Since centrist Democrats likely won't accept more than $1.5 trillion in additional taxes, "This would likely amount to less than the $3 trillion in additional spending we have been assuming."
Senate Majority Leader Schumer has announced that Democrats on the Senate Budget Committee have agreed to a top line spending increase of $3.5 trillion.
The resolution only sets the upper limit on the spending increase that Democrats can pass using the reconciliation process; if a smaller set of tax increases is all that can win support, the spending increase might need to be dialed back.
Our expectation has been that congressional Democrats might be able to agree on tax increases worth around $1.5 trillion over ten years.
Some Congressional Democrats believe stepping up IRS enforcement help collect as much as $1 trillion in uncollected taxes, although many tax experts are skeptical about the extent of savings that would materialize from the plan.
Update: The Democratic Congressional leadership celebrated their 'victory' in striking an intra-party deal to try and pass a $3.5 trillion "Human infrastructure" bill last night, but Sen. Joe Manchin made clear on Wednesday morning that while the deal has won the support of the leadership and the Democrats' progressive left flank, it's not exactly a done deal - since Manchin hasn't actually read the thing yet.
Months after the Biden Administration and its Congressional allies leaked the first details of President Biden's massive two-part "Build Back Better" infrastructure plan, Chuck Schumer, the Democrats' leader in the Senate, just announced that Democrats have united behind a $3.5 trillion "Infrastructure" spending package, which they can now pass using special budget rules allowing them to circumvent the filibuster.
https://www.zerohedge.com/political/democrats-strike-deal-35-trillion-human-infrastructure-package
No comments:
Post a Comment