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President Biden has proposed spending trillions, but does it have a chance in passing?

Biden Spending
Posted at 12:56 PM, Apr 29, 2021
and last updated 2021-04-29 15:56:43-04

WASHINGTON — President Joe Biden's address to a joint session of Congress made one thing very clear: the President doesn't mind spending lots of money.

When you combine the $1.9 trillion stimulus package that was signed into law in March with the new infrastructure proposals, the total cost breaks Congressional new spending records by a long shot.

The American Jobs Plan has an estimated price tag of $2.5 trillion.

The American Families Plan has an estimated price tag of $1.8 trillion.

If the proposed programs were to become law, it would represent over $6 trillion in new spending authorized by President Biden during his first year in office.

For comparison, President Obama faced scrutiny by some for his 2009 economic stimulus package, which cost around $800 billion.

HOW IS IT PAID FOR?

President Biden has made clear that he wants wealthier Americans and corporations to foot the bill.

His proposal calls for increasing the corporate tax rate from 21% to 28% to fund the American Jobs Plan, which focuses on infrastructure improvements, such as roads, bridges, trains, broadband and water.

He is calling on Congress to raise individual tax rates of the top 1 percent in order to pay for the American Families Plan, which would provide programs such a free community college and paid family leave.

It's estimated couples making under $500,000 would not be impacted. President Biden has routinely said those making under $400,000 would not see a tax increase.

CHANCE OF PASSING

President Biden's proposals have been met with near-universal hostility by Republicans, who remain concerned about spending so much money so quickly.

Democrats and progressives remain pleased with the proposal for the most part. A number of moderate Democrats will ultimately decide whether or not these plans pass, however.

Democrats could pass this on their own, but it would require every single Democratic senator to support the measures.

If any Democrat in the Senate says no, it would then require some Republicans to get on board.

Already some moderates, like Sen. Joe Manchin (D-WV), has expressed being "uncomfortable" with so much spending.

Negotiations will continue over the proposals for the next several weeks.

A final vote is likely still months away.