White House ‘Confident' Its New $1.75T Spending Package Can Actually Pass

Asia's Tech News Daily

The White House has unveiled what it hopes will be the final framework for a vast social spending bill, after months of negotiations with congressional Democrats whittled away many of President Joe Biden’s biggest campaign promises but still left vast investments in child care, education, and a tax overhaul intact.

White House ‘Confident’ Its New $1.75T Spending Package Can Actually Pass
© Provided by The Daily Beast REUTERS

The administration is “confident” that the framework and its $1.75 trillion pricetag will win the support of “every Democratic senator and pass the House,” a senior administration official told reporters ahead of Biden’s call with congressional Democrats on Thursday morning.

But asked whether the White House had secured the commitment of Sens. Joe Manchin of West Virginia and Kyrsten Sinema of Arizona—two holdouts whose opposition to a plethora of social spending items have cut the size of the bill in half—administration officials would only say that they would not speak for any congressional Democrats.

Among the items totally cut from the package include paid family leave, free community college, and empowering the government to negotiate on prescription-drug prices for Medicare and Medicaid, all of which were major campaign promises that are widely popular with the American people—and with the House progressives, who will be key to the passage of Biden’s “hard” infrastructure package.

But what remains still amounts to one of the largest social spending packages since the Great Depression, paid for, officials said, by an increase in taxes on hyperwealthy individuals and corporations that will not only pay for the new spending but will actually reduce the deficit.

“No one making less than $400,000 will have their taxes raised. Period,” an official said, invoking the one promise Biden made on the campaign trail that has been sacrosanct throughout the negotiation process. The tax increases, officials said, will come in the form of a 15 percent minimum tax on corporations with more than $1 billion in annual earnings, a 1 percent surcharge on stock buybacks, and by applying a 5 percent tax rate increase on income above $10 million, and an additional 3 percent on income above $25 million.

“It is entirely paid for by rewarding work, not wealth,” an administration official said. “When you put it all together, the pricetag for these investments… will be zero, and will in fact reduce the deficit.”

The details of the spending package, while missing major components of the president’s “Build Back Better” agenda, still touch on most of the president’s major areas of commitment: child care, climate change, health care, and investments in social services and tax cuts aimed at the middle and working classes.

The bill would create universal free preschool for all 3- and 4-year-old children in settings ranging from public schools to Head Start programs; add up to $300 per month in the child tax credit; and would expand child-care access to 90 percent of families with young children.

According to an outline of the framework, parents who are working, looking for work, or are participating in an education or training program who make less than 2.5 times their state’s median income “will receive support to cover the cost of quality care based on a sliding scale,” capped at 7 percent of their income. For a hypothetical two-parent household with one toddler earning $100,000 per year in income, the framework would produce more than $5,000 in child care savings annually.

The framework, an official said, would amount to “the most transformative investment in children and caregiving in generations.”

On climate change, the framework would provide clean-energy tax credits that would, for example, cut the cost of installing rooftop solar on a private residence by 30 percent, and would extend tax credits for electric vehicles that would lower the cost of an electric vehicle by up to $12,500 for middle-class Americans.

“The framework’s $555 billion investment represents the largest single investment in our clean energy economy in history,” the administration’s writeup claims, with investments in clean energy technology that would be built in America.

The package would also include “the largest expansion of healthcare coverage since the Affordable Care Act,” an administration official said, decreasing the number of uninsured Americans by seven million people by reducing premiums for plans bought on public health exchanges, closing the Medicaid coverage gap, and expanding Medicare to include hearing benefits—although it would not include a similar expansion in vision and dental care, a key promise Biden made in the early days of negotiations.

Another major hole in the plan, Biden’s vows to create free community college, has been replaced by a $550 increase in the maximum Pell Grant amount for more the more than 5 million students enrolled in public and private, non-profit colleges. The program would also be extended to so-called “DREAMers,” children of migrants who were brought into the United States as young children.

The framework would also make a $100 million investment in the immigration system to address processing backlogs for immigration courts and asylum claims, as well as provide representation for those going through immigration proceedings.

Administration officials made it clear that many of the missing issues were simply not passable with the opposition of Manchin and/or Sinema, telling reporters that “there are not yet enough votes to get something across the line” on prescription drug negotiations, for example, but vowed to “keep fighting” in the future on some of the president’s key promises.

-30-

Read more at The Daily Beast.

Internet Explorer Channel Network
Asia's Tech News Daily
News Related

OTHER NEWS

‘Croydon Cat Killer' really was foxes and not human, suggests new study

The so-called Croydon Cat Killer was likely foxes, and not a human, a new study has found. © VICE snarl0805d.jpg A hunt for an alleged cat serial killer was sparked ... Read more »

'Yesssss', 'This is perfect', 'Would be class' - Many Man Utd fans erupt over transfer rumour

A number of Manchester United supporters are pleased after Dean Henderson was linked with a loan move to Eredivisie giants Ajax in January. © Provided by Transfer Tavern Dean Henderson ... Read more »

Christian Horner fires brutal dig at Lewis Hamilton when explaining Max Verstappen display

Lewis Hamilton has had a fresh dig by Red Bull team principal Christian Horner thrown at him ahead of the crunch Abu Dhabi Grand Prix. The Mercedes driver will go ... Read more »

Apple's Tim Cook signed $275 billion deal to placate China - The Information

FILE PHOTO: Tim Cook, CEO of Apple, attends the annual Allen and Co. Sun Valley media conference in Sun Valley, Idaho (Reuters) – Apple Inc Chief Executive Tim Cook signed ... Read more »

Universal Credit cash WILL be in bank accounts before Christmas in festive boost for over 1million Brits, vows minister

MORE than a million Brits will have extra cash in their bank accounts by Christmas thanks to the £1,000 a year Universal Credit boost. Many families will start receiving the ... Read more »

Nick Cannon's 5-month-old son Zen dies of brain tumor

The 41-year-old star announced his son's death on his eponymous show Tuesday. Read more »

Top festive filming locations from Christmas movie favourites - and how to visit

As temperatures drop and snow begins to fall in December, there’s nothing better than grabbing a cosy blanket, a hot chocolate, and rewatching all your festive favourites. But did you ... Read more »

Oxford community unites after Nov. 30 tragic event

Oxford community unites after Nov. 30 deadly shooting at Oxford High School. Read more »

Tackle the causes of drug addiction

Re your report (Middle-class drug users could lose UK passports under Boris Johnson’s plans, 6 December), organised crime is a “bad thing”, with organisations that supply drugs such as cocaine ... Read more »

Camilla, Duchess of Cornwall: ‘I had severe Archers withdrawal symptoms'

The Duchess of Cornwall and June Spencer cut an Archers-themed cake during a reception to celebrate the show’s 70th anniversary – Kate Green/PA The Duchess of Cornwall has admitted she ... Read more »

Michigan sets hospitalization record, leads nation in new coronavirus cases per capita

Michigan continues to struggle amid the pandemic, setting a record this week for Covid-19 hospitalizations and leading the nation in per capita case rates, new data reveal. © Carlos Osorio/AP ... Read more »

Here's What to Expect After Your COVID-19 Booster

After first recommending that people in certain groups get a COVID-19 booster and then stating that people aged 18 and up may get a COVID-19 booster, the Centers for Disease ... Read more »

Fans Can't Stop Leaving Hearts On Gal Gadot's Latest Instagram Gym Snap

Gal Gadot, 36, just flashed her toned arms and legs in a brand new photo on Instagram. The actress took a break at the gym with her daughter while resting ... Read more »

What might have saved Arthur-Labinjo Hughes

Photograph: Family Handout/PA This is a heartbreaking case, and my heart breaks further when we learn that there were opportunities, in plain sight, to avert this tragedy (The Guardian view ... Read more »

Multinational running England's catch-up tuition scheme ‘lacks competence'

Photograph: John Birdsall/Alamy Randstad, the Dutch multinational responsible for delivering the government’s flagship National Tutoring Programme (NTP) is under mounting pressure after claims that pupil enrolment for subsidised tuition is ... Read more »

China's ambassador warns that banning Huawei from 5G would send 'a very wrong signal'

© Mark Schiefelbein/AP A security guard stands near a booth for Chinese technology firm Huawei at the PT Expo in Beijing, Tuesday, Sept. 28, 2021. China’s ambassador to Canada said ... Read more »

Senators weigh one-time move to raise debt ceiling as deadline nears

Senate Republicans have stated that as long Democrats continue to push Biden’s social spending bill, they will not vote to raise the debt ceiling. EPA/SHAWN THEW Senate leaders are weighing ... Read more »

Exclusive: Up to 1 million COVID vaccines wasted in Nigeria last month

© Reuters/AFOLABI SOTUNDE Nigeria distributes COVID-19 vaccines By Edward McAllister, Libby George and Stephanie Nebehay DAKAR (Reuters) – Up to one million COVID-19 vaccines are estimated to have expired in ... Read more »

Only Fools and Horses' Mickey Pearce almost unrecognisable

© Provided by Daily Mail MailOnline logo It’s been 40 years since he took on the role of Micky Pearce in the much-loved comedy show Only Fools And Horses.   And ... Read more »

Elizabeth Holmes to resume testimony as fraud trial nears end

FILE PHOTO: Former Theranos CEO Elizabeth Holmes leaves after a hearing at a federal court in San Jose By Jody Godoy SAN JOSE, Calif. (Reuters) – Theranos founder Elizabeth Holmes ... Read more »

Western States Hydrogen Alliance Expands to the Entire United States To Bring National Awareness

SAN FRANCISCO, Dec. 7, 2021 /PRNewswire/ — Over the last year the pace of growth of the hydrogen and fuel cell industry has surpassed all expectations. The Western States Hydrogen ... Read more »

Discounted theatre tickets on offer to support West End recovery

Sadiq Khan was joined by West End stars and photographer Rankin (Joe Talora) Tickets to some of London’s biggest theatre shows will be on offer at a discounted price in ... Read more »

Portland police investigating string of robberies, including at TD Bank on Congress Street

Dec. 7—Portland police are investigating a string of four robberies that included the TD Bank on Congress Street in the Westgate shopping plaza, a police spokesman said. Portland Police spokesman ... Read more »

Republicans go all-in against vaccine mandates

(Getty Images) Every Senate Republican and nearly all House Republicans are unifying in opposition to President Joe Biden’s vaccine mandate, which requires large companies to ensure their staff is vaccinated ... Read more »

Christmas dinner costs rise as inflation bites

© Getty Images Christmas dinner is set to cost more this year with the price of staples such as turkey, Brussels sprouts and Christmas pudding all higher, according to analyst ... Read more »

EXCLUSIVE: Mobile Medical Van available for guests attending Katrina Kaif and Vicky Kaushal wedding

© Provided by Zee News New Delhi: It’s time for the wedding of the year! Bollywood stars Katrina Kaif and Vicky Kaushal will tie the knot on December 9 at ... Read more »

Boris Johnson and Joe Biden to hold further talks over Ukraine diplomatic crisis

Boris Johnson will have further talks with Joe Biden on Tuesday night as Western allies consider how to respond to the situation in Ukraine. The US president will update the ... Read more »

Emirates airline to hire more than 500 IT professionals

© Christopher Pike Emirates said it continues to invest in technologies to serve customers in the most efficient and flexible manner. Reuters Emirates Group plans to hire more than 500 ... Read more »

Saudi Aramco's trading arm signs agreement with Oman's OQ on new opportunities

© Hamad I Mohammed Saudi Aramco’s trading arm signed an agreement with Oman’s global integrated energy company, OQ, to explore joint commercial opportunities in the energy sector. Reuters The trading ... Read more »

Tesla CEO Elon Musk On His Taxes & Charging Network Subsidies

© InsideEVs Analyst Predicts Musk Will Leave Tesla Musk says we don’t need support for gas stations, so why money for charging infrastructure? It seems we could write all day ... Read more »

3 celebrity chefs are collaborating to create a food metaverse. Now, what on Earth is it and how will it work?

© Provided by Independent Online (IOL) The first-ever project to build a metaverse for food, gaming, and NFTs on the blockchain ecosystem, OneRare, have announced a collaboration with celebrity Chefs ... Read more »

Ghislaine Maxwell's Brother Appeals for Her Better Treatment at Trial

Ghislaine Maxwell’s brother spoke to the media as her trial continued in New York on December 6, saying he had appealed to Attorney General Merrick Garland to intervene “urgently” on ... Read more »

AG Nessel to meet with Oxford community, review school safety policies and procedures

LANSING — Attorney General Dana Nessel will travel several times to Oxford to meet with parents, school officials and others as part of a comprehensive review of policies and procedures ... Read more »

Legal Teams Arrive at New York Courthouse as Ghislaine Maxwell Trial Continues

Maurene Comey, the daughter of former FBI Director James Comey, arrived at a New York courthouse on December 6 as Ghislaine Maxwell’s sex-abuse trial continued. Videos taken outside the Southern ... Read more »

Police give all clear after 911 call reports shooting at Walled Lake Central High School

The front of Walled Lake Central High School in Commerce Township Michigan on Thursday, March 21, 2019. The Oakland County Sheriff's office received a shots-fired call at about 8:30 a.m. ... Read more »

Delhi pollution: Air quality improves considerably with increased wind speed

Spelling a wave of relief for the national capital, the air quality in Delhimproved considerably on Tuesday with favourable wind speed aiding dispersion of pollutants. The city’s 24-hour average air ... Read more »

'I don't believe in that' - Wolves boss Bruno Lage calls for rule change after Liverpool defeat

Wolverhampton Wanderers boss Bruno Lage was left unhappy after he felt Liverpool repeatedly targeted Adama Traore in the 1-0 defeat at Molineux. The Old Gold outfit handled the Reds’ pressure ... Read more »

Children's television produced in Australia halved since Coalition scrapped quotas, report finds

The number of television shows produced for Australian children has halved since the Morrison government scrapped quotas for commercial broadcasters, according to Screen Australia’s annual drama report. The number of ... Read more »

Hilarious reviews of the London Dungeons by American tourists as one claims they were 'told they'd die multiple times but never did'

The city of London boasts some of the most popular tourist attractions in the world, without a doubt. From Buckingham Palace to The London Eye, the capital hosts a series ... Read more »

Saudis ask for US help as missile defense arsenal runs low

A member of the U.S. Air Force stands near a Patriot missile battery at Prince Sultan Air Base in Saudi Arabia. AP Saudi Arabia has appealed to the United States ... Read more »
On free-english-test.com you will find lots of free English exam practice materials to help you improve your English skills: grammar, listening, reading, writing, ielts, toeic