While some Republican Senators supported the $1.2 trillion bipartisan infrastructure bill, they are expected to oppose the broader Build Back Better Act. It’s fully paid for by making sure that the wealthiest Americans and biggest corporations begin to pay their fair share in federal taxes,” he said in a statement on November 19. It reduces the deficit over the long-term. “The Build Back Better Act is fiscally responsible. In either case, both cost estimates are at odds with the president’s pledge to pay for his infrastructure and social spending legislation entirely with tax increases on ultra high net worth individuals and corporations. Deducting that amount from the $367 billion deficit would reduce the CBO’s projection to only $160 billion over the next 10 years. In a separate report, the CBO also estimated on the same day that increased tax enforcement could bring in $207 billion in revenue. It noted, however, that the cost estimate does not include additional revenue that could be generated from tax enforcement. The CBO said on November 18 that the $1.85 trillion Build Back Better Act would increase the deficit by $367 billion from 2022 to 2031. Moderate Democrats had also pushed back, asking for a nonpartisan cost estimate score on the $1.85 trillion Build Back Better Act. Though they ultimately pledged to support the social spending legislation as long as it doesn’t add to the deficit. Progressives initially refused to vote for the infrastructure bill, which was already approved by the Senate on August 10, until Congress agreed to move the $1.85 trillion Build Back Better Act forward. Six progressive Democrats voted against the bill and 13 Republicans crossed party lines to support it. The Build Back Better Act is the second part of Biden’s infrastructure and social spending legislation, which combined with the $1.2 trillion Infrastructure Investment and Jobs Act will invest roughly $3 trillion on upgrading and expanding the nation’s physical infrastructure systems, and fund social programs focused on education, healthcare and the environment.īiden signed the $1.2 trillion Infrastructure Investment and Jobs Act into law, 10 days after the House passed the bill with a 228 to 206 vote. This will require Vice President Kamala Harris to cast a tie-breaking vote if Democratic Senators are unable to get Republican support. Now, the bill will move to the Senate, where all Democrats must rally together to pass the legislation through an evenly divided chamber. House Democrats pushed the $1.85 trillion Build Back Better Act forward with a majority of seven votes after McCarthy had delayed it with a speech that lasted over eight hours. How Biden’s $3 Trillion Plan Could Become Law
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