Democrats can’t waste this chance to pass an economic package

[BidenPresident]

Build Back Better, President Biden’s plan for new federal spending and taxes, was big, bold and probably bound to run into the trouble securing a Senate majority that eventually doomed it. The deal Democrats are negotiating today, in contrast, is more modest. Perhaps as a consequence, it also has a better chance to succeed.


Senate Majority Leader Charles E. Schumer (D-N.Y.) and centrist holdout Sen. Joe Manchin III (D-W.Va.) have for the past few months been holding talks to put together an economic package that can pass through the reconciliation process, which would require the support only of the Senate’s 50 Democratic-voting members.

https://www.washingtonpost.com/opinions/2022/07/07/democrats-prescription-drug-cost-legislation/

 

[BidenPresident]

"Reportedly, an overarching reconciliation agreement between Mr. Schumer and Mr. Manchin would raise approximately $1 trillion in revenue, with $500 billion or so put toward spending and $500 billion toward bringing down the federal budget deficit. The promised provisions are both appropriately ambitious and responsible: Incentives to reduce carbon emissions are essential; the continuation of the pandemic relief program lowering health insurance premiums for Affordable Care Act plans is called for; and new minimum taxes on corporate book income and foreign earnings by multinational corporations, as well as increases on the very high personal income, are a wise way to pay.