Biden’s 2 Trillion Dollar Plan

Biden has recently made a deal to shrink the 3.5 trillion dollar package to 2 trillion dollars in child care and healthcare. “Biden met at the White House on Friday with House Speaker Nancy Pelosi, and Senate Majority Leader Chuck Schumer joined by video call from New York, trying to shore up details. The leaders have been working with party moderates and progressives to shrink the once-$3.5 trillion, 10-year package to around $2 trillion in child care, health care and clean energy programs.”

It is revealed that around 90% of the proposition was agreed to, mainly policies regarding climate change. However, the ones covering healthcare provisions remain uncertain. “The climate change components of the bill “are resolved,” but outstanding questions remain on health care provisions.” The main reason that some parts of the deal are not being approved is because of the cost and tax that will be required that may invoke backlash from the community. “Sticking points appear to include proposed corporate tax hikes to help finance the plan and an effort to lower prescription drug costs that has raised concerns from the pharmaceutical industry. Democrats are in search of a broad compromise between the party’s progressives and moderates on the measure’s price tag, revenue sources and basic components.”

Currently in the Senate, most Democrats support Biden’s propositions. On the contrary, the Republicans are heavily opposed. In order to overcome this, one of Biden’s solutions is to reverse Trump’s tax cuts that he implemented during his presidency. “On one issue — the taxes to pay for the package — the White House idea seemed to be making headway with a new strategy of abandoning plans for reversing Trump-era tax cuts in favor of an approach that would involve imposing a 15% corporate minimum tax and also taxing the investment incomes of billionaires to help finance the deal.”

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