$3.5 Trillion Reconciliation Bill

By: Logan Antio

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During spring, President Joe Biden proposed two major policy packages. One is a $1.2 trillion infrastructure bill focused on updating roads, bridges, and transit systems as well as providing more high-speed internet and electric vehicle charging stations. The other is a 10-year $3.5 trillion budget for social spending programs. The plan would include free preschool for children ages three to four, two free years of community college, setting up a paid family and sick leave, and climate change policies. It would also expand medicare to cover dental, hearing, and vision benefits.

Within the $3.5 trillion spending plan, there would be support for the Health, Labor, Education, and Pensions Committee, the Judiciary Committee to address "lawful permanent status for qualified immigrants," the Committee on Agriculture, Nutrition, and Forestry. For the Banking Committee to invest in public housing and house affordability. And for the energy and Natural Resources Committee.

So far, the $1.2 trillion infrastructure bill has been passed by the Senate. Democrats plan to pass the $3.5 trillion spending by using special budget rules without the threat of Republicans not supporting the bill. Many Republicans do not support this bill as well as West Virginia's Democratic Senator, Joe Manchin. Joe Manchin has stated that it is a "hard no" from him for supporting the 3.5 trillion dollar bill during an NBC News interview.

Most of the spending for the bill would be paid for by large corporations, wealthy Americans, and other significant revenue sources. Higher corporation tax can affect workers of these companies by reducing wages, causing lost jobs, and could even slow down employment growth. It's said that this bill could elevate inflation from a temporary issue into a persistent problem, as inflation has been at its highest for three decades.