Written: Aug 25 after House reached a compromise
Looks like a decent
compromise. I wish that no one would claim a “win” – much better
for everyone to say that they didn’t get what they hoped for but that they can
live with the outcome.
Perhaps the best part of the deal – if I
understand it – is that Pelosi will direct the House to pass a bill that the
Senate will also pass. That means negotiating up front
prior to bringing it to a vote in the House.
I don’t see how they can get this done in
a month. You would think that a 3.5 trillion dollar spending bill
that presumably will also be a 3.5 trillion dollar tax increase would
require deep analysis on taxes, cost/benefit analysis of elements of the
plan, overall economic impact, budget impact, etc. This should properly
take months to do this with open hearings with testimony from experts.
Instead they seem like they want to get this done in Sept along with raising
the debt limit and presumably passing spending bills for fiscal
2022.
My guesstimate is that AFP will come in
closer to 1 trillion or 100 billion/year over 10 years. That would
be quite a victory and as Bob referred to it as “a down payment”.
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What the press calls “moderates” voted
for
1.9 trillion in Covid relief in Feb (ARP) also unfunded
1 trillion in infrastructure partially funded but no increase in taxes or fees
3.5 trillion budget to be funded primarily by tax increases
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