Senate Democrats unveil details of $3.5 trillion budget deal

[ad_1]

Senate Democrats on Wednesday unveiled key details of their $3.5 trillion budget framework, the starting point for a Democrats-only bill for “human” infrastructure that would bolster federal safety net programs, expand Medicare and tackle climate change.

Why it matters: Officially launching the FY22 budget deal begins the process of getting a pair of infrastructure bills across the finish line.

Democratic leaders need to bring all 50 senators together to pass this budget framework, which they plan to go through the budget reconciliation process.

Tax credits:

Extension of the child tax credit under the US bailout, the earned income tax credit, and separate child and dependent care tax credits. A senior Senate Democratic aide said the age of each credit will be determined by Congressional registration and committee input.

Climate change:

Create 80% clean electricity and 50% economy-wide carbon emissions by 2030. More funding for a clean energy standard, clean energy and vehicle tax incentives, “climate-smart agriculture,” forest fire prevention, federal procurement of clean technologies, and weather and electrification of buildings. The resolution would also propose lowering new methane and pollutant import duties “to further reduce our emissions,” according to the aide.

Key provisions of the American Families Plan

Global Pre-K Program for 3- and 4-year-olds, Child Care and Community Colleges Increased funding for Historically Black Colleges and Universities (HBCUs), Pell Scholarships, paid family and medical leave, nutritional assistance and affordable housing.

healthcare cost

The package will add new dental, vision and hearing benefits to Medicare, expand expansions in the Affordable Care Act, expand home care, reduce prescription drug costs, and expand Medicaid coverage for states that haven’t yet done so.

Economic Inequality

Increase financing for housing investments and manufacturing and supply chains. Improve green cards and pro-worker incentives and penalties.

Package compensation plans are broken down into three separate groups.

tax reform

Increase corporate and international taxes, as well as taxes on the wealthy. Increase funding for the IRS to crack down on tax enforcement.

health savings

Through new language in prescription drugs and the abolition of Trump’s opponent.

long-term economic growth

The framework prohibits tax increases for families of less than $400,000 a year, small businesses and family farms.

The latest: During the Senate Democratic caucus lunch on Wednesday, Majority Leader Chuck Schumer (DNY), Budget Committee Chairman Bernie Sanders (I-Vt.) and Senator Mark Warner (Democrat of Virginia) briefed their colleagues on these matters. Top line details.

President Biden also attended lunch in an effort to keep Democrats united in their support of the two infrastructure projects.

What to watch: The Senate will continue work on a massive budget compromise package while consuming $1.2 trillion in bipartisan infrastructure, with a goal of passing both by the August recess.

.

[ad_2]