Washington —The nonpartisan Congressional Budget Office will release its cost estimate for President Biden’s signature social-spending plan, theThe House will vote on Thursday on the comprehensive package, setting the stage for it to be voted on in the coming hours.
Lawmakers began to debate theand climate change package Thursday morning, and a vote for final passage of the bill will be a key step for lawmakers toward enacting the second pillar of Mr. Biden’s domestic policy agenda.
Nancy Pelosi, House Speaker, stated to reporters that lawmakers still await a final financial analysis from the CBO. The Senate parliamentarian will also be reviewing the remaining provisions of the bill in order to ensure it meets the basic requirements of budget reconciliation procedures.
To expedite the measure and avoid a Republican filibuster within the evenly-divided Senate, Democrats are using reconciliation.
It’s quite exciting to think about all the progress. This is historic, it’s transformative, and it will help us rebuild better with women, and all those who haven’t previously had the full advantage,” she told reporters during her weekly media conference.
Thursday, the CBO declared itits complete cost estimate of the social spending package by the afternoon, paving the way for the House to act. This analysis is critical to unlock support from moderate Democrats. They earlier this month demanded the estimate before voting on final passage in House.
The White House has already been preparing for a bad score, with deputy press secretary Andrew Bates on Wednesday saying that “there has been wide agreement on the part of everyone involved — moderates, liberals, et cetera — that CBO does not have experience analyzing revenue amounts gained from cracking down on wealthy tax cheats who are taking advantage of every honest taxpayer.”
Democrats have been working for months to craft the climate change and social spending legislation that is a key piece of Mr. Biden’s legislative agenda. Although the package originally had a price tag of $3.5 trillion, the president released last month an actual price.that was estimated at $1.75 trillion in response to concerns from a pair of moderate Senate Democrats over its size.
The revised package by Mr. Biden left out key policies such as free community college and 12 week paid family leave. However, the House version restored a limited version paid family leave measure that gives eligible Americans four weeks of paid time.
The House bill also raised limits on the amount that individuals can deduct state and local taxes from their federal taxes.
Pelosi, who defended Thursday’s SALT cap changes, said that it was about “which States get the revenue they need to support the needs” for their residents.
She stated that the 2017 tax reform bill, which was passed under former President Donald Trump, did not limit the deduction.
Pelosi admitted that the House passed the social spending package would likely differ from what was approved by the Senate. However, she stated that the legislation that is eventually sent to Mr. Biden’s desk would be transformative and historic.
Source: CBS News