Biden is pressuring Democrats to fully cover the cost of the legislation, raise taxes on corporations and the wealthy, negotiate the price of prescription drugs, and mark other sources of federal revenue, such as increased funding from the IRS, despite the that Congress has authorized spending up to $ 3.5 billion for a decade.
This package must be paid for itself
Democrats are determined to avoid a wave of deficit-funded spending, especially by defending a bill that is not yet fully drafted. Additionally, they argue that little attention is being paid to the work they are doing to balance the books, and they are increasingly frustrated by the focus on the proposed total spending of $ 3.5 billion. On Friday, the president-elect of the United States, Joe Biden, said he would prefer the price tag described as “zero.”
During a press conference at the White House, Biden said: “We pay for everything we spend. It’s going to be zero. Zero”
Yet, in this equation, the income level is puzzling, which is why it has become a central challenge for Democratic negotiators as they work to build one of the biggest legislative efforts in a generation. Most of Biden’s agenda could become law, and he could withstand the political attacks that lie ahead, depending on his success or failure.
Republicans don’t wait for details, as they stick together with the opposition. Hence, they have paid full attention to the $ 3.5 trillion spending limit set by the Democrats, ridiculing that sum as fiscally reckless, misguided, big government at its worst.
Senate Republican Leader Mitch McConnell of Kentucky said Thursday: “The radical left is pushing with all their might: they want to use this terrible but temporary pandemic as a Trojan horse for permanent socialism. Trillions and trillions more in public spending when families are already facing inflation. “
On the other hand, Pelosi said Thursday: “This is not about the price tag. This is about what is on the bill.”
Both officials in the Biden administration and the president himself emphasize that the plan is as much about justice as it is about dollars and cents. By collecting income from the rich and corporations, they hope to fund paid family leave and child tax credits that help the middle-class population while taking environmental and economic measures that allow the United States to compete with China. However, the discussion for a final spending target overshadows the policy goals they are trying to achieve.