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The US Senate Democrats took major strides towards the biggest expansion in government efforts to reduce poverty, care for the elderly and protect the environment, passing a $3.5 trillion budget framework that paves the way for President Joe Biden’s economic agenda.
Source: Bloomberg
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The partisan 50-49 vote signaled an immediate reversal from the tax-cutting philosophy of Republicans when they had a majority in government, creating a path for passing cherished Democratic priorities.
Democrats are lodging tax cuts in the plan as the largest in history for the middle class, including the expansion of the temporary pandemic child tax credit.
The Democratic budget plan incorporates calls for universal pre-K for 3-and 4-year-olds, paid family leaves, two years of tuition-free community college, and new dental, vision, hearing benefits for the elderly.
The resolution also pushes for a sequence of measures to fight against climate change. The imposition of a polluter fee on imports for products’ greenhouse gas emissions is one of the proposals towards achieving Biden’s goal of 80% clean power by 2030.
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