Biden’s $1.75 trillion domestic investment bill closer to law | Business and Economy

The Democrats in the United States House of Representatives on Thursday tabled President Joe Biden’s $ 1.75 trillion domestic investment bill – despite an impartial arbitrator finding that it would add to the deficit.

The House of Representatives voted 220-211 in favor of adopting the rule to debate the measure and paved the way for a vote on the passage later that night. No Republican supported the move.

Previously, the Congressional Budget Office (CBO) said the bill would increase the federal budget deficit by $ 367 billion over 10 years, despite recognizing that additional revenue could be generated through improved tax collections by the Internal Revenue Service .

The CBO estimated that the new measures to enforce tax laws would generate a net increase of $ 127 billion by 2031.

At least one of the moderate Democrats who wanted to see the CBO score before voting said it accepted the White House calculations.

“We put in the work and see what we got – a fully paid Build Back Better Act that will reduce the deficit and help American families,” said MP Carolyn Bordeaux. “Now it’s time to hand it over.”

House spokeswoman Nancy Pelosi said a vote on the passage would take place later Thursday.

If passed, the bill would come on top of the more than $ 1 trillion infrastructure investment bill that Biden signed this week.

The new law provides free preschool for all three- and four-year-olds, increases home care coverage for the elderly and disabled, expands programs for affordable housing, and increases scholarships for college students.

The two measures span the two pillars of Biden’s domestic agenda and would exceed the $ 1.9 trillion in emergency aid to a coronavirus pandemic that pushed Biden and his Democrats over a wall of Republican opposition through Congress in March.

Biden’s investment calculation follows $ 1.9 trillion in emergency aid for a coronavirus pandemic that pushed Democrats through Congress in March [File: Stefani Reynolds/Bloomberg]

“The numbers have been cracked, the jargon has been reviewed, and we are close to getting this historic bill passed,” said Jim McGovern, chairman of the House Rules Committee, a Democrat, as the House Rules debate began.

Republicans have vowed to withhold their support, leaving the Democrats to use a special “budget vote” process that allows them to ram the bill through the Senate by simple majority instead of at least 60 votes in the 100-member chamber actions that are normally required to drive forward.

Republican MP Guy Reschenthaler said the bill will worsen inflation and give the rich tax breaks. He described it as “the great socialist buying frenzy of the Democrats”.

In addition to funding expanded social programs, the bill provides $ 550 billion to combat climate change.

If it passed that Democrat-controlled house, it would go to the Senate for scrutiny, where two Democratic members of the center threatened to hold it up. Senators are expected to amend the House of Representatives bill. If so, it might need to be sent back to the House for final approval by the end of December.

Under the bill, an expanded child tax allowance would be extended for one year, working parents would be helped with paying for childcare, pre-kindergarten would be available to all, and seniors would receive home nursing care to prevent many from nursing homes.

It would also significantly reduce the cost of some prescription drugs, such as insulin.

Democrats have a 221-213 majority in the House of Representatives and can only afford to lose three Democratic votes on the bill as no Republicans are expected to vote in favor.

https://www.aljazeera.com/economy/2021/11/19/bidens-1-75tn-investment-bill-closer-to-law-after-house-vote