While Congress may authorize spending as much as $3.5 trillion for infrastructure improvements and social safety nets over the next decade, many have been left questioning how the government will pay for such a bodacious spending plan.
Republicans have continued to focus their opposition on the $3.5 trillion spending ceiling set by Democrats. Opponents call it fiscally reckless, misguided, and big government at its worst, the AP reported.
“The radical left is pushing in all their chips — they want to use this terrible but temporary pandemic as a Trojan horse for permanent socialism,” Senate Republican leader Mitch McConnell said Thursday. “Trillions upon trillions more in government spending when families are already facing inflation.”
The bill, not yet fully drafted, is only being backed by Democrats, and not all of them. Some inside the party are not on board.
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However, Democrats are still trying to avoid a deficit-financed spending spree by balancing the books, while they say the focus is only on the $3.5 trillion total. On Friday, the President said the price tag should be described as “zero,” the AP reported.
“We pay for everything we spend,” Biden said at the White House. “It’s going to be zero. Zero.” Experts say the success of the legislation will determine if the bulk of Biden’s agenda ever becomes law.
One of the difficulties Democratic leaders face is deciding what programs to fund and for how long, and slashing either means the price would likely decrease. House Speaker Nancy Pelosi and Senate Majority Leader Chuck Schumer said that they have a “menu” of revenue raisers to pay for it.
“This is not about price tag,” Pelosi said Thursday. “This is about what’s in the bill.”
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The Biden Administration continues to promote that the plan is about fairness regarding taxes, just as much as it is about the money. Democrats hope to fund paid family leave and child tax credits by taxing wealthy corporations, in turn helping the middle class.
Supporters are also hoping to adopt environmental and economic policies as part of the spending plan to help the U.S. compete with other nations like China. However, if lawmakers cannot move past the price tag, the plan may be doomed before it can sing its Schoolhouse Rock jingle.
