Biden lowers spending bill target to between $1.75T and $1.9T
Written by Peter Boykin on October 20, 2021
Biden lowers spending bill target to between $1.75T and $1.9T
President Biden has privately informed Democratic lawmakers he is optimistic they can reach an agreement on a social spending plan capped at about $1.9 trillion, a spending target that would mark a significant reduction from the vast economic overhaul he initially envisioned, according to a report.
Biden detailed a potential deal for a spending proposal of between $1.75 trillion and $1.9 trillion during a private meeting, the Washington Post reported, citing sources familiar with the matter. The president was said to have shared the outline with at least some Democratic lawmakers.
The revised package includes many of the original plan’s signature proposals, including universal pre-K, substantial investment in green energy, and expanded Medicare benefits. However, the sources told Washington Post the details were still subject to change.
The Post reported the downsized spending plan could cut or reduce several programs favored by progressive leaders, including less money than they wanted for affordable public housing, a child tax credit extension of just one year, and reduced paid leave.
The latest spending benchmark indicates Biden and other Democratic leaders have made significant cuts to their vast spending plan to achieve a compromise that satisfies both moderate and progressive Democratic lawmakers.
Democratic leaders have set an Oct. 31 deadline to reach an agreement on the spending plan and a separate $1.2 trillion bipartisan infrastructure deal.
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