Senate Democrats announced they have reached a $3.5 trillion budget agreement. This is the first step in unlocking a process that Democrats plan to use to pass many of Pres. Biden's American Families Plan priorities with a simple majority of votes.
President Joe Biden gave remarks at a community college, touting his American Families Plan.Senate Democrats said they have reached a $3.5 trillion budget agreement. This is the first step inthat Democrats plan to use to pass many of President Joe Biden's American Families Plan priorities with a simple majority of votes.
The package will be, according to Sen. Mark Warner, D-Va., fully paid for. He did not give details on how the reconciliation bill will be funded, but Democrats have favored a hike in corporate tax rates, not unlike the one Biden originally proposed. Senate Democrats have long said they intend to use a process called reconciliation, which allows them to sidestep the usual 60-vote threshold and pass legislation with a simple majority, to pass parts of Biden's infrastructure agenda that are not addressed in the separate bipartisan infrastructure deal.The bipartisan infrastructure plan is also at a critical juncture as that group of senators works to publish the text of their $1.
"Generally, the CBO's assessment of tax gaps is that they do not rely on them for scoring purposes and I would presume that would be the case here. But we recognize that there were some things that we saw as a source of revenue that the CBO might not be able to score."Sen. Mark Warner and Sen. Maggie Hassan leave a bipartisan meeting on infrastructure at the U.S. Capitol on July 13, 2021, in Washington, D.C.
"It makes it harder," the senator from South Dakota said."I think some of our members would be open to perhaps some amount of debt financing but the majority I think would have to be paid for in a critical way which is a challenge that we've had since the beginning of this.""It's less crucial for me. I'd like most of it to be paid for," said Sen. Roy Blunt, R-Mo.
And though many Republicans support private investment in public works projects -- so-called public-private partnerships -- they could be concerned that the CBO is not expected to be able to put a revenue price tag on that either. It's something the group has estimated should bring in more than $100 billion.But for Portman, he sees Republicans understanding that -- knowing that private investments provide leverage for public funding and often yield a profit down the road.
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