Senate Democrats announced $3.5 Trillion Budget Plan for Spending Boosts & Tax Breaks

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On Monday, Senate Democrats released a budget resolution that maps $3.5 trillion in spending boosts and tax breaks. It is designed at strengthening social and environmental programs, setting up an autumn battle over President Biden’s domestic policy ambitions. The 92-page measure lays the groundwork for legislation later this year that over a decade would pour mountains of federal resources into their top priorities. The spending package will include more money for health care, education, family services, environmental programs, and tax breaks for families. Senate Majority Leader Chuck Schumer wrote a letter to colleagues and said, “At its core, this legislation is about restoring the middle class in the 21st Century and giving more Americans the opportunity to get there”.

Schumer delivered his words on the Senate floor and said, “The measure will be the most significant legislation for American families since the era of the New Deal and the Great Society”. The resolution’s introduction marks the start of a long legislative trek through Congress of legislation. Democrats hope will result in fall in a progressive reshaping of government. They’ll have to overcome likely unanimous Republican opposition and find the sweet spot between the demands of their own often antagonist progressive and moderate factions.

However, the budget resolution is the 2^nd part of Democrats’ two-track strategy to pass their major domestic priorities. The Senate is currently considering a $1 trillion infrastructure bill with handsome support from both parties. The resolution calls for creating free pre-Kindergarten for 3- and 4-year-olds and two years of free community college. It would extend tax breaks for children, low-income workers, and establishing paid family & sick leave. Medicare coverage would be expanded to cover dental, hearing, and vision benefits.

Spending would increase for housing, home health care, job training, and new resources to encourage a faster transition to clean energy. Taxes will increase for wealthy people and large corporations to pay for the plans without any increases on people earning under $400,000 a year. The budget also calls for a reduction in the prices the federal government pays for pharmaceuticals. It will give legal status to millions of immigrants living in the US illegally. The budget approval is critical because it would allow a subsequent bill a $3.5 trillion plan for spending and tax changes.