Senate Democrats will reportedly ram through a $3.5 trillion spending bill that will “enact the full array of President Joe Biden’s social welfare” agenda without any bipartisan support in a Senate that is split 50-50.
“The proposal sets an overall limit of $3.5 trillion for the spate of Democratic policy ambitions that won’t make it into a bipartisan infrastructure deal, if Congress can reach one,” Politico reported. “Formal text of the Senate’s budget resolution has yet to be released. If that measure can clear both chambers with lockstep party support, it will unleash the power to circumvent a GOP filibuster using budget reconciliation, the same move that Democrats used to pass the president’s $1.9 trillion pandemic aid package in March.”
The move comes as Biden has continued to see his approval ratings slide, especially among Democrats, who want him to be more radical in ramming through his agenda. The news comes as inflation has skyrocketed in recent months, driven in large part by the massive government spending from the Biden administration.
Here are the items really driving up inflation:
Car rental 87.7% (y/y change)
Used cars 45.2%
Laundry machines 29.4%
Fresh fish 6.4%
New cars 5.3%
Rent (OER) 2.3%
— Heather Long (@byHeatherLong) July 13, 2021
The AP added:
Separately Tuesday, a bipartisan group of senators continued working on a third measure that would spend around $1 trillion on roads, water systems and other infrastructure projects, another Biden priority. Biden and 10 senators — five from each party — had agreed to an outline of that compromise measure last month, and bargainers have worked ever since to flesh it out.
In discussing the budget agreement, Schumer and other lawmakers did not respond when asked if they had the support of all 50 Democratic senators, which they will need to succeed. They also have virtually no margin for error in the House, where they will be able to lose no more than three Democratic votes and still prevail.
Senate Majority Leader Chuck Schumer said that gives “every major program that President Biden has asked us for” and pays for it in “a robust way.”
Sen. Mike Lee (R-UT) responded to the news by saying, “$3.5 trillion in new spending is $3.5 trillion too much and $3.5 trillion we don’t have.”
Economist Brian Riedl responded by writing on Twitter: “The idea that Senate Democrats have achieved unanimous support for $3.5 trillion(!) in specific reconciliation offsets is absurd. Surprised if they could pass 20% of that. Even their medium-size tax hike proposals have always been a bluff.”
The idea that Senate Democrats have achieved unanimous support for $3.5 trillion(!) in specific reconciliation offsets is absurd. Surprised if they could pass 20% of that. Even their medium-size tax hike proposals have always been a bluff. https://t.co/7KyjCs4rU6
— Brian Riedl 🧀 (@Brian_Riedl) July 14, 2021
This report has been updated to include additional information.