Democrats: Deal Reached on Framework to Pay for $3.5 Trillion Bill

Subscribe to The Global Herald in Google News

Bloomberg Quicktake: Now published this video item, entitled “Democrats: Deal Reached on Framework to Pay for $3.5 Trillion Bill” – below is their description.

The White House and congressional Democrats have agreed to a “framework” to pay for their huge, emerging social and environment bill, top Democrats said Thursday, but they offered no details.

Senate Majority Leader Chuck Schumer of New York and House Speaker Nancy Pelosi of California announced the development as Biden administration officials and Democratic congressional leaders negotiated behind the scenes on the mammoth package of spending and tax initiatives.

Democratic leaders and President Joe Biden have wanted the measure to total some $3.5 trillion over 10 years.

But the party has been divided over the final size and many of the details, and there has been no public word that agreements have been reached on any of those crucial questions. The statements by Schumer and Pelosi left unclear whether administration and congressional bargainers had made decisions actually paring down their options for financing the bill, or were simply working off a broad menu of options that had already existed.

The leaders’ comments also came with the House planning to begin considering a separate $1 trillion package of road and other infrastructure projects on Monday. Pelosi has agreed to that schedule to assuage party moderates who badly want that legislation passed but are leery of supporting the larger $3.5 trillion measure.

Progressives are threatening to defeat the smaller public works measure, and it is unclear whether Democrats can push it through the closely divided House. To win over progressives and make sure both bills can pass, Democratic leaders are trying to reach agreement on a final version of the huge social and environment bill that moderates would support.

“The White House, the House and the Senate have reached agreement on a framework that will pay for any final negotiated agreement,” Schumer told reporters at a news conference with Pelosi and Treasury Secretary Janet Yellen.

Moderate Democrats, most prominently Sens. Joe Manchin of West Virginia and Kyrsten Sinema of Arizona, have demanded that the $3.5 trillion price tag be reduced.

Democrats have proposed paying for the measure mostly with tax increases on the rich and corporations. But lawmakers have disagreed over details of those levies, and other disputes remain over initiatives to boost health care, climate change and other initiatives.

Bloomberg Quicktake: Now YouTube Channel

Got a comment? Leave your thoughts in the comments section, below. Please note comments are moderated before publication.


Subscribe to The Global Herald in Google News

About This Source - Bloomberg QuickTake: Now

Bloomberg L.P. is a privately held financial, software, data, and media company headquartered in Midtown Manhattan, New York City.

It was founded by Michael Bloomberg in 1981, with the help of Thomas Secunda, Duncan MacMillan, Charles Zegar, and a 12% ownership investment by Merrill Lynch.

Recent from Bloomberg QuickTake: Now:

  • Thousands Gather in Melbourne to Protests Vaccination Mandates
  • Boris Johnson: U.K. Has Done a ‘Huge Amount To Vaccine The World
  • South Africa’s Student Population Voice Concerns Over New Omicron Variant
  • In This Story: Climate Change

    Climate Change is the name commonly given to the notion that the Earth is undergoing a changing climate as a result of human activity, including notable leaders, scientists and naturalists including Sir David Attenborough.

    Climate change includes both the global warming driven by human emissions of greenhouse gases, and the resulting large-scale shifts in weather patterns.

    2 Recent Items: Climate Change

  • Live: COP26 – Making sense of climate change with world’s top climatologists
  • BC floods: Environment Canada provides update as 1st expected atmospheric river arrives | LIVE
  • In This Story: Democrats

    “Democrats” usually refers to the The Democratic Party of the United States – one of the two major political parties in the country, along with its main, historic rival, the Republican Party.

    It was founded on 8th January 1828 and has its contemporary headquarters in Washington, D.C., United States. The present leadership is Nancy Pelosi (Party leader) and Jaime Harrison (Party chair).

    2 Recent Items: Democrats

  • Think Big Pharma CONTROLS The Government? WATCH THIS!!!
  • ‘The Five’ predicts ‘red wave’ coming in 2022
  • In This Story: Joe Biden

    Joe Biden is an American politician serving as the 46th and current president of the United States. A member of the Democratic Party, he served as the 47th vice president from 2009 to 2017 under Barack Obama and represented Delaware in the United States Senate from 1973 to 2009.

    He is married to Dr Jill Biden.

    Books by Joe Biden #Ad

    6 Recent Items: Joe Biden

  • China-U.S. military ties in the spotlight in China’s territorial waters
  • U.S. lawmakers vow ‘rock solid’ commitment to Taiwan | DW News
  • Consoler in chief for America’s grief | Planet America | ABC News
  • Tucker: Americans won’t forgive Joe Biden for this
  • Biden Calls New Covid Variant ‘Big Concern’
  • Biden’s *democracy summit is a chance to annoy China
  • In This Story: Nancy Pelosi

    Nancy Patricia Pelosi is an American politician serving as a congresswoman from California and the speaker of the United States House of Representatives. A member of the Democratic Party, Pelosi is the only woman in U.S. history to serve as Speaker and the highest-ranking female elected official in United States history. She is also the dean of California’s congressional delegation. As House speaker, Pelosi is second in the presidential line of succession, after the vice president.

    Books #Ad

    2 Recent Items: Nancy Pelosi

  • Joe Concha on San Francisco mass looting: Nancy Pelosi needs to accountable
  • House Passes Biden’s Economic Plan, Senate Fate Uncertain
  • Leave a Comment

    We don't require your email address, or your name, for anyone to leave a comment. If you do add an email address, you may be notified if there are replies to your comment - we won't use it for any other purpose. Please make respectful comments, which add value, and avoid personal attacks on others. Links are not allowed in comments - 99% of spam comments, attempt to post links. Please verbalise where people may find additional information - for example "visit the UN website" or "search Google for..." rather than posting a link. Comments failing to adhere to these guidelines will not be published.

    Posting....