The House of Representatives passes the President Joe BidenFriday’s “Rebuild Better Legislation” will put the Commander-in-Chief and Democratic Party Enter a major victory for the Thanksgiving holiday.
The adoption of the social spending and climate plan represented one of Biden’s greatest achievements to date during his presidency, and it was just a few days after he signed the $1.2 trillion bipartisan infrastructure agenda.
J. Scott Applewhite/Associated Press Photo
The 1.75 trillion US dollars legislative motion was mainly passed on a partisan line, and some opponents brought the final vote to 220 to 213. Minority leader Kevin McCarthy Oppose the bill eight hours before the final vote.
Despite the opposition of many people, the bill was passed Democratic Party Who said they would wait to see and estimate Congressional Budget Office (CBO) Before voting.
The estimate was released on Thursday night a few hours before the vote, indicating that the CBO expects the “Rebuild Better” plan to increase the deficit by $367 billion in ten years. However, according to CBO’s data, the passage of this legislation will increase taxes by $127 billion.
Although $127 billion is not as much as Biden originally hoped, it still represents a bigger picture of his government.
Financial Secretary Janet Yellen After the release of the CBO report, it said, ” Congress There is a unique opportunity for our economy to embark on a path of accelerated growth… and at the same time to ensure that we do not burden future generations with unsustainable debt. “
Due to the tightening of IRS restrictions, most of the new income will come from taxes on extremely wealthy people, and the president said it should have done so long ago.
Although he never formally proposed a “wealth tax” during the 2020 campaign, Biden made interest rate hikes a key part of paying for the “Rebuild a Beautiful Home” bill.
In addition to tax changes, the biggest aspect of the bill is also reflected in the funds allocated to various social and climate projects.
This includes what the White House calls “the greatest effort in the history of the United States to deal with climate change,” which provides funding for clean wind and solar projects.
The White House stated that “Rebuilding Better” will “provide incentives for the development of domestic supply chains for solar, wind and other key industries in frontier communities in the energy transition.” “[It will] Protect our public land, increase the resilience of our communities, and respond to the changing climate, while providing more Americans with high-paying union jobs. “
The bill allocates a total of US$555 billion for clean energy and climate change.
In addition to these green initiatives, various social projects are also considered in the budget.
At least US$400 billion is reserved for childcare and schools, another US$150 billion is used for safe housing, and another US$150 billion is used for home care.
Senate Majority Leader Chuck Schumer He appreciated the passage of the bill by the House of Representatives and expressed his hope that the bill would be passed in his room before Christmas.
However, if Senate If any changes are made to the bill, experts say it is likely to happen, and then it will return to the House of Representatives for another vote.
The Senate may cancel some provisions in the legislation.
This includes the possible cancellation of paid family visits, because some senators believe that “rebuilding better” is the wrong way to achieve this initiative.
Further controversy surrounding the SALT tax clause will increase the amount that high-income individuals can deduct from the tax.Opponents argue that these deductions will only benefit the wealthy, even though the Speaker of the House Nancy Pelosi It has been stated that this is not true.
Weekly newspaper The White House has been contacted for comments.
