What we know so far

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(NEXSTAR) – While the conflict between the party continues to shave off elements of President Joe Biden’s comprehensive domestic policy package, there may be good news for parents.

Although it is unclear what the final bill will include, Democrats reached a framework Thursday for the agreement, which included a one-year extension of the extended child tax deduction.

Part of the U.S. rescue plan adopted in March increased the existing tax deduction from $ 2,000 per share. children to $ 3,600 per. children under 6, with $ 3,000 for children between 6 and 16 years. Eligible families can receive a monthly payment of up to $ 300 per person. child.

The program is expected to reduce child poverty by more than half, according to the U.S. Treasury Department.

‘Let’s get this done’

Eager to reach an agreement before his departure late in the day for global summits, Biden made his case privately on Capitol Hill to the House Democrats and publicly in a White House speech. He is now pushing for an increasingly robust package – $ 1.75 trillion in social services and climate change programs – that the White House believes could pass the 50-50 Senate.

The rapid development puts the Democrats closer to a hard-fought agreement, but there are still battles as they push to finalize the final draft in the coming days and weeks.

“Let’s get this done,” Biden admonished.

“It will fundamentally change the lives of millions of people for the better,” he said of the package he would like before the summits to show the world that American democracy is still working.

However, in the face of opposition from two members of his own party, Biden and the Democrats have had to dismantle some important elements of the spending plan.

A hard Friday

Fallout was brutal on Friday after Biden’s announcement of a $ 1.75 trillion frame, chiseled back from an initial $ 3.5 trillion plan, still failed to produce ironclad support from two key holdout senators – West Virginia’s Joe Manchin and Arizona Kyrsten Sinema. On Capitol Hill, Congress interrupted the night before with pointed fingers, temper hot, and so much at stake for the president and his party.

Although much has been cut from Biden’s sweeping vision, there are still a host of priorities in the mix with the expanded child tax deduction: new childcare allowances, free kindergarten for all young people, expanded health programs – including the launch of a new $ 35 billion hearing aid benefit people with Medicare – and $ 555 billion to tackle climate change.

Other expanded health programs build on the Affordable Care Act by funding grants to help people buy insurance and provide coverage in states that rejected Obamacare’s Medicaid expansion.

An additional $ 100 billion to strengthen the immigration system could increase the overall package to $ 1.85 trillion if it clears Senate rules.

Republicans are still overwhelmingly opposed, forcing Biden to trust the Democrats’ narrow majority in Congress with no votes left in the Senate and few in the House of Representatives.

Biden’s proposal would be paid for by imposing a new 5% additional tax on income over $ 10 million a year and a further 3% on those over $ 25 million, and by introducing a new 15% corporate minimum tax, in line with his plans not to have no new tax on those who earn less than $ 400,000 a year. A special billionaire tax was not included.

Revenue to help pay for the package would also come from rolling some of the Trump administration’s tax cuts back in 2017 and stepping up the tax evader’s hunt for tax evaders. Biden has promised to cover all the costs of the plan and ensure that it does not fall on the country’s debt burden.

Just in case they can not finish it soon, the Democrats gave themselves a new deadline – by approving an extension until December 3 of routine means of transportation that risk expiring without the infrastructure bill.

“The current situation is about as bad as it can get,” said Jim Manley, a former Senate aide.

The support of the progressives was progress for Biden, he said. But with low confidence, he also said, “I’m afraid it’s going to take a while.”


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