President Biden’s big domestic package is half its original size and still being reworked as Democrats close in on appeasing reluctant party centrists.
Half its original size, President Biden’s big domestic policy plan is being pulled apart and reconfigured as Democrats edge closer to satisfying their most reluctant colleagues and finishing what’s now about a $1.75-trillion package.
House Speaker Nancy Pelosi told lawmakers they were on the verge of “something major, transformative, historic and bigger than anything else” ever attempted in Congress, according to another person, who requested anonymity to share remarks Pelosi had made to her caucus in private.Means-testing social programs can doom them to failure. Here’s why.
More lawmakers journeyed to the White House for negotiations on Tuesday and emerged upbeat that the end product would be substantial, despite the changes and reductions being forced on them by Manchin and Sinema.Because of differences in the way low-income housing is addressed state by state, proposed cuts have set off a West Coast-East Coast tug of war.
Instead, to win over Sinema and others, Democrats were preparing to unveil a new plan for taxing the assets of billionaires. And on Tuesday they unveiled a proposal to require corporations with more than $1 billion in income to pay a 15% minimum tax, which Sinema supported. The overall billionaires’ tax rate was not set, but it was expected to be at least the capital gains rate of 20%. Democrats have said the tax could raise $200 billion in revenue to help fund Biden’s package over 10 years.Key Democrats were also raising concerns about the tax, saying the idea of simply undoing the 2017 tax cuts by hiking top rates was more straightforward and transparent.
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