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Democrats have big plans to $3.5 trillion.
It’s the largest single spending bill in history, according to The Wall Street Journal.
Democrats also propose $2.9 trillion in tax hikes, which is the “biggest tax increase in history,” Newsmax reports. It’s certainly the largest tax increase in decades, which is meant to pay for the Democrats’ higher spending in their ‘reconciliation’ package.
However, Biden just received crushing news from Democrat Senator Joe Manchin: He will need to dramatically scale back one of the top items in the social spending bill.
Manchin told the White House that the child tax credit must include a firm work requirement and family income cap in the $60,000 range.
Manchin’s vote is crucial for passing the bill.
This move “would dramatically weaken one of President Biden’s signature programs,” Axios reports.
This proposal for taxes and spending is expected to have negative consequences by discouraging Americans from working, saving, investing, and innovating.
Moderate Democrats, such as Senator Joe Manchin of West Virginia, have refused to support the legislation.
“Millions of jobs are open, supply chains are strained and unavoidable inflation taxes are draining workers’ hard-earned wages as the price of gasoline and groceries continues to climb,” Manchin said in a statement.
“To be clear, again, Congress should proceed with caution on any additional spending and I will not vote for a reckless expansion of government programs.”
Democrat Kyrsten Sinema of Arizona also expressed concerns about the massive spending bill during a call with lawmakers last Wednesday.
Sinema opposes Biden raising taxes to pay for his agenda.
Business Insider reported, “A major holdup in the talks is Sinema’s opposition to bumping up tax rates for individuals and large corporations, per two Senate Democratic aides familiar with the matter.”
“Her position threatens to deprive the package of over $700 billion in revenue to finance the bulk of President Joe Biden’s agenda,” the report adds.
“Biden has repeatedly promised his plan will be paid for and won’t add to the federal deficit. Most Democrats are also fervent in their desire to roll back President Donald Trump’s 2017 tax cuts.”
