U.S. President Joe Biden on Thursday announced a planned $1.8 trillion budget bill that he called the “most transformative” aid to Americans in decades while directing the U.S. toward reducing greenhouse gas pollution. sharp glass.
Biden presented his budget bill, now only half what he proposed last week, in a meeting with Democratic congressmen, then attempted to lobby Congress in a 23-minute White House speech.
“Nobody gets everything they want, including me,” Biden said. “This is called a compromise.” He described the budget bill as a “historic investment for our country and people.”
Shortly after speaking, Biden and First Lady Jill Biden boarded Air Force One for Europe. Their agenda includes meeting with Pope Francis at the Vatican, attending the G20 summit with other world leaders in Rome, Italy, and attending the UN Climate Change Summit, COP26, in Glasgow, Scotland.
Biden told Democratic congressmen that the shrinking budget plan was the result of intense negotiations with a large number of members of the blue party’s progressive and moderate wings.
Biden specifically cited his repeated conversations with two congressmen who objected to the proposed $3.5 trillion budget and some of the terms of the original proposal, namely Senator Joe Manchin of West Virginia and Senator Kyrsten Cinema of Arizona.
“President Biden believes this is a policy framework that both houses of Congress can pass, and he looks forward to signing it into law,” the White House said.
It’s not clear if the warring Democratic factions in Congress agree with the White House’s claim that the streamlined bill could be passed alongside a separate $1.2 trillion infrastructure bill to rebuild deteriorating roads and bridges and to expand internet services. across the US.
Speaker of the US House of Representatives now controlled by the Democratic Party, Nancy Pelosi, plans to vote on the Infrastructure Bill on Thursday (28/10) evening. However, the progressive wing of Democrats has been blocking the passage of the bill, which the U.S. Senate has approved bipartisanly, for weeks, with the aim of having its flagship programs budget included in the social safety net bill.
Senator Bernie Sanders of Vermont, a Democrat on the progressive wing, called Biden’s bill a “big step,” but added, “I want it to be stepped up.”
In the politically divided US Senate, all Republicans oppose Biden’s proposed social safety net and pollution control bill. The Democratic Party needs all of its senator’s votes – 50 votes – plus a decisive vote from US Vice President, Kamala Harris, to pass the bill. Meanwhile, at the DPR level, Democrats need most of the votes of their members.
Biden’s latest bill would provide pre-kindergarten education for all three- and four-year-olds in the US, while two years of free college education for high school graduates was removed because it was deemed too expensive. On the other hand, scholarship grants for underprivileged students will be added.
The White House said the bill would help “most American households save more than 50% of their total spending on children.”
“For decades, the cost of child care in the US has increased faster than family incomes have increased,” the White House said, “but the US is still investing 28 times less than its competitors in helping people meet their quality child care needs. .”
The White House also said the bill would extend the term of the child tax credit by up to one year longer for all but the richest citizens in the US. It should be noted that this figure is lower than Biden’s original proposal, which was to extend the tax relief period until at least 2025.
In addition, the White House said the government would increase spending on “high-quality, affordable care for elderly Americans and people with disabilities in their homes,” while raising the wages of caregivers.
Health insurance will also be increased to a certain extent, one of which is by adding the purchase of hearing aids for the elderly to the Medicare health insurance program. Biden’s plans to also increase dental and eye insurance benefits did not materialize.
On the issue of pollution, the White House called Biden’s bill “the greatest effort to fight the climate crisis in American history.”
The White House says the new $555 billion budget to cut greenhouse gas emissions by one billion metric tons is at least 10 times more than any legislation Congress has ever passed.
Biden specifically wants the budget proposal to be included in the bill, given he will meet with world leaders at the UN Climate Change Summit, COP26, in Glasgow early next week.
The White House said the $1.85 trillion bill would be financed from increased tax dollars on the one-fifth of America’s richest 1% – the multi-millionaires and billionaires.
A minimum 15% tax on profits will be imposed on some of the largest US corporations with $1 billion or more in profit, and there will be increased enforcement efforts against tax fraud by agents in the state’s tax collection agency, the Internal Revenue Service (IRS). [rd/ka]