Democrats Trim Biden’s Social Spending Plan as They Rush to Strike a Deal This Week

Democrats Trim Biden’s Social Spending Plan as They Rush to Strike a Deal This Week

CNBC

October 25, 2021

Assuming it passes, the $1 trillion federal infrastructure bill could elevate the nation’s competitive economic posture via a host of hard assets. But running alongside the bill’s progress is a social spending package that has divided Congressional Democrats. Intra-party negotiations have grown tense, prompting the White House and its allies to work vigorously to keep the disputes from going public. Plans for financing the new programs include returning to pre-Trump tax rates on corporate and individual income. A billionaire surtax is also on the table. “We probably will have a wealth tax,” House Speaker Nancy Pelosi said. “But, again, it’s only 10 percent of what we need” to pay for the plan.

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