The dust has barely settled from the contentious midterms, and the battle lines are already being drawn for the next legislative fight in Washington: the debt ceiling. With the nation at unprecedented levels of indebtedness, the choice in this fight is a stark one: a path toward stability or fiscal Armageddon.
If that sounds hyperbolic, consider the following facts about America’s finances.
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The Committee for a Responsible Federal Budget has estimated that President Biden’s infrastructure proposals will cost up to $2 trillion more than Democrats are projecting.
The White House and Democratic congressional leaders are preparing a $3.5 trillion reconciliation bill that includes policies in Biden’s Build Back Better agenda such as universal pre-K, tuition-free community college and financial support for childcare. Democrats have referred to the reconciliation bill has a “human infrastructure” budget bill. It could also include the creation of a Civilian Climate Corps.
House Speaker Nancy Pelosi and Senate Majority Leader Chuck Schumer have said they won’t pass a separate, bipartisan $1.2 trillion physical infrastructure framework until a filibuster-proof reconciliation spending bill gets passed.
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Senate Republicans’ latest COVID-19 stimulus package proposes another round of direct payments to Americans and more enhanced federal unemployment benefits for workers who lose their jobs during coronavirus restrictions.
The $1 trillion package, called the Health, Economic Assistance, Liability Protection, and Schools (HEALS) Act was released Monday.
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