungary: Prideโ„ข Cometh Before the Color Revolution

The EU engaged in a diplomatic siege of the Eastern European nation-state of Hungary pressuring it into embrace global trannyism or face wrath of Brussels.

Understanding the Trump/Musk Feud

The passion Trump and Musk exhibit over the OBBB is not contrived or for show. Each is addressing the problem from completely different approaches.

Noem Waives Environmental Restrictions to Fast-Track Water Barriers in Rio Grande

DHS Sec Kristi Noem waived federal environmental laws to fast-track construction of 17 miles of waterborne barriers in the Rio Grande in South Texas.

Federal Officials Warn of โ€˜Lone Wolfโ€™ Terror Threats on July 4, NY Governor Says

NY Gov. Kathy Hochul confirmed that federal officials informed her about a possible terrorist threat ahead of the July 4 Independence Day holiday.

Record 1 in 5 Buyers of New Cars Committing to $1,000-Plus Monthly Payments: Edmunds

The share of new car buyers committing to make monthly payments of $1,000 or more hit an โ€œall-time highโ€ in the second quarter of 2025.

US Economy Adds 147,000 New Jobs, Unemployment Rate Dips to 4.1 Percent in June

The U.S. job market remained strong in June, as labor conditions continued to hold up amid economic uncertainty.

US Keeps Pressure on Chinese Goods Amid Vietnam Trade Deal

Transshippingโ€”rerouting goods through a third country to disguise the origin of the productsโ€”is a focal point of trade negotiations with Asian markets.

White House Report Reveals Top Earners, Staffers Working for No Salary

The Trump admin released its yearly report that shows the salaries for White House staffers, also revealing officials who arenโ€™t accepting salaries at all.

Transportation Secretary Urges Governors to Remove Political Messages From Crosswalks, Intersections

Duffy sent letters to governors, mayor of D.C., and gov of Puerto Rico urging them to remove political messaging from intersections and crosswalks.

Bessent: US, India Near Agreement to Lower Tariffs

The United States and India are โ€œvery closeโ€ to a trade agreement, Treasury Secretary Scott Bessent said on Tuesday.
spot_img

Related Articles