Another $1 Trillion Spending Plan in the Works

Another $1 Trillion Spending Plan in the Works

( – If you thought President Joe Biden and congressional Democrats couldn’t possibly find another way to spend your hard-earned tax dollars, think again. Last month, Biden proposed a $2.3 trillion infrastructure bill. However, initial projections had suggested it would actually cost over $3 trillion. When the proposal was introduced, some wondered where the extra $1 trillion went. Now, we know.

Biden is expected to unveil the American Families Plan in the near future. It’s the second piece of his multi-trillion-dollar spending spree in the Build Back Better agenda. Since Biden became president on January 20, he has already signed a $1.9 trillion COVID-19 relief package into law, and Congress is working on the massive infrastructure passage. If all three become law, Congress will have authorized over $5 trillion in new record-breaking spending within the first six months of the new administration.

American Families Plan Massive Spending Means Even More Taxes

Where will the spending and tax increases end? According to Biden, the rich are going to pay for every new program he creates. That’s not realistic nor feasible. According to the Brookings Institute, the top 1% holds $25 trillion in assets. America’s debt is rounding the corner at $30 trillion. You can begin to see the dilemma as America’s leaders plan to spend trillions more.

So, what’s in this massive plan they are going to soak the rich to pay for?

It’s expected to increase funding for child care, pre-K education, paid leave, and add new tax credits for families.

Challenges Lie Ahead

In the Senate, Democrats face a tough prospect of passing the infrastructure package, let alone the American Families Plan. Republicans are balking at the price tag and say the infrastructure proposal covers little infrastructure and is instead the Left’s dream list of climate change proposals and other progressive ideas.

Senate Majority Leader Chuck Schumer (D-NY) cooked up a scheme to use reconciliation again after the Senate parliamentarian said Democrats could open a previous one and revise it to pass an infrastructure bill. Senate rules say reconciliation can only be used once a year for budget purposes. If they take that option, Democrats could be forced to scrap much of their green agenda.

On that note, some Democrats say they are open to working with Republicans to pass a smaller infrastructure bill. However, this new proposal could throw a wrinkle into any negotiations.

One thing is painstakingly clear: Biden isn’t interested in working with the GOP despite his calls for bipartisanship and unity in January. As usual, that’s code for “give us what we want,” and all will be well.

Stay tuned. This is an ongoing story about the future of America.

Don Purdum, Independent Political Analyst

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