Biden, Pelosi try to force Democrats on infrastructure, while Manchin and Sinema promise nothing
The White House released its supposedly final “framework” for an agreement on President Joe Biden’s big climate and family economic plan Thursday, ahead of a morning meeting with House Democrats. Until Sens. Joe Manchin and Kyrsten Sinema actually cast their votes for it, it should not be considered final, by anyone. After meeting with House Democrats, Biden will hold a press conference to announce further steps.
The outline released by the White House focuses the largest chunk of the $1.75 trillion package on climate: $550 billon consisting of consumer rebates and tax credits to shift to clean energy, with “ a new, electrification-focused rebate program.” The next largest chunk is $400 billion for childcare and universal pre-K, and then the child tax credit expansion at $200 billion. Out from the original proposal, so far, is paid family leave, dental and vision coverage in Medicare (hearing coverage is still in it), and prescription drug price reductions. The White House says it is paid for with up to $1.995 trillion in new taxes on stock buybacks (1%), surtaxes on ultra-high-earners, 15% corporate minimum tax, and overseas corporation tax changes, in addition to closing some loopholes and other measures.
xBREAKDOWN OF PAY FORS TOTALING NEARLY $2T: pic.twitter.com/xaltnMf23W— Scott Wong (@scottwongDC) October 28, 2021