Democrats Agree on $3.5 Trillion Budget Reconciliation

Senate Majority Leader Chuck Schumer (D-NY) and Senate Budget Committee Democrats announced an agreement on $3.5 trillion topline spending for their budget reconciliation package, Roll Call reports.

Said Schumer: “We are very proud of this plan. We know we have a long road to go.”

Washington Post: “The wide array of planned health, education and social programs if adopted would represent a historic burst of federal spending, as party lawmakers led by President Biden seek to seize on their slim but powerful majorities in Washington to expand the footprint of government and catalyze major changes in the economy. Democrats plan to fashion their bill in a way that it can clear the Senate without Republican support.”

Wall Street Journal: “The legislation is also expected to ultimately include a series of tax increases on corporations and wealthy Americans.”

New York Times: “Details about the outline were sparse Tuesday evening, as many of the specifics of the legislative package will be hammered out after the blueprint is adopted.”